- Lavoro is Brazil’s largest agricultural inputs retailer
and a leading provider of agriculture biologics inputs; enables
farmers to adopt breakthrough technology and boost
productivity
- Upon listing, Lavoro will become the first US-listed pure-play
Latin American agricultural inputs retailer
- Transaction aims to bring together The Production Board’s
agriculture technology expertise and Lavoro’s portfolio of
businesses and market penetration to help transform Latin America
into a global breadbasket, improving global food security and
sustainability
- Lavoro’s proprietary biologics products help reduce cost for
farmers while increasing yields with less water, land and carbon
footprint
- Lavoro’s Pro Forma Adjusted EBITDA is projected to be $172
million in calendar year 2022E and $279 million in calendar year
2023E, implied initial Enterprise Value of approximately $1.2
billion, representing a multiple of 7.1x on calendar year 2022E and
4.4x on calendar 2023E Pro Forma Adjusted EBITDA
- The Production Board to invest $100 million in a private
placement of common equity at $10.00 per share concurrent with the
closing of the proposed business combination, with an estimated
$225 million of net cash proceeds to Lavoro assuming no redemptions
of Class A ordinary shares of TPB Acquisition Corp.
- David Friedberg, founder of The Production Board and The
Climate Corporation, is expected to become a Lavoro board member
upon closing of the proposed business combination
TPB Acquisition Corporation I (“TPB Acquisition Corp.”) (Nasdaq:
TPBA, TPBAW, TPBAU), a special purpose acquisition company
sponsored by The Production Board (“TPB”), and Lavoro Limited
(“Lavoro” or the “Company”), a leading agricultural inputs retailer
in Latin America, today announced that they have entered into a
definitive business combination agreement that will result in
Lavoro becoming a US publicly listed company.
The transaction is expected to close in the fourth quarter of
2022, subject to the satisfaction of customary closing conditions
(including the approval of the shareholders of TPB Acquisition
Corp.), a new US publicly-listed entity is expected to be listed on
the Nasdaq under the ticker symbol “LVRO.” Upon listing, Lavoro
will become the first US-listed pure-play Latin American
agricultural inputs retailer.
As a public company backed by one of the most seasoned investors
in the agriculture sector, Lavoro will support the delivery and
adoption of emerging agriculture technologies to Latin American
farmers, helping increase yields using less land, water, and
energy.
“We have already driven significant year-over-year growth and
delivered meaningful value to farmers – and we think the next steps
in our journey will have even greater positive impact,” said Ruy
Cunha, Chief Executive Officer of Lavoro. “TPB shares our vision
for the future of agriculture as sustainable and
technology-forward, thanks to emerging digital, genomic, and
biological solutions. TPB’s world-class ag-tech expertise can
enhance Lavoro’s solutions portfolio; together, we can expand
Lavoro’s lead position in sustainable agriculture.”
The Production Board is a San Francisco-based investment holding
company founded and led by David Friedberg, founder of The Climate
Corporation, which Monsanto acquired in 2013. The Climate
Corporation’s flagship platform, Climate FieldviewTM, remains the
world’s leading digital agronomy software platform, used by farmers
on over 180 million acres across 23 countries.
Following the proposed business combination with TPB Acquisition
Corp., Lavoro expects to increase market share through retail
expansion, continued operational improvements, and additional
acquisitions.
TPB expects to support the acceleration of Lavoro’s digital
agronomy and service offerings as a strategic advisor and through
leadership and partnership development. TPB CEO and founder David
Friedberg is expected to join Lavoro’s board of directors upon the
close of the proposed business combination.
“It is rare to find a business with such a strong financial
profile – significant scale, growth, and profitability with so much
headroom to grow for years to come – all while having the potential
to make a real impact on global food security and sustainability.
We are excited to make our largest investment to-date and partner
closely with management and the board of directors of Lavoro to
drive value creation for years to come,” Friedberg said. “Latin
America is a key breadbasket for a fragile and changing world. We
must do all we can to help farmers with the best technology, tools,
and services to sustainably increase productivity in this key
region.”
