Organizacion Corona and Victoria Capital Partners enter into a strategic alliance to jointly accelerate development of Corona’s industrial business units
BOGOTA D.C., Colombia, Jan. 23, 2014 /PRNewswire/ — Organizacion Corona and Victoria Capital Partners announced they have entered into a strategic alliance under which Victoria Capital Partners will acquire a significant stake of the industrial business units of Organizacion Corona. These business units include Colceramica, Sumicol, Corlanc, Nexentia, Loceria Colombiana, Gamma and Almacenes Corona in Colombia; Mansfield, Corona Hotelware Corporation and Gamma Insulators in the USA; Incesa in Costa Rica, Guatemala, Honduras, Nicaragua and El Salvador; Corona’s stake in Compania Suramerica de Ceramica de Brasil; the representative office in China and the commercial office in Mexico, among others.
This alliance will facilitate accelerating the growth and development of the different industrial businesses units of Organizacion Corona, not only in Colombia but also in other South American countries, positioning it as a solid multinational company.
“We are very pleased that we have entered into this alliance. Victoria has an extensive and successful business experience in different countries and segments, and we are confident that it will greatly contribute to Corona’s activities,” said Carlos Enrique Moreno, President for Organizacion Corona. He added: “Undoubtedly, this will be a successful alliance, not only for the growth opportunities available for both parties, but also because of the strength that will result from combining its values, ethical standards, and company cultures.”
Likewise, Carlos Garcia, Managing Partner of Victoria Capital Partners assured: “At Victoria we are very excited to enter into this agreement with Organizacion Corona since it is our first investment in Colombia and we do so through a leading and highly regarded company, greatly committed to the country, with an outstanding group of shareholders, an experienced Board of Directors and a highly professional management team. We are convinced that we can significantly contribute to the next stage in Corona’s history.”
Rothschild acted as exclusive financial advisor of Organizacion Corona in this transaction.
About Organizacion Corona S.A. Organizacion Corona S.A. is a multinational Colombian Company with a history of more than 130 years. It is divided into six strategic business units focused on the manufacturing and commercialization of home and the construction industry products. It has 19 manufacturing plants in Colombia, 3 in the USA, 3 in Central American and one in Brasil, as well as a global supplies office in China, and a commercial office in Mexico. It generates more than 12,000 jobs. It exports its products to different markets all over the world, including the USA, Canada, Mexico, Brazil, Chile, Venezuela, Central America, the Caribbean, Italy, Spain and the UK.
About Victoria Capital Partners. Victoria is a regionally-dedicated private equity firm focused on investments in South American companies with high growth potential, mainly based in Brasil, Colombia, Peru, Chile and Argentina. With offices in Bogota, Buenos Aires and Sao Paulo, Victoria has more than USD 1.5 billion in assets under management and it is led by one of the most experienced teams of investment professionals in this asset class in the region.
SOURCE Victoria Capital Partners