Tokyo-based Mitsui has purchased 29.4% of the shares in the São Paulo health company for $67.4 million.
Through this investment, the trading company will “pursue synergies” with its wide-ranging business assets and global networks, while contributing to the development of the animal health industry at the same time.
Mitsui will also sign a shareholders' agreement with the founders of the veterinary industry, Norival Bonamichi and Jardel Massari, who will still be in control of the business.
The confirmation of the deal still needs to be approved by the Brazilian Administrative Council for Economic Defense (CADE).
Ourofino Saúde Animal – listed on the Brazilian Stock Exchange and worth 1.1 billion reais ($215 million) – specializes in medicines and vaccines. The pet segment represents 13% of the company's business.
Last year, the company recorded net revenue of 905 million reais ($177 million) and net income of 112 million reais ($21 million). This year, Ourofino shares fell 14% on the Brazilian Stock Exchange.
Mitsui is a diversified company with businesses in areas such as steel, services, energy, mining, mobility and logistics with more than $110 billion in assets. The company, which operates in 60 markets worldwide, established a Nutrition and Agriculture division in 2016 after foregrounding the animal health business as one of its key focus areas.