Solaris enters Brazil corn and soybean market with Agribrasil deal - Valor International

Agribrasil, a major Brazilian grain trader and logistics operator, has agreed to sell control of its business and Terminal Santa Catarina (Tesc) to Solaris Brazil Trading Holding. At the same time, Solaris signed agreements to acquire additional minority stakes in the Tesc terminal.

The companies announced the transaction in a joint statement, saying they expect to close the deal by the end of the year. Financial terms and the exact ownership changes were not disclosed.

Agribrasil is one of Brazil’s largest privately held grain originators and ranks among the country’s top three independent exporters. Tesc is a multimodal terminal located in São Francisco do Sul, Santa Catarina. Both companies are owned by Frederico José Humberg.

In 2022, Agribrasil acquired a 51% stake in Tesc from investment fund BRZ. The remaining 49% is held by three individuals: Hélio Freire, Carlos Alberto de Oliveira Junior, and Renato Gama Lobo.

According to Agribrasil’s most recent reference filing with Brazil’s securities regulator (CVM), from June, Mr. Humberg held 93.52% of the company’s shares. Other shareholders included Jonatas Brito Souza (0.14%), Raphael Blanc Schuwartz Vieira (0.08%), Larissa Mendes (0.01%), with the remaining 6.25% held in treasury. Agribrasil remains a privately held company with no listing on B3.

Contacted by Valor, the company cited confidentiality clauses and declined to provide further financial details. In March, Reuters reported that Agribrasil was negotiating a stake sale with investors, including Solaris, the Saudi sovereign wealth fund SALIC (Saudi Agricultural and Livestock Investment Company), and Asian investors.

Solaris Brazil Trading Holding is controlled by ME Solaris Commodities Holding, which in turn is owned by the Oman Investment Authority (OIA), the country's sovereign wealth fund. Solaris is a major player in the global agricultural commodities trade and is among the world’s top five wheat traders.

In a regulatory filing signed by Humberg and sent to the CVM, Agribrasil stated that Solaris is investing in supply chain infrastructure as part of a vertical integration strategy aligned with its core commodities trading business. The deal will enable Solaris to “enter Brazil’s corn and soybean trading markets, secure access to port logistics infrastructure, diversify its commodity offering, and contribute to food security,” the filing said.

The transaction is subject to regulatory approval, including from the National Waterway Transport Agency (Antaq) and Brazil’s antitrust authority (Cade), as well as other contractual conditions.

Agribrasil posted a net profit of R$2.9 million in the first quarter of 2025, reversing a R$3.1 million loss in the same period of 2024. Net revenue jumped 302% year-over-year to R$1.37 billion, driven by the company’s push to increase corn shipments from the safrinha crop through Tesc in 2024.

Total trading volume rose 75% over the same period last year to 1.02 million tonnes, bolstered in part by a 34% rise in corn prices and a 6% gain in soybean prices.

Adjusted EBITDA rose 61% year-over-year to R$109.1 million. Tesc’s operations contributed R$153.7 million in net revenue and R$20.9 million in net income during the quarter.