PAKISTAN – Dutch specialty ingredients distributor, Barentz international has formed a joint venture with Pakistan based Matco Foods Limited to better serve the rapidly growing Pakistani food processing market.

Backed by the International Finance Corporation (IFC), Matco Foods is a leading agribusiness in South Asia, with over 50 years’ experience in the rice industry and a global portfolio of more than 150 corporate customers.

The agro processing company exports to over 60 countries around the globe from its 4 rice processing plants and one rice glucose plant situated in Sindh and Punjab, Pakistan.

Following the formation of the joint venture, Barentz Pakistan, in which Barentz International is the majority stakeholder, will primarily focus on the markets for Human Nutrition and Pharmaceutical products.

Hidde van der Wal, CEO of Barentz, commented: “We already had a good partnership with Matco Foods and we both see complementary business opportunities in the local Pakistan market.

“Pakistan has a fast-growing economy with a good variety of multinational and local food manufacturers.

“Our broad ingredients portfolio in combination with Matco Foods’ strong local network will certainly add value to the local life science markets, starting with Human Nutrition and Pharmaceuticals.”

Khalid Ghori, CEO of Matco Foods, added: “In our relationship with Barentz we share the same family-business background; our knowledge-rooted sense for business and entrepreneurship.

“We have invested in processing facilities to produce ingredients such as rice glucose syrup, rice proteins and maltodextrin.

“Through these activities, we have an excellent insight into and an extended network with the local food industry. We are proud to have set up this joint venture with Barentz and to further explore their strong global ingredient portfolio.”

Late last year, Barentz received an undisclosed investment from private equity firm, Cinven to support the company’s global expansion agenda.

At that time, Barentz said that the deal would particularly enable the company to invest and support its business strategy by expands operations into new geographic markets, including through acquisition as well as ensure the company has the right infrastructure to achieve this.