Brazilian food manufacturer M. Dias Branco has reached an agreement to acquire a controlling interest in domestic frozen bakery producer Grespan Pães Congelados.
The financial terms of the transaction were not disclosed. The deal represents M. Dias Branco’s first move into Brazil’s frozen bread segment.
The pasta and biscuit producer will initially purchase 80% of Grespan, while retaining the option to acquire the remaining shares within five years of the transaction’s completion.
Established in 2009, Grespan produces and markets frozen bakery goods, serving customers mainly in Brazil’s south-eastern and mid-western regions.
Based in Marília, São Paulo state, the company reported gross revenue of about 139m reais ($27.4m) in 2025.
M. Dias Branco said frozen bread is a category that “complements” its existing portfolio and operates in a market with “significant growth prospects”.
“The acquisition is aligned with the company’s strategy of strengthening its presence in categories adjacent to its core business, expanding its presence in the bakery market and broadening its food platform,” the statement added.
The acquisition follows a period of weaker earnings for the listed group, despite continued growth in sales volumes.
M. Dias Branco reported net revenue of 2.7bn reais for the second quarter of 2026, representing a 1% decline from the same period a year earlier.
Net income fell 22% year on year to 169m reais, while EBITDA decreased 18% to 284m reais.
Sales volume provided a positive counterpoint, increasing 4% to 477,000 tonnes and marking the company’s fourth consecutive quarter of volume growth.
During the first six months of 2026, sales volume also rose 4%, reaching 885,000 tonnes. Net revenue for the period declined 0.3% to 4.9bn reais.
For the full year 2025, M. Dias Branco’s net revenue increased 8% to 10.4bn reais, supported by a 3% rise in total sales volume to 1.81 million tonnes.
Annual net income grew 2% to 660m reais, while EBITDA declined 8% to 1.1bn reais.
