BioFirst takes 100% control of Biotrop, completing landmark Brazilian biologicals deal

Belgium’s BioFirst Group has bought the remaining minority stake of about 15% in Brazilian biologicals maker Biotrop, taking full ownership three years after acquiring control, AgFeed reported on October 5. The price was not disclosed.

The sellers were mainly private equity fund Aqua Capital, Biotrop’s former controlling shareholder, and to a lesser extent founder and former CEO Antonio Carlos Zem, who sits on BioFirst’s board. The buyout completes a 2023 agreement in which BioFirst, then called Biobest, bought about 85% of Biotrop at a valuation of 2.8 billion reais (about $560M at the time). That deal closed in December 2023 after Biobest raised €365M in new capital.

BioFirst said full control simplifies its structure and speeds up integration. “Acquiring full control of Biotrop is a decisive step in our strategy,” said Jean-Marc Vandoorne, CEO of BioFirst Group.

Biotrop now leads the group’s microbial products for large row crops worldwide, while the Biobest division focuses on beneficial insects and pollination. Biotrop posted revenue of 900 million reais (about $180M) in 2025, AgFeed reported, and runs a Florida-based U.S. team, with Europe next. BioFirst aims to break into the top 10 of the global agricultural inputs industry by 2034.

“We are ready to grow beyond Brazil,” said Jonas Hipólito, who took over as Biotrop president in early 2025.

Source: AgFeed