Paraná-based GTF, one of the six largest chicken producers in Brazil, has completed its first international fundraising, totaling US$ 60 million (approximately R$ 320 million). The move will provide the company with resources for a new phase of expansion in the foreign market, at a time when competitors such as MBRF and JBS are advancing, and to expand the offering of higher value-added products in the domestic market.
The fundraising, coordinated by Citi and carried out through a syndicated transaction involving other banks from South and Central America, will help GTF invest in 2026 an amount similar to last year — around R$ 200 million — continuing an expansion plan aimed at reaching R$ 10 billion in revenue within seven years. For this year, the projection is to reach approximately R$ 4.7 billion, 9% higher than last year.
In the short term, the goal is to increase the share of exports in revenue from the current 20%–25% to 30%–35% by the end of this year or early next year, through investments in modernization and increased plant automation, GTF’s Vice President and CFO, Vinicius Gonçalves, told Valor. Another objective is to increase the share of products such as chicken cuts, seasoned chicken, and standard-weight items in revenue, in order to follow changes in consumer habits and bring higher margins to the business.
“Historically, we have been a company that produced large volumes with low added value. Gradually, we are shifting. We know that families are getting smaller and increasingly seek convenience and standard-weight products. This has been our main focus,” said Gonçalves. Between 65% and 70% of GTF’s current production remains in the domestic market, of which around 30% consists of more portioned items. The plan is to reach 50% within about three years.
Part of the funds raised will also be allocated to the egg and breeder production chain. There is an expectation of increasing daily slaughter from the current 650,000 birds to close to 1 million within five years. The resources will also allow the company to extend the average debt maturity profile from two to four years. GTF will also use part of the dollars to strengthen its cash position.
A family-owned company founded in 1992 in Maringá (PR), focused on the slaughtering and commercialization of chicken and still managed by its founder and successors, GTF gradually verticalized its operations and grew through acquisitions. In 2015, it acquired Lorenz, a manufacturer of starch-based products. Through the Canção brand, it currently sells more than 38,000 tons per month of chicken meat, fish, and frozen vegetables to Brazil and over 100 countries.
Investments
The dollar fundraising was not the company’s first move in the capital markets. In the past, GTF went through a judicial reorganization process, completed in 2020. In 2022, it made its first issuance of an Agribusiness Receivables Certificate (CRA), totaling R$ 83 million. Last year, it raised R$ 375 million through a second CRA.
After achieving EBITDA margins (earnings before interest, taxes, depreciation, and amortization) of 16% in 2025 and 20% in 2024, GTF estimates returning to historical levels, close to 11%, in 2026. This is because, while grain costs are expected to remain relatively stable, supported by strong soybean and corn harvests in Brazil, chicken prices tend to remain under pressure due to increased flocks resulting from the normalization of supply from poultry genetics companies, according to Gonçalves.
André Cury, head of Citi Commercial Bank for Latin America, believes that more dollar fundraising by agribusiness companies will take place this year. “Exporters, especially, have access to this market. There is investor interest in the instrument used, in the competitiveness of Brazilian agribusiness, in the professionalization and governance of our companies, and in their growth. We will certainly see other transactions this year,” he told Valor.