CORAL GABLES, FLA. — Mexican sugar cane refiner Beta San Miguel, SA de CV (BSM) has purchased 15.93% of the voting and equity shares of Sucro Ltd. (Sucro) (3.75 million subordinate voting shares at $9 per share) from Sucro’s controlling shareholder SC Americas Corp., and has entered into a supply agreement, among other legal matters, according to Sucro.

BSM is one of the largest sugar refiners in Mexico by volume and sales. Sucro is an integrated sugar refiner focused primarily on North American sugar markets. Prior to the transaction, SC Americas, which is controlled by Jonathan Taylor, founder and chief executive officer and a director of Sucro, owned about 67.5% of the voting and equity shares of Sucro.

Under the sugar supply agreement, BSM has granted to Sucro certain first offer, first refusal and matching rights on all of BSM’s raw sugar export quota and up to 75% of BSM’s refined sugar export quota to the United States assigned by the Mexican Secretary of the Economy. BSM also granted to Sucro first offer, first refusal and matching rights on all raw and refined sugar BSM may export outside the United States and Mexico (after serving the domestic Mexican market).

“This strategic relationship with BSM brings together two innovative companies with a shared vision for growth and North American expansion,” Taylor said. “The transaction not only underscores BSM’s confidence in our business but also strengthens our ability to serve the North American sugar market. While this transaction marks a critical time in Sucro’s growth and development, it also provides important potential upside value if Sucro continues to execute on its current operating plan. Following completion of this transaction, Sucro management continues to own in excess of 60% of the voting and equity shares of the company, and we are extremely motivated and focused on delivering value for all shareholders.”

Patrik Palafox, chairman of BSM, added, “This partnership with Sucro presents a solid strategic rationale for BSN. We recognize the potential to create value for both companies by leveraging solid complementary strengths and expertise that exist between us. We are enthusiastic about the opportunity presented by Sucro’s business plan, which targets high-growth segments such as the Canadian market and the US Northeastern region.”