The Navarra-based multinational, which specialises in casings for the meat industry, has reached an agreement in principle to acquire up to 85% of this Chinese collagen casing manufacturer, valued at €133 million.
“An important step” in its strategic plan
Viscofan has reached an agreement in principle, through its Chinese subsidiary Viscofan Technology, to acquire up to 85% of Haiaos. The company, based in Zibo, produces and distributes collagen casings. In 2025 it posted revenue of €57.5 million and EBITDA of €16.5 million, and it is listed on the NEEQ, China’s third-largest stock market.
According to Viscofan, the deal is “an important step” in delivering its Beat’30 strategic plan, as it strengthens its commitment to accelerating growth and profitability in China and the Asia-Pacific region. Combining Haiaos’s local capabilities with the group’s technological, industrial and commercial expertise “will allow it to offer customers in the region a more complete commercial proposition, backed by greater production capacity and a stronger industrial presence”.
Valuation and deal structure
The agreement values 100% of Haiaos at €133 million, putting the 85% stake at around €113 million. The final price will be adjusted for net debt and working capital at closing. The agreement in principle has been signed with shareholders holding 58.94% of the capital, and Viscofan plans to bring in the remaining investors to reach 85%. The founders will temporarily retain the remaining 15%, which Viscofan will acquire on the third anniversary of closing.
Completion expected in 2027
The contractual documentation will be signed in the coming weeks, and completion is expected in the first quarter of 2027, when Viscofan will take operational and management control. Completion is subject to conditions including the group reaching at least 80% of the capital. The acquisition will be financed through internal funds and local borrowing, without “materially affecting Viscofan’s financial position or its shareholder remuneration policy”.
The deal comes at a strong moment for Viscofan, which reported record sales of €965 million to September and a 2.9% rise in profit.
Source: El Economista