Bachoco acquires Alabama-based Albertville Quality Foods for US$ 144 million
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Industrias Bachoco S.A.B. de C.V., Mexico's biggest producer and processor of poultry and other food products, announced that it reached an agreement to acquire Alabama-based Albertville Quality Foods (AQF) a manufacturer of consumer meat products including chicken strips and breakfast sausage. The transaction is valuated in approximately US$ 140 million dollars.
Albertville mostly produces chicken pieces under the AQF and Top Chick Chicken brands. It will be incorporated into Bachoco’s U.S. subsidiary OK Foods. Bachoco said it expects a short turnaround between the announcement and completion of the deal. Sales of Albertville’s value-added meat products generated US$ 270 million last year.
Rodolfo Ramos, CEO of Industrias Bachoco states: "With this acquisition, we will continue the growing of our US operation, mainly with further processed products. We are confident that we will be able to quickly integrate this company into our current operations and to capitalize the opportunities and synergies we have identified".
This is Bachoco's second acquisition in the last days. Just a week ago the company announced an agreement to buy Queretaro-based pet food manufacturer La Perla, a firm with capacity to produce more than 65,000 tons per year.