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Betterware (BWMX) investor relations material
Betterware Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Acquisition summary
Acquisition of 100% of Tupperware's LatAm businesses for $250 million, including operations in Mexico and Brazil, and two production facilities.
Perpetual, royalty-free, exclusive license for the Tupperware brand in LatAm, with Argentina effective from September 2026.
Funded by $215 million in debt and $35 million in shares, with a post-acquisition Net Debt/EBITDA of 1.9x for 2025E.
Implied acquisition multiples: 3.1x EV/EBITDA and 5.6x P/E for 2025E, with immediate EPS accretion of ~40%.
Target closing in 1H2026, subject to regulatory approvals in Mexico.
Overview of Tupperware LatAm
Operates with 147 distributors and over 200,000 independent sales representatives.
Vertically integrated with two production plants, high EBITDA margins (30%), and strong free cash flow conversion (47% for 2025E).
Debt-free balance sheet and minimal working capital requirements.
Sales in 2025E projected at $278 million, down from $404 million in 2022, indicating significant recovery potential.
Regional leader in kitchen and food preservation, with a resilient business model and experienced leadership.
Strategic rationale
Significant untapped growth potential in Latin America, especially in Brazil, with opportunities for market expansion and cross-brand synergies.
Manufacturing footprint in Mexico and Brazil offers excess capacity (35-40%) and cost optimization.
Leadership team has deep experience with Tupperware, ensuring smooth integration and innovation.
Proven track record of value creation through prior acquisitions, such as JAFRA, with strong revenue and EBITDA growth.
Transaction expected to be immediately accretive, boosting consolidated EPS by ~40% in 2025E.
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