Castillo Hermanos expands to Panama

Guatemala-based Corporación Castillo Hermanos is entering the Panamanian market, following the acquisition of Sociedad de Alimentos de Primera, which produces and distributes milk, dairy products and fruit juices, mainly under the Bonlac brand.

A holding company controlled by the Castillo family, Corporación Castillo Hermanos has nearly 100 subsidiaries and related companies in El Salvador, Honduras and Nicaragua, along with Guatemala, in sectors which include food, beverages, financial services, and tourism.

Banco Industrial, founded in 1968, is one of Guatemala’s biggest banks, while Cervecería Centro Americana, founded in 1886, is Guatemala’s biggest brewery,

Gallo, meaning Rooster, is its leading brand.

Another division, Alimentos de Guatemala S.A. makes fruit drinks, and snacks.

Castillo Hermanos is the local bottler of Pepsi-Cola, Powerade and Revive, and owns two of Latin America’s biggest theme parks.

Xetutul includes architectural reproductions of international landmarks, while Xocomil is a water park, part of the Irtra Group.

Sociedad de Alimentos de Primera is a subsidiary of Empresa Panameña de Alimentos, which plans to concentrate on the non perishable food sector, including snacks, cookies, coffee and tea.

The acquisition, announced last week, is subject to regulatory review.