Latin America’s leading independent agricultural inputs
retailer – a scaled, profitable, and growing business
São Paulo-based Lavoro was founded in 2017, and has a broad
geographical presence in Latin America, currently encompassing
Brazil, Colombia and Uruguay. Through the acquisitions of more than
20 small- and medium-sized companies, Lavoro has become Brazil’s
largest agricultural inputs retailer by revenue and market
share.
The company offers farmers a comprehensive portfolio of
agriculture input products including seed, fertilizer, crop
protection, emerging biologics and other specialty products.
Lavoro’s 878 technical sales representatives meet with more than
53,000 customers on farms and at Lavoro’s 193 retail locations to
help plan, purchase the right inputs, and manage farming operations
to optimize outcomes.
Lavoro’s vertically-integrated crop inputs business, “Crop
Care,” is a major supplier of biologics and specialty fertilizers
in Brazil. Operating at the forefront of agriculture technology,
the company’s portfolio of proprietary biologics enables farmers to
protect their crops from disease, pests, and weeds without the
carbon and environmental persistence of traditional synthetic crop
chemistry – while helping to improve soil health and productivity
with lesser need for synthetic fertilizers. Biologics are the
fastest growing segment of agricultural inputs across Latin
America, with total sales growing at an estimated 26% CAGR between
2017 and 2021.
Demonstrating the success of its acquisitions and organic growth
playbook, Lavoro is estimated to have grown its pro forma revenue
at a compound annual growth rate, or CAGR, of 53% CAGR between FY
2020 and FY 2022E, with its fiscal years ending on June 30. At the
same time, Lavoro has also achieved robust organic growth through
retail and product portfolio expansion, as well as operational
improvements.
In 2020, Lavoro launched its digital commerce offering, allowing
farmers to buy their inputs directly online. Digital commerce is
estimated to have accounted for $81 million, or 5%, of sales in
FY2022E. Moreover, Lavoro’s expansion of its digital agronomy
services help farmers improve their productivity and make better
decisions by selecting the optimal products through a detailed
analysis of soil chemistry, microbiome, and weather data.
Lavoro is projected to realize $2.3 billion in Pro Forma revenue
in CY 2022E, a 63% increase from CY 2021, and $3.2 billion in Pro
Forma revenue in CY 2023E, a 40% increase from CY 2022E. In
addition, the Company is projected to improve Pro Forma Adjusted
EBITDA margins, and is expected to realize Pro Forma Adjusted
EBITDA of $172 million in CY 2022E and $279 million in CY
2023E.
The urgent need to boost food security, sustainably
Thanks to its strategic position as a key player across the
world’s largest agricultural exporting region, Lavoro has the
ability to transform Latin American agriculture and strengthen
global food security at a time when global food supply chains have
become increasingly unstable.
Over 750 million people in 2021 were living with under 1,200
calories a day, according to the Food and Agricultural Organization
of the United Nations (FAO), an increase of nearly 200 million in
the last four years. To feed a growing population, the amount of
calories produced must increase by 56% by 2050, according to the
FAO.
Proven technologies to increase yields are already available but
need to scale up in every region – particularly among small and
mid-sized farmers in Latin America. The key to reaching these
farmers and empowering them with the best technology is the
agricultural retailer.
65% of Brazilian farmland is managed by farmers with 250 to
25,000 acres under production, clearly indicating that small farmer
productivity in Brazil, and Latin America more widely, is a key
part of the solution. Thanks to Lavoro’s business model focused on
direct collaboration with farmers to drive technology adoption,
Lavoro can play a key role in increasing the agricultural sector’s
productivity sustainably.
