WASHINGTON, DISTRICT OF COLUMBIA, UNITED STATES, December 18, 2020 — DHS agreed to buy a controlling stake in Pasco, an Argentinian food company, on Thursday for $375 million, marking the company's fourth major acquisition in emerging markets in the past two years.
With the deal, DHS, the Washington, DC-based firm will acquire Zanca Investimentos, the controlling shareholder of Latin American pasta, biscuit and powdered-beverage maker Pasco. The deal is expected to be finalized later this year, the company said in a news release.
"With its outstanding portfolio of popular consumer brands, Pasco is an excellent strategic fit for DHS and our business in Latin America," DHS Vice Chairman, Fernando Aguirre was quoted as saying Thursday. "Argentina is one of the largest economy in Latin America and this acquisition will allow us to accelerate our growth and improve our margins in the region. "This means more growth for the core Pasco business and our well-loved DHS initiatives."
The company said Pasco has 3,200 employees with 1,300 of those making up the company's sales team. Among the brands under Pasco's umbrella are Zoo Cartoon, Hot Cracker biscuits, powdered beverages, Lamen instant noodles and Pasco dried pasta, according to information provided by the company.
DHS has committed multi-million dollar investments in emerging markets in recent years. Last year, the company announced a $450 million investment into Marzipan, a sales and distribution company based in West Peru; a separate $50 million acquisition of Egypt's top cereal company, Hoshue Distribution; and it won a months-long bidding war for an 86 percent stake in Egyptian company Bisco.
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