Fictor Alimentos makes first M&A and aims to export pigs to the Middle East and Africa

The proposal to acquire Mellore, which has been under judicial reorganization since 2017, was approved by the judicial administrator. Company plans new acquisitions of stressed assets

Fictor Alimentos came onto investors' radar at the end of last year with a reverse IPO. Four months after that, the company, whose owners have businesses ranging from the financial sector to agribusiness, has completed its first M&A. On Wednesday, April 30, the company obtained the court-appointed receiver's approval for the purchase of Mellore Alimentos, for R$ 30.4 million, a company that has been under judicial reorganization (RJ) since 2017.

The amount represents a discount of 67.45% from the value of Mellore's RJ case, set at R$ 93.4 million. "With the approval, there is no risk of Fictor Alimentos suffering any sanctions or blockages because of Mellore's debts," André Vasconcellos, Director of Strategy, Planning and Investor Relations at Fictor Alimentos, told Neofeed.

According to the executive, the payment schedule presented will initially pay tax and labor debts. According to the document approved by the trustee, Fictor Alimentos will initially pay R$ 7.8 million, of which R$ 3.9 million will be paid within 30 days of the purchase agreement being ratified and the rest in 24 installments. The funds will be used to pay tender claims, debts that existed before the RJ was ratified.

In the plan, the company details the other payment orders. The company's focus is precisely the purchase of companies in RJ situations or in bankruptcy proceedings. "The core of the company is to look for stressed assets. With this, we are able to secure very advantageous values and also take into account the potential of these companies," says Vasconcellos.

Located in Betim, Minas Gerais, Mellore's production unit has a built-up area of 9,000 m² and a production capacity of 1,700 tons per month of finished products of animal origin. Although it can operate in the beef and pork sector, today 100% of Mellore's production is pork.

As well as improving production processes, Fictor Alimentos intends to adopt a policy of exporting its products, taking advantage of Mellore's license granted in 2015 by the Ministry of Agriculture, Livestock and Supply, but which was not exploited in a representative way by the current owners. The list includes 100 countries where the company can export, such as Hong Kong, Qatar and the United Arab Emirates, as well as markets in South America. The focus, according to Vasconcellos, will initially be on the Middle East and the African continent.

Today, the animal protein market in Brazil is dominated by four large companies: JBS, BRF, Marfrig and Minerva. But there is a sprinkling of smaller companies that serve the market, mainly on a regional scale. And it is in this vein that Fictor Alimentos intends to operate. With the change, Mellore will adopt the buyer's name. It has not yet been decided how the brands of the products will be marketed, but it is expected that the ruling approving the purchase will come out before the end of the second quarter. The case is being heard by the Betim Business, Public and Local Government, Public Records and Work Accidents Court.

Fictor Alimentos' plan is to make more acquisitions by 2025. "We are looking at poultry, fish and seafood companies." To this end, the company already has authorization for a capital increase, with contributions from shareholders that will drive this movement. However, no amount has been set for the next M&As.

Reverse IPO

Fictor Alimentos was created by Fictor Holding, which has investments in the financial sector and agribusiness, such as the Dr. Food, Fredini and Vensa brands, and Aqwa Capital, which has agribusiness assets linked to oil and peanut production. To create Fictor Alimentos, they acquired control of Atom Participações, a B3-listed company founded by Carol Paiffer and Joaquim Paiffer to train traders.

Após a aquisição, eles aproveitaram a “carcaça” da Atom na B3 e concretizaram o IPO reverso. Juntas, Fictor Holding e Aqwa detém 76,5% de participação acionária. Os outros 23,5% estão em circulação no mercado. São 5.043 acionistas, dos quais 95% são de pessoas físicas.

The amount that Fictor Alimentos will pay for the purchase of Mellore is even higher than what was paid to the former owners of Atom Participações last year, in the amount of R$ 20 million. "This shows how much we can grow with this acquisition. The message we're sending to the market is that Fictor Alimentos is capitalized and ready to grow significantly," says Vasconcellos

Fictor Alimentos shares on B3 have risen by 28.39% in the year to 2025. The company is valued at R$ 96.70 million.

Source: NEOFEED