Colombia’s second biggest fast-food chain El Corral bought out by Starbucks-affiliated firm
ONE OF Colombia’s biggest fast food chains, El Corral, has been taken over by the same company that brought the transnational coffee giant Starbucks to the country a few months ago.
After months of speculation, the hamburger chain, which is the second biggest in the country, was bought out by Colombian group Nutresa in a deal worth 830 billion pesos ($360 million USD).
Nutresa Consumer Foods was launched in June 2013 and had a 30 percent stake in the opening of Starbucks coffee shops in Colombia.
“The acquisition of El Corral is of great relevance to Nutresa Group and it puts us in position as the leader in the operation of restaurants in Colombia,” said Carlos Ignacio Gallego, president of the Nutresa Group.
El Corral Group has 340 locations in Colombia. They also operate international brands in Colombia such as Papa John’s, Yogen Fruz and Krispy Kreme, as well as franchises in countries like Panama, Ecuador, Chile and the United States.
Nutresa Group has a portfolio of over 70 brands in Colombia and other countries in the region, specialising in meats, biscuits, chocolates, coffee, ice cream, and pasta.
The company has operations in 12 countries across the Americas, from the US to Chile, and employs more than 30,000 people.