SATS acquires 49% stake in JV company for $17m

SATS BRF Food will be renamed Country Foods and will be a wholly-owned subsidiary of the group.

Food solutions and gateway services firm SATS has acquired the remaining 49% shareholding in its joint venture company, SATS BRF Food (SBRF) from BRF GmbH (BRF) for $17m, an announcement revealed.

This will allow SBRF to become a wholly-owned subsidiary of SATS Food Services and be renamed Country Foods.

This acquisition is said to be in line with SATS’ goal to become a leading central kitchen supplier to the food service industry in China and India.

Furthermore, Country Foods has signed an exclusive distribution and licensing agreement with BRF Global GmbH to distribute products and the right to license brands owned by BRF S.A. in Singapore.