ST. LOUIS — Bunge Ltd. is entering into a partnership with BZ Group under which Bunge will acquire 49% of BZ Group while the Beuzelin family remains the majority shareholder with 51% ownership. Financial terms of the transaction were not disclosed.
Based in Normandy, France, BZ Group originates products from a network of farmers and also sources grains, oilseeds and pulses from suppliers in the northwest of France to export to its customers via its port terminal in Rouen.
St. Louis-based Bunge and BZ have developed a relationship over the years, and the decision to combine BZ’s expertise in the French market with Bunge’s global reach “is the natural evolution of this long-term relationship,” according to Bunge.
Bunge said the partnership should strengthen operational and commercial cooperation in an increasingly volatile and demanding market environment. Additionally, it will provide the opportunity to expand the facility in the port terminal in Rouen, the largest cereal export facility in Western Europe.
“Bunge is pleased to build on the strong business partnership with the BZ Group to bring more opportunities and flexible solutions to our customers,” said Christos Dimopoulos, co-president of agribusiness at Bunge. “This partnership will strengthen our global network and allow us to provide customers with a broad portfolio from the most important origins.”
Florent Beuzelin, chairman and chief executive officer of BZ Group, said the partnership marks a new milestone in the company’s history.“(This partnership) offers the BZ Group and its teams great development prospects while staying true to its agricultural roots,” Mr. Beuzelin said. “In the French landscape, we will continue to offer a differentiated positioning in the grain sector. The BZ journey is once again broadening its horizon and together with the Bunge teams, we will be able to reinvent ourselves again.”