Colombian food giant Nutresa buys Venezuela's Tío Rico ice cream

Grupo Nutresa, a major Latin American food conglomerate, has announced a significant expansion in Venezuela with the acquisition of Industrias Tío Rico, a beloved local ice cream brand. The Colombian company signed an agreement to purchase 100% of the Venezuelan firm's shares, a move that will bolster Nutresa's presence in a competitive market segment.

While Nutresa already has a foothold in Venezuela through brands like Corona chocolates and Sello Rojo coffee, the Tío Rico acquisition represents a large-scale strengthening of its operations. The company, a leader in processed foods in Colombia with a substantial market share, operates across 18 countries and has international sales reaching $1.822 billion in 82 countries.

Industrias Tío Rico holds a special place in the hearts of many Venezuelans. Originally Helados Club, it was renamed Tío Rico in 1978 after being acquired by the Cisneros Group. It competed fiercely with Helados EFE for market dominance. Later, in 1994, the British multinational Unilever purchased Tío Rico, only to sell it in 2005 to Mack de Venezuela, a local truck manufacturer that also distributes Chinese Dongfeng and Swedish Volvo vehicles.

“

The culmination and definitive formalization of this operation is subject to the fulfillment of the usual suspensive conditions for this type of transaction.