Hormel Foods Corporation (NYSE: HRL) has entered into a definitive agreement to sell its Brazilian operations, marketed under the Cerati brand, to the Brazilian company Zanchetta Alimentos LTDA.
The announcement was made on June 29, and the company did not disclose the financial terms of the transaction. Closing is expected in the coming weeks, subject to regulatory approvals and customary closing conditions. Hormel acquired the brand in 2017 when it purchased Cidade do Sol for approximately $104 million.
TozziniFreire advised Hormel Foods with a team led by Silvia Castro Cunha Zono on M&A, along with Vivian Fraga on antitrust and Eric Visini on tax. The buyer was represented by Mello Torres, whose team was led by partner Carlos José Rolim de Mello.
The operation is part of Hormel Foods’ portfolio simplification process, which has prioritized international markets with greater long-term growth potential.
Zanchetta Alimentos LTDA is a Brazilian food company with a well-established presence in the Brazilian market. The Ceratti brand offered over 70 products across 15 categories, including mortadella, sausages, and salami, to retail and foodservice customers in Brazil. The brand originated from a family business with an 85-year history.
Legal Advisors
Hormel Foods Corporation Advisors
- TozziniFreire: Partners Silvia Castro Cunha Zone, Vivian Fraga and Eric Visini. Counsel Sarah of Padua Abdu and Leonardo Mansur Lunardi Danesi. Associates Luis Pedro Matos França and Pedro Raposo Ferreira.
- Spayne Lindsay, with Tom Girardi, acted as financial advisor.
Asesores de Zanchetta Alimentos LTDA.:
- Mello Torres: Partner Carlos José Rolim de Mello. Associates João Pedro Valentim and Antonio Mezzavilla Carvalho.
- Santander acted as financial advisor.
