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Slaughterhouses and Packing Plants

Marfrig: The Brazilian Meat Company That Bought National Beef

Marcos Molina's company grew from a slaughterhouse purchase in Mato Grosso do Sul to a listed multinational with U.S. beef plants.

Who founded Marfrig?

Marfrig is the creation of Marcos Molina. A Forbes Brasil profile of Molina and Marfrig describes his first purchase as the slaughterhouse in Bataguassu, Mato Grosso do Sul. Founding dates in sources vary: the article mentions a company Molina founded in 1986, and gives December 2010 for the corporate entity Mfb Marfrig Frigoríficos Brasil, so sources differ and the start year is left open here.

Between 2001 and 2005 he added plants in Promissão (São Paulo), Paranatinga and Tangará da Serra (Mato Grosso). In 2006 the company moved into Goiás, Rio Grande do Sul and Rondônia and began exporting to neighboring countries.

From IPO to global deals

Marfrig held its IPO on the Bovespa in June 2007 at R$17 per share. In 2008 the development bank BNDES invested R$472 million, which financed a purchase of MoyPark in Northern Ireland. In 2009 it acquired Seara for US$900 million and the U.S. company Keystone Foods.

In 2010 BNDES added R$2.5 billion in convertible bonds, and in 2013 Seara Brasil was sold, returning the company's focus to beef.

What Made It Work

Marfrig grew by buying plants, using public markets and development-bank money, and then reshaping its portfolio when the mix did not work. The Seara sale and the focus on beef are the clearest examples.

It also expanded through its major stake in National Beef.

  • Plant purchases: a chain of slaughterhouse purchases in Mato Grosso do Sul, São Paulo and Mato Grosso from 2001 to 2005.
  • Public capital: the June 2007 IPO funded early international growth.
  • Development-bank backing: BNDES put in R$472 million in 2008 and added R$2.5 billion in bonds in 2010.
  • Portfolio reshaping: it sold Seara Brasil in 2013 and Keystone in 2018 to return to beef.
  • Export access: in 2016 it became the first company to export fresh beef to the United States, per Forbes Brasil.
  • Limit to note: Seara Brasil and Keystone were later sold, so parts of the 2009 expansion did not last.

National Beef and the 2018 deal

In April 2018 Marfrig bought a 51 percent majority stake in National Beef for $969 million, described as the fourth-largest U.S. processor. The deal, recorded in the Cavacopedia summary of National Beef, added a beef patty plant in North Baltimore, Ohio.

Forbes Brasil adds that the company bought Quickfood in Argentina in 2018 and sold Keystone.

BRF and the move to MBRF

In 2021 Marfrig acquired 31.66 percent of BRF, and in 2023 it raised its stake to 40.9 percent. A shareholder document in the SEC filing on the BRF merger says that by May 15, 2025 Marfrig held about 53.09 percent of BRF's voting capital. The merger plan offered BRF shareholders 0.8521 Marfrig common shares per BRF share.

Forbes Brasil says the company is now MBRF, listed on B3, but does not describe the terms.

Marfrig and Minerva

Marfrig appears in the history of its Brazilian rival Minerva Foods. The company's investor page lists a 2019 asset exchange between Minerva and Marfrig, as recorded at the Minerva investor relations page.

For the cattle behind these companies, farm.FM covers ranching, and a farm.FM story on Brazilian beef exports adds background.

Timeline

  1. 2001-2005Adds plants in Promissão, Paranatinga and Tangará da Serra
  2. 2007IPO on the Bovespa at R$17 per share
  3. 2008BNDES invests R$472 million; Marfrig buys MoyPark
  4. 2009Buys Seara for US$900 million and Keystone Foods
  5. 2013Sells Seara Brasil
  6. 2016First company to export fresh beef to the United States
  7. 2018Buys 51 percent of National Beef for $969 million
  8. 2021Acquires 31.66 percent of BRF
  9. 2025Holds about 53.09 percent of BRF voting capital as of May 15

Frequently asked questions

Who founded Marfrig?

Marcos Molina is the founder. Forbes Brasil says his first purchase was a slaughterhouse in Bataguassu, Mato Grosso do Sul, though founding dates vary by source.

Does Marfrig own National Beef?

Marfrig bought a 51 percent majority stake in National Beef in April 2018 for $969 million, making it the controlling owner of the fourth-largest U.S. beef processor.

What is MBRF?

MBRF is the name Forbes Brasil gives the combined company after Marfrig's tie-up with BRF, now listed on B3.

When did Marfrig go public?

Marfrig held its IPO on the Bovespa in June 2007 at R$17 per share, according to Forbes Brasil.

Sources and further reading

Profiles are compiled from public sources and reviewed against them. See our editorial policy to suggest a correction.

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