Betterware de México, S.A.P.I. de C.V., operating as BeFra, has announced the successful completion of its acquisition of 100% of the Tupperware brand’s operating assets in Latin America, primarily in Mexico and Brazil, along with a perpetual, royalty-free, and exclusive license to the Tupperware brand across the entire Latin American region. The transaction closed following receipt of all required regulatory approvals including clearance from Mexico’s antitrust authority and BeFra shareholder approval.
Total consideration was $250 million on a debt-free, excess-cash-free basis, comprised of $215 million in cash funded with debt and $35 million in newly issued BeFra shares.
The acquisition unites three iconic consumer brands — Betterware, Jafra, and Tupperware — under BeFra’s platform, creating what the company describes as the leading direct-selling consumer products platform across Latin America. The acquired business is supported by more than 140 distributors and over 200,000 independent sales representatives, with vertically integrated manufacturing operations in both Mexico and Brazil. Tupperware Latin America will operate as an independent business unit within BeFra, preserving its distinct consumer value proposition while benefiting from the same commercial growth model BeFra successfully deployed at Jafra following its 2022 acquisition — a model that delivered approximately 18% revenue and 23% EBITDA compound annual growth rates from fiscal year 2022 to fiscal year 2025. On a pro forma basis, the transaction resulted in combined fiscal year 2025 earnings per share of $2.11, representing approximately 44.5% accretion compared to BeFra’s standalone EPS of $1.46.
Pro forma leverage stands at 1.9 times net debt to EBITDA based on actual fiscal year 2025 closing figures, a level BeFra described as conservative and consistent with its disciplined approach to balance sheet management. BeFra has identified principal value creation opportunities including deployment of its proven commercial growth model, cost synergies across procurement and corporate overhead, and optimization of the combined manufacturing footprint. DD3 Capital Partners acted as financial advisor to BeFra, with Greenberg Traurig and Demarest Advogados serving as legal advisors.
KEY QUOTES:
“The completion of the Tupperware acquisition represents a defining moment for BeFra and a transformative step in our journey of building the leading consumer-products platform in Latin America. Tupperware is one of the most iconic and beloved brands in the world, and we are honored to welcome its distributors, independent sales representatives, and employees to the BeFra family.”
Luis G. Campos, Chairman of the Board, BeFra
“The closing of this transaction is a major step in our regional strategy. Brazil represents one of the most attractive consumer markets in Latin America, and the addition of Tupperware’s established platform in the country, alongside its leading position in Mexico, materially expands our regional reach and accelerates BeFra’s consolidation as the leading direct-selling platform across Latin America.”
Andrés Campos, Chief Executive Officer, BeFra