Transaction Overview and Shareholder Alignment
The proposed business combination values Lavoro, following the
business combination, at an implied initial Enterprise Value of
approximately $1.2 billion. The transaction is expected to result
in up to $225 million in net cash proceeds to Lavoro after closing
(assuming no redemptions), including the contribution of up to $180
million from the cash held in the trust account of TPB Acquisition
Corp. and $100 million that TPB intends to invest through a private
placement at $10.00 per share; $30 million in secondary proceeds to
investment funds managed by Patria Group, the controlling
shareholders of Lavoro, and $25 million in expected transaction
fees and expenses.
The implied Enterprise Value equals 7.1x Pro Forma Adjusted
EBITDA for Lavoro in calendar year 2022E and 4.4x Pro Forma
Adjusted EBITDA for calendar year 2023E.
At the closing of the proposed business combination, TPB will
vest two-thirds of its sponsor promote shares in equal tranches
based on the share price trading above each of the $12.50 and
$15.00 levels for 20 out of 30 trading days within 3 years after
closing of the proposed business combination. TPB and investment
funds managed by Patria Group have agreed to a two year shareholder
lockup, subject to certain exceptions, with shares being released
from lockup at 6, 12, 18, and 24 months.
Lavoro plans to use the net proceeds for investment activities
and growth initiatives, including:
- organic expansion of its retail footprint with new stores;
- acquisitions of additional agricultural retail and input
companies;
- introduction of new sustainable products and technological
services; and
- expansion of operations throughout Latin America.
Existing Lavoro shareholders, including investment funds managed
by Patria Group, will roll 100% of their equity for the first $250
million in gross primary proceeds into the combined company and
will own approximately 74% of the combined company after closing of
the proposed business combination, assuming no redemptions.
The transaction, which has been unanimously approved by the
boards of directors of both Lavoro and TPB Acquisition Corp., is
subject to approval by TBP Acquisition Corp.I shareholders and
other customary closing conditions. The transaction is expected to
close in the fourth quarter of 2022.
Investor Call Information
A joint presentation made by the management teams of Lavoro and
TPB regarding the transaction is available on the websites of
Lavoro at ir.lavoroagro.com and TPB Acquisition Corp. at
www.tpbac.com.
Additional information about the proposed transaction, including
the business combination agreement and investor presentation, will
be furnished as an exhibit in a Current Report on Form 8-K to be
filed by TPB Acquisition Corp. with the Securities and Exchange
Commission and available at www.sec.gov.
Advisors
Barclays Capital Inc. is serving as capital markets advisor to
TPB Acquisition Corp. Cooley LLP is acting as legal advisor to TPB
Acquisition Corp., Davis Polk & Wardwell LLP is acting as legal
advisor to Lavoro, and White & Case LLP is acting as legal
counsel to Barclays.
About Lavoro
Lavoro is Brazil’s largest agricultural inputs retailer and a
leading provider of agriculture biologics inputs. Through a
complete portfolio, Lavoro empowers farmers to adopt breakthrough
technology and boost productivity. Founded in 2017, Lavoro has a
broad geographical presence, operating in Brazil, Colombia, and
Uruguay. Lavoro’s 878 technical sales representatives meet with
more than 53,000 customers on farms and at 193 retail locations
multiple times per year to help them plan, purchase the right
inputs, and manage their farming operations to optimize
outcomes.
In addition to its retail footprint, Lavoro’s “Crop Care”
business segment is a vertically-integrated producer of specialty
fertilizers, crop protection products, and proprietary biological
crop inputs, or “biologics.” Lavoro’s biologics portfolio, which
includes microorganisms and biomolecules derived from
microorganisms, protect plants from disease, pests, and weeds –
without the carbon and lingering environmental persistence of
traditional crop chemistry – and help farmers improve soil health
and productivity with decreased use of synthetic chemical
fertilizers.
Learn more about Lavoro at www.lavoroagro.com.br.
