Mexican Acquires US Poultry Producer

Mexican poultry producer Industrias Bachoco has struck a $95m deal to buy Arkansas-based OK Industries, in yet another instance of a Latin American company acquiring a US peer. OK is a privately held and family run business with $600m in yearly sales, a fraction of Bachoco’s $2bn annual sales. OK’s normalized Ebitda sits at roughly $20m a year, according to Bachoco estimates. Bachoco paid for OK in cash, mostly with its own funds and a portion obtained from a credit line, the company says. Under the terms of the agreement, OK is expected to keep its brands and name unchanged and to continue operating under the same leadership. Bachoco did not disclose its advisors.