Alicorp closes $151M buy of Colombia's Rama and 18 other spreads brands
What's the deal? Peruvian food company AlicorpDealroom has a profile for this one. Try Dealroom → has completed its acquisition of Flora Food GroupDealroom has a profile for this one. Try Dealroom →'s Latin American spreads business, taking control of Colombian margarine brand Rama, 18 other brands, and a production plant in Cali, Colombia. The deal carries an enterprise value of roughly $150.5 million, according to Alicorp's filing with Peru's securities regulator, the Superintendency of the Securities Market. Alicorp announced completion on November 2.
Who's involved? Founded in 1956, Alicorp is part of Peru's Grupo Romero conglomerate and the country's largest consumer goods company, with brands including AlaCena sauces, Primor oils and Don Vittorio pasta. Flora Food Group, formerly Upfield, is a Netherlands-based maker of plant-based spreads.
What changes hands? Alicorp acquired 100% of Flora's subsidiaries in seven countries — Guatemala, Panama, the Dominican Republic, Colombia, Ecuador, Peru and Chile — plus distribution arrangements across about 30 territories. The 19 brands are a mix of transferred and licensed labels, including Ecuador's Bonella and Dorina, Panama's La Perfecta, and exclusive rights to Country Crock in Central America and the Caribbean. Brazil and Mexico are excluded; Flora retains both.
Why now? The purchase deepens an acquisition-led push in the Andean region. In January, Alicorp acquired Unilever's home-care business in Colombia and Ecuador, and it has also integrated snack maker Inka Crops.
What's the endgame? Colombia's role goes beyond selling Rama. The Cali plant will supply Colombia, Ecuador, Peru and Panama, letting the operation serve several regional markets rather than domestic demand alone. Alicorp describes the deal as a step into Central America and the Caribbean.
What could go wrong? The acquired business was expected to generate about $110 million in annual revenue, so the deal is not a transformative change in Alicorp's scale. That makes execution and integration — supported by temporary service, supply and licensing agreements with Flora — the key test.
The signal: Alicorp is buying its way into new categories and geographies, assembling a regional spreads platform through back-to-back deals. For a company already spanning South America, the Flora purchase marks a bid to extend its footprint further into Central America and the Caribbean.
Read more: colombiaone.com
Image credit: Flora Food Group
