Noticias y actualidad

Grupo Nutresa Agrees to acquire Grupo El Corral, the largest restaurant company in Colombia

Grupo Nutresa S. A. (NUTRESA : BVC) has reached an agreement to acquire 100% of the shares of Aldage, Inc., a company established in Panama, which owns the Colombian companies that comprise Grupo El Corral.

In accordance with the agreement, a value of COP 830 billion (enterprise value) is to be paidequivalent to 11 times the 2014 estimated EBITDA.

The closing of this transaction is subject to the favorable opinion of the Office of the Superintendent of Industry and Commerce (Superintedencia de Industria y Comercio).

To finance the Operation, Grupo Nutresa has its own resources and sufficient lines of bank credit.

The Company

Grupo El Corral is the leader in the retail food business in Colombia, with a total of 340 sales points, in the fast casual segment in the area of hamburgers with its El Corral brand, and in casual dining with its El Corral Gourmet, Leños y Carbón, y Leños Gourmet.  Besides operating these chains, Grupo El Corral also operates leading international brands, such as Papa John’s (pizza), Yogen Früz (frozen yogurt), and Krispy Kreme (donuts). Additionally, it operates through franchises in Panama, Ecuador, Chile and the United States.

A New Business for Grupo Nutresa

Three years ago, Grupo Nutresa successfully entered the retail food business with the acquisition of Helados BON in the Dominican Republic and Helados POPS in Central America, which allowed it to consolidate a network of nearly 500 ice cream parlors, with margins higher than Grupo Nutresa’s consolidated margins.
 
In June 2013, Grupo Nutresa created the Vice Presidency of Retail Foods to actively participate in this growing segment.  That same year, it created a company to operate the Starbucks Coffeehouses in Colombia, in which Grupo Nutresa – with a 30% share of the company – contributes to the processing of the coffee served in these Coffeehouses.
 
The acquisition of Grupo El Corral expands Grupo Nutresa’s presence in the segment of food consumption outside the home, which is growing at rates higher than those of the food industry, and strengthens its strategy to actively participate in this new line of business with leading brands and which is leveraged in its powerful infrastructure in Colombia.
 
The Retail Food Business will operate as a new unit within Grupo Nutresa.

A Qualified Team

Grupo El Corral has an excellent team, with nearly 4,500 employees who contribute to the positioning and leadership of Grupo El Corral in its sector.  Likewise, it also has a management team with extensive experience and strong management skills.
 
Grupo Nutresa is confident that this excellent team will continue to accompany us and continue its successful management.

In Summary…

“The acquisition of Grupo El Corral is of great relevance to Grupo Nutresa, since it positions us as the leader in the operation of restaurants in Colombia, with extraordinary brands.  In addition, we will increase our share in a business with attractive growth and profitability greater than that of our Organization.  And, most importantly, the company has an excellent team, which will enable us to continue growing, offering high–quality products and experiences to consumers.”  Carlos Ignacio Gallego, Grupo Nutresa CEO.



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