Fictor Alimentos came onto investors' radar at the end of last year by conducting a reverse IPO. Four months after this move, the company, whose owners have businesses ranging from the financial sector to agribusiness, completed its first M&A. On Wednesday, April 30th, the company obtained approval from the judicial administrator to purchase Mellore Alimentos for R$ 30.4 million, a company that has been in judicial reorganization (RJ) since 2017.
The amount represents a 67.45% discount on the value of the Mellore bankruptcy case, set at R$ 93.4 million. “With the approval, there is no risk of Fictor Alimentos suffering any sanctions or asset freezes due to Mellore's debts,” says André Vasconcellos, Director of Strategy, Planning and Investor Relations at Fictor Alimentos, to NeoFeed .
According to the executive, the payment schedule initially presented will cover tax and labor debts. According to the document approved by the judicial administrator, Fictor Alimentos will initially pay R$ 7.8 million, with R$ 3.9 million due within 30 days of the purchase agreement's approval and the remainder in 24 installments. These funds will be used to pay bankruptcy claims, debts that existed before the approval of the judicial reorganization. The plan details the remaining payment orders.
The company's focus is precisely on acquiring companies in judicial reorganization or bankruptcy proceedings. "The company's core business is seeking distressed assets. With this, we can secure very advantageous values and also take into account the potential of these companies," says Vasconcellos.
Located in Betim, Minas Gerais, Mellore's production unit has a built area of 9,000 m² and a production capacity of 1,700 tons per month of finished animal products. Although it may be authorized to operate in the beef and pork sectors, today 100% of Mellore's production is pork.
In addition to improving production processes, Fictor Alimentos intends to adopt an export policy for its products, taking advantage of the authorization granted to Mellore in 2015 by the Ministry of Agriculture, Livestock and Supply, but which was not being exploited in a significant way by the current owners.
The list includes 100 countries to which the company can export, such as Hong Kong, Qatar, and the United Arab Emirates, as well as markets in South America. According to Vasconcellos, the initial focus will be on the Middle East and the African continent.
Today, the animal protein market in Brazil is dominated by four large companies: JBS, BRF, Marfrig, and Minerva. However, there is a proliferation of smaller companies serving the market, mainly on a regional scale. It is in this niche that Fictor Alimentos intends to operate.
With the change, Mellore is expected to adopt the buyer's name. It is not yet defined what the brands of the products sold will be, but the expectation is that the ruling approving the purchase will be issued before the end of the second quarter. The case is being processed in the Business, Public Finance and Autonomous Entities, Public Records and Labor Accidents Court of the Betim District.
Fictor Alimentos plans to make more acquisitions in 2025. "What we are looking at is that we are observing companies in the poultry, fish and seafood sectors."
To that end, the company already has authorization for a capital increase, with contributions from shareholders that will drive this movement. However, the value for the next M&As has not yet been defined.
Reverse IPO
Fictor Alimentos was created by Fictor Holding, which holds investments in the financial sector and agribusiness, such as the brands Dr. Food, Fredini, and Vensa, and by Aqwa Capital, which has assets in agribusiness linked to the production of oil and peanuts. To create Fictor Alimentos, they acquired control of Atom Participações, a company listed on the B3 (Brazilian stock exchange) founded by Carol Paiffer and Joaquim Paiffer for the training of traders.
After the acquisition, they leveraged Atom's existing stock on the B3 (Brazilian stock exchange) and completed a reverse IPO. Together, Fictor Holding and Aqwa hold 76.5% of the shares. The remaining 23.5% are publicly traded. There are 5,043 shareholders, 95% of whom are individuals.
The amount that Fictor Alimentos will pay to acquire Mellore is even greater than what was paid to the former owners of Atom Participações last year, which was R$ 20 million.
“This shows how much we can grow with this acquisition. The message we are sending to the market is that Fictor Alimentos is capitalized and prepared to grow significantly,” says Vasconcellos.
Fictor Alimentos' shares on the B3 stock exchange have accumulated a 28.39% increase in value so far in 2025. The company is valued at R$ 96.70 million.