About The Production Board
Founded by David Friedberg, The Production Board is a venture
foundry and investment holding company established to solve the
most fundamental problems that affect our planet by reimagining
global systems of production across food, agriculture,
biomanufacturing, human health, and the broader life sciences. TPB
builds businesses based on emerging scientific discoveries,
partners with exceptional talent, and provides them with the
capital, infrastructure and market insights needed to deliver
meaningful improvement in the cost, energy, time, or carbon
footprint of conventional systems. TPB is backed by leading
strategic and financial investors, including Alphabet, Allen &
Company LLC, Cascade, Emerson Collective, and funds and accounts
managed by BlackRock, Baillie Gifford, Koch Disruptive
Technologies, Counterpoint Global (Morgan Stanley), Foxhaven Asset
Management, and Arrowmark Partners. Learn more about our work at
www.tpb.co.
Additional Information and Where to Find It
The proposed business combination will be submitted to
shareholders of TPB Acquisition Corp. for their consideration.
Lavoro intends to file a registration statement on Form F-4 (the
“Registration Statement”) with the US Securities and Exchange
Commission (the “SEC”) which will include preliminary and
definitive proxy statements to be distributed to TPB Acquisition
Corp.’s shareholders in connection with TPB Acquisition Corp.’s
solicitation for proxies for the vote by TPB Acquisition Corp.’s
shareholders in connection with the proposed business combination
and other matters as described in the Registration Statement, as
well as the prospectus relating to the offer of the securities to
be issued in connection with the completion of the proposed
business combination. After the Registration Statement has been
filed and declared effective, TPB Acquisition Corp. will mail a
definitive proxy statement and other relevant documents to its
shareholders as of the record date established for voting on the
proposed business combination. TPB Acquisition Corp.’s shareholders
and other interested persons are advised to read, once available,
the preliminary proxy statement / prospectus and any amendments
thereto and, once available, the definitive proxy statement /
prospectus, in connection with TPB Acquisition Corp.’s solicitation
of proxies for its special meeting of shareholders to be held to
approve, among other things, the proposed business combination,
because these documents will contain important information about
TPB Acquisition Corp., Lavoro and the proposed business
combination. Shareholders may also obtain a copy of the preliminary
or definitive proxy statement, once available, as well as other
documents filed with the SEC regarding the proposed business
combination and other documents filed with the SEC by SPAC, without
charge, at the SEC’s website located at www.sec.gov or by directing
a written request to: TPB Acquisition Corporation I, 1 Letterman
Drive, Suite A3-1, San Francisco, CA 94129.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in Solicitation
TPB Acquisition Corp. and its directors and executive officers
may be deemed to be participants in the solicitation of proxies
from TPB Acquisition Corp.’s shareholders in connection with the
proposed transaction. A list of the names of the directors and
executive officers of TPB Acquisition Corp. and information
regarding their interests in the business combination is set forth
in TPB Acquisition Corp.’s registration statement on Form S-1
(Registration No. 333-253325) originally filed with the SEC on
February 19, 2021. Additional information regarding the interests
of such persons and other persons who may be deemed participants in
the solicitation will be contained in the registration statement
and the proxy statement/prospectus when available. You may obtain
free copies of these documents as described in the preceding
paragraph.
Financial Information; Non-IFRS Financial Measures
The financial information and data contained in this press
release is unaudited and does not conform to Regulation S-X.
Accordingly, such information and data may not be included in, may
be adjusted in or may be presented differently in, any proxy
statement, registration statement, or prospectus to be filed by
Lavoro with the SEC. Some of the financial information and data
contained in this press release, such as Pro Forma Revenue, Pro
Forma Adjusted EBITDA, Enterprise Value, and Net Debt have not been
prepared in accordance with International Financial Reporting
Standards (“IFRS”). These non-IFRS measures do not have a
standardized meaning, and the definition of Pro Forma Revenue, Pro
Forma Adjusted EBITDA, Enterprise Value and Net Debt used in this
press release may be different from other, similarly named non-IFRS
measures used by others.
