Salto Botelho Agroenergia Valued at R$ 600 Million, Sold After Previous Deal Collapsed
Zilor, a São Paulo-based sugarcane company, has completed the acquisition of its competitor, Salto Botelho Agroenergia. The latter was previously controlled by Amerra Capital Management, an American firm specializing in distressed agribusiness assets. The deal, valued at R$ 600 million, includes approximately R$ 400 million in cash, with the remainder settled through debt.
This acquisition follows the breakdown of a previous sale agreement between Amerra and Bahia Etanol (also known as Bel). Initially announced in January and approved by Brazil’s antitrust authority (CADE), the deal fell through due to unmet conditions on Bahia Etanol’s part, prompting Amerra to seek another buyer. Zilor successfully closed the transaction within about 40 days.
The announcement of this purchase comes just two weeks after Zilor sold a controlling stake in another asset. Earlier this month, Zilor sold 70% of its yeast business, Biorigin, located in Quatá, to the French company Lesaffre for R$ 665 million. “The two deals were independent; the timing and values were purely coincidental,” explained Zilor’s CEO, Fabiano Zillo, a member of the founding Zillo Lorenzetti family (the company’s name, Zilor, derives from the first syllables of both family names).
Salto Botelho’s Turnaround and Strategic Fit
Located in Lucélia, Salto Botelho Agroenergia was under judicial recovery in 2022 but saw its finances stabilized under Amerra’s management following the acquisition that year. The company now generates an annual net revenue of approximately R$ 400 million, with the capacity to crush 1.8 million tons of sugarcane. Its production is focused on anhydrous ethanol, hydrated ethanol, and VHP sugar, with 58% of output dedicated to sugar. Additionally, the facility operates a cogeneration plant with 12 MW of power and employs around 700 people in the region.
With this acquisition, Zilor will increase its portfolio to four sugarcane mills in São Paulo state. Its existing mills are located in Lençóis Paulista, Macatuba, and Quatá. The new addition will boost Zilor’s total processing capacity from 12 million to 13.8 million tons, representing a 15% increase. “As members of Copersucar and with a strong commercial branch, this acquisition aligns perfectly with our strategy,” said Zilor CFO Denise Francisco.
Operational Performance
During the 2023/2024 harvest season, Zilor crushed 11.4 million tons of sugarcane, producing sugar, ethanol, and exporting electricity generated from biomass.
In Q2 2023 (corresponding to the first quarter of the 2025 harvest year), Zilor reported net revenue of R$ 762 million, a decline of 11.9% compared to the same period last year. However, net profit increased by 15%, reaching R$ 65 million.
Aside from the partnership with Lesaffre in Biorigin, Zilor remains a privately held company, fully controlled by the founding family. According to CEO Fabiano Zillo, the company currently has no plans to go public, especially with its debt under control following two significant transactions. “Our focus now is on integration, which will continue through May. After that, we can reassess potential new opportunities,” he added.
