JBS has signed an agreement for its subsidiary Rigamonti to acquire 100% of King’s Group. The $92.5 million transaction includes four plants in Italy, as well as the operation of the Principe brand in the U.S., including a plant dedicated to slicing cuts in New Jersey.
Present in the U.S. and over 20 other countries, King’s Group is a market leader in the production of Prosciutto di San Daniele D.O.P. and is an important player in the production of Prosciutto di Parma D.O.P., in addition to producing specialties like GranSpeck and Prosciutto Veneto D.O.P. The entire management of these assets will be assumed by Rigamonti.
With the acquisition of King’s Group facilities and brands, JBS will now have a portfolio and structure for producing and distributing authentic Italian specialties, such as prosciutto, bresaola, bologna sausage, speck, and salami with certification of origin, using craft manufacturing and curing techniques.
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“This acquisition is in line with our strategic approach of growing in high value-added products. It puts us among the leaders in Italian ‘salumeria’ and leverages our commercial strategy in the U.S., where we are investing $200 million in an Italian specialties plant. The growth potential of the King’s and Príncipe brands in Europe and the United States is significant,” says Gilberto Tomazoni, JBS global CEO.
JBS will also reap additional synergy in the U.S. market, where the company’s subsidiary Swift Prepared Foods is building a new Italian meats and charcuterie facility in Columbia, Mo., which is expected to open next year.
The deal was approved by the JBS board of directors and will be concluded after approval by antitrust authorities.
