Why The World’s Largest Meatpacker Is About To Get Even Bigger

I’ve been hot on the trail covering JBS, the world’s largest meatpacker, for many years, and my feature out this morning is really the culmination of nearly a decade of reporting.

As the Brazil-based JBS prepares to list on the New York Stock Exchange by June, I’ve taken a moment to put the recent news—that, ahead of JBS’ Securities and Exchange Commission approval, JBS subsidiary Pilgrim’s Pride gave $5 million to the Trump Administration’s Inauguration Fund as the campaign’s single largest donor—into context.

My story details how the billionaire brothers Joesley and Wesley Batista, who own the parent company of JBS, were personally charged with foreign corruption in the U.S. as well as insider trading allegations in Brazil (related to the timing of the news of their extensive bribery scheme) that saw them briefly jailed for about six months from 2017 to 2018. Despite all that, they both are slated to remain directors on the board of JBS once the meat conglomerate starts trading in the U.S.

In my book Raw Deal: Hidden Corruption, Corporate Greed and the Fight for the Future of Meat, there’s a full play-by-play of how their bribes went down and so many even more wild instances of corruption—including three different bribes to three of Brazil’s presidents, according to Joesley Batista’s testimony to Brazilian investigators.

As for today’s Forbes story, it also includes details from a Freedom of Information Act request that I got back a few months ago. In the letter, which was sent to then-SEC chairman Gary Gensler in 2023, representatives of the Parakanã people in Brazil allege that JBS illegally exploited the Apyterewa Indigenous Territory in the Amazon rainforest by buying cattle raised on cleared acres (which JBS denies). They ask for the NYSE listing to be blocked.

As community leader Wenatoa writes: “Our people suffer daily threats from invaders, and JBS is an accomplice in this invasion…We will not be silent as long as our lands, culture and dignity continue to be harmed by irresponsible business practices like this.”

I’ll be watching this NYSE listing closely, so expect more from me on JBS soon. Until next week, have a good one!

— Chloe Sorvino

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Featured Story

Despite A History Of Bribery And Corruption Among Top Shareholders, The World’s Largest Meatpacker Prepares To Go Public

Joesley and Wesley Batista, the billionaire brothers behind JBS, went to jail after paying off more than 1,800 politicians in their native Brazil and have struggled to launch a public offering in the U.S. But after one of their companies donated $5 million to Donald Trump’s second inaugural, their SEC troubles miraculously disappeared.

The Feed

Prices Popping Off: On the heels of a Department of Justice investigation into his company’s pricing practices, the CEO of America’s largest egg producer Cal-Maine is blaming a string of bad press over people “looking for a villain,” according to an interview with the Wall Street Journal. As eggs have become a nationwide touchpoint for soaring food prices, he claims he does not have the power to lower the prices of Cal-Maine’s eggs, which account for about one in every five eggs sold in America. Two facts are clear: As egg prices have tripled in the past three years, Cal-Maine’s stock has doubled.

Food Policy Watch: What’s inside Trump’s massive tax and immigration bill? The Washington Post’s deep dive explains how the legislation, which could get a vote in the House as soon as next week, plans to rescind over $677 billion in climate change-related funding and research. The bill would also force some states to take on more of the cost of administering the Supplemental Nutrition Assistance Program, or SNAP. The Washington Post reports that the move could “potentially [force] local officials to decide whether to cut benefits or dig into their state and municipal budgets.” The bill also includes a provision to end taxes on tips, which will highly impact the restaurant industry.

Meet The Founder: Ibraheem Basir

Acquisition alert! Ibraheem Basir’s brand of Latin American, Caribbean and Creole inspired rice and beans, A Dozen Cousins, is getting purchased by privately held Verde Valley Foods, a Dallas-based beans, rice and seasonings business founded in 1967. The terms of the deal, announced this morning, were not disclosed.

Verde Valley will bring manufacturing expertise to Los Angeles-based A Dozen Cousins. It currently has the capacity to produce more than 200 million pouches of ready-to-eat rice or beans per year.

Basir, who will stay on as the brand’s general manager, told Fresh Take: “As a startup founder you carry everything from the brand and the product to the team and the vision for growth. This partnership lifts some of that weight and brings in the right support to help us grow faster and more efficiently. Verde Valle immediately understood my vision for A Dozen Cousins and the role that we could play for consumers.”

Let’s learn more about him and the business he’s built.

Founder: Ibraheem Basir

Age: 39

Education: University of Pennsylvania B.A. in History (2007) and University of Pennsylvania Wharton School of Business M.B.A. (2012)

Founding Year: 2019

Founding Story: Basir had worked in marketing at General Mills and Annie’s before realizing there was a major gap in the market for culturally relevant and authentic foods that were made without GMOs, seed oils and artificial flavors. He decided to do it himself.

Signature Products: Seasoned beans, rice cooked in bone broth

Bestseller SKU: Cuban Black Beans, closely followed by Spanish Yellow Rice Cooked in Bone Broth

Total Number of Products: 16

Business Model: Retail and e-commerce

Distribution: More than 9,000 doors

Retailers: Whole Foods Market, Sprouts, Fresh Market, Publix, Meijer, Target, Walmart, Kroger, Thrive Market, Wegmans

The Competitive Set: Goya, Tasty Bite, Far East, Maya Kaimal, Heyday Canning

Total Raised: Undisclosed

Key Backers: According to Pitchbook, investors include John Foraker, Peter Rahal, Lever VC, Emil Capital Partners, Chobani Incubator

Field Notes

I spent Mother’s Day in Quebec, doing the opposite of the Canadians’ tariff-fueled travel boycott, so here’s some poutine made with duck confit, mushrooms, and, of course, cheese curds and gravy.

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