Betterware de México (BeFra) agreed on 19 January to acquire Tupperware's operations in Latin America, mainly in Mexico and Brazil, and a perpetual licence to the Tupperware brand in the region for US$250m.
Why Betterware de México, S.A.P.I. de C.V. (BeFra) is buying Tupperware Latin America operations
BeFra said it would run Tupperware as an independent business unit alongside Betterware and Jafra, reviving product innovation and drawing on its direct-to-consumer distribution. It cited its turnaround of Jafra, acquired in 2022, as a precedent and expects revenue and cost synergies across the three brands. It forecast the deal would add about US$81m of annual EBITDA and about 40% to earnings per share.
“This acquisition brings together three of the most iconic brands in Latin America's direct selling market”
Deal terms and financing
The price comprises US$215m in cash, funded with debt, and US$35m in newly issued BeFra shares subject to a lock-up of up to nine months. BeFra put the implied multiples at 3.1 times 2025 estimated EBITDA and 5.6 times 2025 estimated earnings. Net debt to EBITDA was expected to rise from 1.6 times to 1.9 times, with no change to the dividend policy. The Argentine licence takes effect in September 2026.
Regulatory approvals and timing
Closing required BeFra shareholder approval and national regulatory approvals. BeFra announced on 2 June 2026 that it had completed the acquisition after clearance from Mexico's Comisión Nacional Antimonopolio and shareholder approval.
Market context
Tupperware's Latin American business had sales of about US$404m in 2022, before the group's global restructuring and Chapter 11 process, and is projected at US$278m for 2025. It sells through more than 140 distributors and over 200,000 independent representatives and has manufacturing plants in Mexico and Brazil.
