Paraná-based GTF completes second Agribusiness Receivables Certificate (CRA) issuance of BRL 375 million

Paraná-based GTF has completed its second issuance of Agribusiness Receivables Certificates (CRA), totaling BRL 375 million, in a context of tighter credit conditions in the agricultural sector and high interest rates. The transaction, more than 350% larger than the previous issuance, marks the consolidation of the capital markets as a structuring axis of the company’s financing strategy.

“What we are seeing is a natural process of building credibility in the market. As GTF demonstrates consistent results and strictly complies with all obligations assumed in previous transactions, risk perception evolves positively,” says Vinícius Gonçalves, vice president of the company. According to him, demand for the transaction approached BRL 400 million, exceeding the amount offered, which led the company to limit the size of the issuance.

Founded in 1992, GTF markets more than 38,000 tons per month of frozen chicken, fish, and vegetables, in addition to approximately 6,500 tons of cassava starch-based products. The company employs more than 10,000 people, operates its own fleet of 258 trucks, and maintains eight storage and distribution branches across Brazil. The company is part of the Forbes Agro 100 ranking, which lists the largest companies in the sector based on published financial data.

Bankability and capital markets
The increase in the amount raised reflects a change in how institutional and individual investors assess the company’s risk. The first issuance had a more exploratory character. The second was supported by a recent track record of results, financial discipline, and greater visibility into the investment plan.

According to the executive, the company’s strategy is to gradually expand the scale of its operations. “Future issuances tend to follow this trajectory, with greater participation from strategic investors and more efficient financial conditions,” he says.

The fundraising aims to extend debt maturities, strengthen the capital structure, and create financial room to support an intensive CAPEX investment cycle, in a scenario of more expensive and selective bank credit.

Growth, products, and margins
A significant portion of the resources will be directed toward the development of IQF (Individually Quick Frozen) products, with a direct impact on the product mix and commercial strategy. In the domestic market, these products serve as tools for differentiation and value creation.

“IQF products play a strategic role, particularly in strengthening the domestic market. They allow for greater portfolio differentiation and a stronger brand positioning with end consumers,” says Gonçalves. According to him, the investments are linked to point-of-sale strategies and the expansion of the customer base. “These investments are connected to opening new clients and the continuous launch of products, not only IQF,” he adds.

In international markets, growth is less associated with individual products and more with advances in industrial processes. “The main growth driver is linked to the automation process being implemented in the plants,” the executive states. According to him, automation increases operational efficiency, reduces dependence on labor, and enables a more sophisticated exportable mix. “As a result, GTF gains competitiveness in exports, expands margins, and strengthens its international positioning,” he says.

In 2024, the company reached revenue of BRL 4 billion, a result that led to a revision of its strategic planning. The goal is to reach BRL 5 billion by 2026. The Canção brands, focused on frozen chicken and fish proteins, account for approximately 90% of revenue. Lorenz, the largest cassava processor in Brazil, represents the remaining 10%, with starch-based solutions.

Scale, execution, and sustainability
Expanding production capacity is another central pillar of the plan. GTF projects surpassing 800,000 birds slaughtered per day over the next five years through the expansion of industrial plants and investments across the entire verticalized chain.

“To reach this level, investments are not limited to industrial plants alone,” says Gonçalves. According to him, the investments include hatcheries, feed mills, and logistics infrastructure—necessary conditions to maintain operational predictability and production efficiency.

One of the main bottlenecks lies in the agricultural segment. “One of the key challenges to achieving this level of growth is access to credit for integrated producers,” the executive says. He points to a more restrictive environment, with high interest rates and a more limited Crop Plan in terms of volume and criteria. “This directly impacts the ability to finance the construction of new barns and the expansion of production,” he explains.

From an internal perspective, the challenge is managing the CAPEX volume required by the projected scale. “This level of investment is essential to maintain business verticalization and support structured growth,” says Gonçalves, who highlights automation, productivity, and sustainability as operational components of the strategy.

The company is authorized to export to more than 100 countries and holds certifications such as China Approved, EU Approved, Halal Certification, as well as seals including IFS Global Markets, BRCGS, and ODS. The industrial units operate under SIF authorizations 3789, 3773, 1880, 1860, and 4166.

Source: Forbes