Brazilian firm JBS has finalised the acquisition of the Toledo Group for 11m (£9.1m). Toledo specialises in cooked and frozen beef products for the foodservice and food companies in Western Europe. Headquartered in Ghent and founded by Clayton Toledo and Bob Stevens more than 20 years ago, the Toledo Group was said to have net revenues in excess of $50m in 2009.
JBS chairman and CEO Joesley Batista said: "We are proud to have this opportunity to continue the sales growth of these cooked beef products with this strategic acquisition, enhancing our customer base as well as our value-added portfolio. It is with a focus on these specialised customers that we plan to continue adding value to our business."
This year JBS also purchased Tatiara Meat from Vion and Rockdale Beef in Australia, while taking over the helm of McElhaney Feedyard in the US.