The Company and TPB Acquisition Corp. believe that the use of
Adjusted EBITDA, Enterprise Value and Net Debt provide useful
information to management and investors regarding certain financial
and business trends relating to Lavoro’s financial condition and
results of operations and an additional tool for investors to use
in evaluating projected operating results and trends in and in
comparing Lavoro’s financial measures with other similar companies,
many of which present similar non-IFRS financial measures to
investors. The Company and TPB Acquisition Corp. do not consider
Adjusted EBITDA, Enterprise Value and Net Debt in isolation or as
an alternative to financial measures determined in accordance with
IFRS. The principal limitation of Adjusted EBITDA, Enterprise Value
and Net Debt is that they exclude significant expenses and income
that are required by IFRS to be recorded in Lavoro’s financial
statements. The Company and TPB Acquisition Corp. are not providing
a reconciliation of the Enterprise Value to the most directly
comparable measure prepared in accordance with IFRS because it is
unable to provide this reconciliation without unreasonable effort
due to the uncertainty and inherent difficulty of predicting the
occurrence, the financial impact, and the periods in which the
adjustments may be recognized. For the same reasons, the Company
and TPB Acquisition Corp. are unable to address the probable
significance of the unavailable information, which could be
material to future results.
You should review Lavoro’s audited financial statements, which
will be included in the Registration Statement relating to the
proposed business combination and investor presentation, which will
be furnished as an exhibit in a Current Report on Form 8-K to be
filed by TPB Acquisition Corp. with the Securities and Exchange
Commission and available at www.sec.gov. In addition, Lavoro’s
historical information for the fiscal year ended June 30, 2022 is
estimated, has not been audited, and all Lavoro historical
financial information included herein is preliminary and subject to
change.
Use of Projections
This press release contains projected financial information with
respect to Lavoro. Pro Forma financials (i.e. Pro Forma Revenue and
Pro Forma Adjusted EBITDA) are calculated by including the full
year financial contribution for companies acquired in a given year.
Pro Forma Adjusted EBITDA represents fully consolidated EBITDA,
which includes EBITDA from non-controlling minority shareholders
(estimated at ~13% of total for FY 2022E),. and includes future
expected M&A for CY 2022E and CY2023E. All financial
information presented in this press release assumes USD/BRL
exchange rates calculated using actual exchange rates up to Aug 26,
2022, and spot rate of 5.11 as of Aug 26, 2022 thereafter (CY21
5.39, CY22E 5.12, CY23E 5.11). Exchange rates may be subject to
fluctuations, and all projections based on such exchange rates will
correspondingly fluctuate.
Such projected financial information constitutes forward-looking
information, and is for illustrative purposes only and should not
be relied upon as necessarily being indicative of future results.
The assumptions and estimates underlying such projected financial
information are inherently uncertain and are subject to a wide
variety of significant business, economic, competitive and other
risks and uncertainties that could cause actual results to differ
materially from those contained in the prospective financial
information. See “Forward-Looking Statements” below. Actual results
may differ materially from the results contemplated by the
projected financial information contained in this press release,
and the inclusion of such information in this press release should
not be regarded as a representation by any person that the results
reflected in such projections will be achieved. Neither the
independent auditors of TPB Acquisition Corp. nor Lavoro, audited,
reviewed, compiled, or performed any procedures with respect to the
projections for the purpose of their inclusion in this press
release, and accordingly, neither of them expressed an opinion or
provided any other form of assurance with respect thereto for the
purpose of this press release.
Trademarks
This press release contains trademarks, service marks, trade
names and copyrights, which are the property of their respective
owners.
Forward-Looking Statements
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Certain statements made in this press release are “forward
looking statements” within the meaning of the “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995. Such “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as “aims,”
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding the growth of Lavoro’s business and its
ability to realize expected results, including with respect to its
Pro Forma Revenue, Pro Forma Adjusted EBITDA, Enterprise Value and
Net Debt; the viability of Lavoro’s growth strategy, including with
respect to its ability to grow market share in Brazil, Latin
America and globally, grow revenue from existing customers, and
consummate acquisitions; opportunities, trends and developments in
the agricultural input industry, including with respect to future
financial performance in the industry; the size of Lavoro’s total
addressable market; the expected benefits of the business
combination; any indications of interest in the proposed PIPE
financing; the satisfaction of closing conditions to any business
combination and any related financing, the amount of redemption
requests made by TPB Acquisition Corp.’s public stockholders and
the completion of the business combination, including the
anticipated structure and closing date of the Business Combination
and the use of the cash proceeds therefrom; anticipated management
and directors of the resulting issuer; any anticipated shareholder
approvals; and the pro forma ownership of the resulting issuer.
