Just last April 4, the Public Acquisition Offer for Nutresa concluded, marking the end of a negotiation process that lasted three years and resulted in the Gilinski Group purchasing 99.3% of the multilatina. With new ownership in place, Nutresa announced on May 27 that it has received interest from several significant multinationals keen on acquiring relevant segments of the company.
While the specific brands and offers are still under review, it is known that the proposals are being analyzed through external consultancy. This process takes into account the interests of shareholders, the regions, and the sectors where Nutresa operates.
The Nutresa case bears similarities to another historic acquisition: the purchase of RJR Nabisco by Kohlberg Kravis Roberts & Co (KKR) in 1988. This acquisition, valued at $24.7 billion, was one of the most significant and expensive business moves of the 1980s. Over the years, Nabisco has changed hands multiple times, with a notable transaction in 2011 resembling Nutresa’s current situation. Diego Alejandro Sánchez, a variable income analyst at Grupo Alianza, highlighted this similarity, noting that the Nabisco spin-off resulted in Mondelēz taking control.
Mondelēz, known for its cookies, chewing gum, and chocolates, executed a strategic separation of Nabisco’s business segments. This is a model that Nutresa aims to emulate. The plan involves separating different parts of Nutresa’s business portfolio and eventually merging them with companies that operate in similar sectors.
Regarding the ongoing negotiations, Sánchez explained that Nutresa’s business model as a conglomerate producing various types of food attracts investors interested in specific segments. These investors believe that integrating Nutresa’s segments into their own operations will yield operational, financial, and brand efficiencies. Thus, the sale of Nutresa’s segments in parts is being considered.
The value of Nutresa’s segments will depend on the offers and the interest in its various business lines. According to Sánchez, this segmented sale approach provides an advantage for buyers: they can acquire only the parts of the company that interest them without taking on the entire entity. This strategy could potentially generate more revenue for Gilinski and his Arab partners than selling the whole company as a single unit.
