Mantiqueira USA, the joint venture between JBS N.V. and the Pinto family, entered a binding agreement on November 14, 2025 to acquire Hickman’s Egg Ranch, a top‑20 U.S. egg producer that has recently rebuilt its operations after a bird‑flu outbreak that required the culling of 95 % of its flock. The deal value has not been disclosed, but the transaction is expected to close by the end of 2025 and will give Mantiqueira a substantial foothold in the Mountain and West Coast egg markets.
The acquisition aligns with JBS’s long‑term diversification strategy, which has moved beyond beef, poultry, and pork into seafood, plant‑based proteins, and cultivated meat. Eggs are a high‑margin, inelastic‑demand product that complements JBS’s existing protein mix. Mantiqueira, which produces 4 billion table eggs annually and has focused on free‑range production since 2020, will bring its scale and supply‑chain expertise to the U.S. market. The timing of the deal is also strategic: the U.S. egg market has seen record prices after recent bird‑flu outbreaks, creating a window for a well‑capitalized buyer to acquire a distressed but high‑potential operation.
JBS’s Q3 2025 results provide a useful backdrop for the acquisition. The company reported earnings per share of $0.52 versus a consensus of $0.4945, a beat of $0.0255 or 5.2 %. Total revenue reached $22.6 billion, up 4.2 % from the $21.69 billion forecast, while adjusted EBITDA stood at $1.8 billion, an 8.1 % margin. Net income was $581 million and the company’s return on equity was 23.7 %, with a leverage ratio of 2.39×. CEO Gilberto Tomazoni said the company’s “purpose of feeding the world” is reinforced by the egg acquisition, adding that “we want to do with the eggs what we have done with chicken and pork and beef—to be one of the global leaders of the category.” CFO Guilherme Cavalcanti highlighted confidence in maintaining annual dividends around $1 billion, contingent on keeping leverage within a comfortable range, while JBS USA CEO Wesley Batista Filho emphasized the strategic importance of the deal for expanding the U.S. protein portfolio.
The U.S. egg market has been shaped by a series of bird‑flu outbreaks that have driven prices higher and created supply constraints. Demand for eggs remains inelastic, meaning consumers continue to purchase eggs even as prices rise, which has benefited producers such as Cal‑Maine Foods. Hickman’s Egg Ranch’s recent recovery from a severe outbreak presents an opportunity for Mantiqueira to rebuild a high‑volume operation with a proven brand and to leverage its global distribution network to capture market share in a high‑margin segment.
The acquisition positions JBS to capitalize on a growing consumer appetite for protein, particularly affordable and versatile options like eggs. By adding a U.S. egg operation, JBS can integrate the new business into its existing supply chain, achieve operational synergies, and accelerate its diversification agenda. The move also signals confidence in the long‑term resilience of the egg market and aligns with JBS’s broader investment in cultivated meat and other alternative proteins, reinforcing its strategy to remain a diversified global protein producer.
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