These statements are based on various assumptions, whether or not
identified in this communication, and on the current expectations
of Lavoro’s and TPB Acquisition Corp.’s management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Lavoro
and TPB Acquisition Corp.
These forward-looking statements are subject to a number of
risks and uncertainties, including but not limited to, the
inability of the parties to successfully or timely consummate the
proposed business combination, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the proposed business
combination or that shareholder approval will not be obtained; the
risk that the transaction may not be completed by TPB Acquisition
Corp.’s business combination deadline and the potential failure to
obtain an extension of the business combination deadline if sought
by TPB Acquisition Corp.; the failure to satisfy the conditions to
the consummation of the proposed transaction, including the
adoption of the Business Combination Agreement by the shareholders
of TPB Acquisition Corp.; the lack of a third party valuation in
determining whether or not to pursue the proposed transaction; the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Business Combination Agreement;
the effect of the announcement or pendency of the proposed
transaction on Lavoro’s business relationships, operating results,
and business generally; risks that the proposed transaction
disrupts current plans and operations of Lavoro and potential
difficulties in employee retention as a result of the proposed
transaction; the outcome of any legal proceedings that may be
instituted against Lavoro, TPB Acquisition Corp. or the combined
company related to the Business Combination Agreement or the
proposed transaction; the ability to maintain the listing of TPB
Acquisition Corp.’s securities on a national securities exchange;
the price of TPB Acquisition Corp.’s securities may be volatile due
to a variety of factors, including changes in the competitive and
regulated industries in which TPB Acquisition Corp. plans to
operate or Lavoro operates, variations in operating performance
across competitors, changes in laws and regulations affecting TPB
Acquisition Corp.’s or Lavoro’s business; Lavoro’s inability to
meet or exceed its financial projections and changes in the
combined capital structure; changes in general economic conditions,
including as a result of the COVID-19 pandemic; the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities; changes in domestic and foreign
business, market, financial, political and legal conditions; the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Business Combination Agreement;
the outcome of any potential litigation, government and regulatory
proceedings, investigations and inquiries and other risks and
uncertainties indicated from time to time in the final prospectus
of TPB Acquisition Corp. for its initial public offering and the
proxy statement/prospectus to be filed by Lavoro relating to the
proposed business combination or in the future, including those
under “Risk Factors” therein, and in TPB Acquisition Corp.’s other
filings with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that neither TPB Acquisition Corp. nor
Lavoro presently know or that TPB Acquisition Corp. nor Lavoro
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements.
In addition, forward-looking statements reflect TPB Acquisition
Corp.’s and Lavoro’s expectations, plans or forecasts of future
events and views as of the date of this press release. TPB
Acquisition Corp. and Lavoro anticipate that subsequent events and
developments will cause TPB Acquisition Corp.’s or Lavoro’s
assessments to change. However, while TPB Acquisition Corp. and the
TPB Acquisition Corp. may elect to update these forward-looking
statements at some point in the future, TPB Acquisition Corp. and
Lavoro specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing TPB Acquisition Corp.’s or Lavoro’s assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220913006284/en/
For TPB: Rachel Konrad rachel@tpb.co, +1-650-924-5471
John Christiansen/Camilla Scassellati Sforzolini
TPB@fgsglobal.com
For Lavoro: Guilherme Nascimento
guilherme.augusto@lavoroagro.com.br +55 66 9 9911-3093
Fernanda Rosa fernanda.rosa@lavoroagro.com +55 41 9
9911-2712
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