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Lavoro, the first U.S.-listed pure-play agricultural inputs distributor in Latin America, successfully completed its business combination with TPB Acquisition Corp. I on February 28, 2023, with shares trading under the ticker LVRO beginning March 1, 2023. In the first half of fiscal 2023, Lavoro reported a 45% revenue increase to $1.0 billion, driven by agricultural retail sales and private label products. Gross margin improved by 300 basis points to 20.4%, with profits rising 68% to $50 million and Adjusted EBITDA escalating 88% to $118.5 million. The company also highlighted its expansion strategy with four recent acquisitions, enhancing its market presence in Brazil and entering markets in Chile and Peru. Looking ahead, Lavoro anticipates pro forma revenue of $2.74 billion and Adjusted EBITDA of $210 million for the full fiscal year 2023.
Lavoro Limited (NASDAQ: LVRO; LVROW) has successfully completed its business combination with TPB Acquisition Corp. I on February 28, 2023, and began trading on Nasdaq on March 1, 2023. The company reported a significant jump in revenue for the first half of fiscal 2023, achieving $1.0 billion, a 45% increase compared to the previous year, primarily due to growth in agricultural retail sales and private label products. Adjusted EBITDA surged 88% to $118.5 million. The company will announce detailed earnings on April 10, 2023, indicating a positive outlook for the remainder of the fiscal year.
Lavoro Limited (Nasdaq: LVRO; LVROW) has announced its acquisition of a controlling interest in Referência Agroinsumos, marking its first retail distribution operation in Brazil's Rio Grande do Sul state. Founded in 2006, Referência boasts nine distribution locations and serves over 2,000 customers, with a reported net revenue of approximately R$ 300 million in 2022. The acquisition aligns with Lavoro's expansion strategy, enhancing its brand presence in Brazil. The deal is pending approval from the Brazilian antitrust authority. Lavoro aims to leverage Referência's growth, having increased sales by 43% annually over the last four years.
Lavoro, the largest agricultural inputs retailer in Brazil, began trading on Nasdaq on March 1, 2023, under the ticker symbols LVRO and LVROW following its merger with TPB Acquisition Corp.. The transaction generated approximately $134.4 million in gross proceeds, aimed at supporting Lavoro's investment and growth strategies within Latin America. The company has rapidly expanded its market presence, integrating over 20 acquisitions and achieving R$8.2 billion in pro forma revenue for FY 2022, along with a significant CAGR of 69% from FY 2020-2022. Lavoro also focuses on addressing food security and empowering farmers through advanced agricultural solutions.