Tupperware Finalizes Buyer! BerryFresh Acquires Tupperware Latin America Business for $250 Million

BeFra, the parent company of Betterware and Jafra, has announced a definitive agreement to acquire Tupperware's operating assets in Latin America, focusing on the region's two major markets: Mexico and Brazil.

This transaction also includes a perpetual, royalty-free exclusive license for the Tupperware brand throughout all of Latin America.

BeFra to acquire 100% of Tupperware's Latin American business for $250 million, consisting of $215 million in debt-financed cash and $35 million in BeFra equity. The acquisition is structured on a debt-free, cash-free basis.

The transaction is expected to close in the first half of 2026, subject to the satisfaction of customary regulatory approvals and closing conditions.

Bankruptcy Reorganization Background

Impacted by years of declining sales and a failed transition to a direct selling model, Tupperware Brands Corporation filed for Chapter 11 bankruptcy protection at the end of 2024 to restructure over $1 billion in debt. Later that year, its global brand and core business were acquired by Party Products LLC, a consortium of creditors including Stonehill Capital Management and Alden Global Capital.

The transaction corresponds to an EV/EBITDA multiple of 3.1x based on 2025 projected figures and a P/E ratio of 5.6x based on 2025 projected figures, which will deliver significant accretive benefits to BeFra shareholders: estimated annual accretion to EPS of $0.58, incremental EBITDA of $81 million, and immediate EPS uplift of approximately 40%.

The debt incurred to finance the acquisition is expected to raise BeFra's 2025 projected net debt/EBITDA leverage ratio from 1.6x to 1.9x. This level remains within a conservative range for a transaction of this scale, and the company's current dividend policy is expected to remain unaffected.

BeFra Chairman Luis Campos emphasized the strategic importance of the acquisition.

"This acquisition unites three iconic brands in the Latin American direct selling market – Betterware, Jafra, and now Tupperware. Leveraging our proven direct-to-consumer capabilities, we will bring fresh product innovation to millions of families across Latin America and are fully committed to reigniting Tupperware's growth in the region."

Andrés Campos, CEO of BeFra, noted that this acquisition is highly aligned with the company's long-term strategy.

"Tupperware's classic brand foundation in the Latin American market provides us with a clear opportunity – to leverage BeFra's mature operating model to drive brand innovation and growth, creating long-term value for the group."

Regional business shines, fundamentals strong

Within Tupperware's global system, the Latin American business has historically been a profitable segment. Currently, this business boasts over 140 distributors and more than 200,000 independent sales representatives. It has vertically integrated production bases in Mexico and Brazil, consistently achieving high EBITDA margins and strong free cash flow.

In 2022, Tupperware's Latin America sales were approximately $404 million before initiating a global business restructuring and Chapter 11 proceedings; projected sales for the region in 2025 are $278 million, highlighting significant potential to return to historical revenue levels.

BeFra announced that it will operate its three major brands as independent business units, while retaining the unique consumer value proposition of each brand. The company has a track record of excellent operational upgrades – the successful revitalization of Jafra in 2022 led to an 18% revenue increase and a 23% compound annual growth rate in EBITDA for the brand thereafter.

In addition, several members of BeFra's management team previously led Tupperware's Latin American operations. In the future, they will refocus on consumer-demand-oriented product innovation and upgrade the brand's value proposition. This acquisition will integrate Tupperware's regional presence with BeFra's well-established distribution network, unlocking significant revenue and cost synergies across the company's entire product portfolio.

BeFra stated: "This acquisition further solidifies and advances the company's core strategy of integrating leading category brands to serve millions of families in Latin America."

Leveraging Tupperware's existing presence in the Latin American market, the expansion of the Betterware home brand will also receive strong support, further solidifying BeFra's leading position in the direct-to-consumer market in Latin America.

In this transaction, Greenberg Traurig LLP provided legal services to Betterware de México, with the team led by Antonio Peña, co-chair of the firm's Latin America practice.