Ricardo Faria, a Brazilian entrepreneur known as the ‘Egg King’, has reportedly acquired US egg producer Hillandale Farms in a significant $1.1 billion transaction.
Reports from The Financial Times and Reuters, alongside various Brazilian media sources, indicate that Faria is pursuing this acquisition through his firm, Global Eggs.
This strategic move marks Faria’s initial entry into the US market and complements his recent purchase of Spain’s Grupo Hevo in November.
Global Eggs, based in Luxembourg, operates in Brazil through Granja Faria, a company founded by Faria in 2006.
Hillandale Farms, which is headquartered in Gettysburg, Pennsylvania, ranks among the largest egg producers in the US and has been a family-run business since its establishment in 1958.
Regarding Faria’s rationale behind the acquisition, the FT highlighted that US egg prices have skyrocketed due to the impact of avian flu on hens across the nation. Faria stated, “Americans love eggs. It’s a market with high consumption. Eggs are the fastest-growing consumer good on the shelf or in supermarket trolleys.”
Notably, US imports of Brazilian eggs nearly doubled in February alone.
Since 2022, avian flu is estimated to have decimated approximately 170 million chickens, turkeys, and other birds in the United States. In response, the Trump administration is easing import restrictions on eggs from countries such as Turkey, South Korea, and Brazil to mitigate the shortages.
Despite these market dynamics, Faria, whose wealth is estimated at $3 billion, clarified to the FT that the acquisition of Hillandale Farms aligns with his international expansion strategy rather than being motivated by recent market trends.
Moreover, he noted that the Hillandale acquisition will essentially double Global Eggs’ production output, projecting 2024 revenue to reach approximately $2 billion.
According to the newspaper, as part of the Hillandale Farms transaction, the private equity arm of Brazilian investment bank BTG Pactual will inject $300 million into Global Eggs in exchange for an 11% stake. Additionally, an IPO for Global Eggs on the New York Stock Exchange is reportedly in the works.
Faria’s acquisition of Spain’s Hevo Group last year involved taking over the business from Madrid-based Cleon Capital and other investors, including Austria’s Yana Investment Partners.
Details surrounding the financial terms were closely guarded. However, one Spanish media report suggested the transaction figure was around €120 million (approximately $126.9 million at that time).
