Ecuador’s Favorita buys Panamanian supermarket chain

Ecuador’s Corporación Favorita C.A., this month acquired control of Rey Holdings Corporation, owner of one of the largest supermarket chains in Panama, with more than 50 stores.

Rey’s assets include the Rey, Romero and Mr. Precio supermarkets, Metro pharmacies, and Zaz convenience stores, as well as several distribution centers.

The company’s revenues are around $700 million, according to several Ecuadorian media.

Owner of the Supermaxi supermarket chain, with subsidiaries in the industrial and real estate sectors, Corporación Favorita will have net profits in 2018 estimated at $136 million on gross revenue of $1.9 billion, according to stock broker Silvercross.

The shares of the company trade on the Quito Stock Exchange as SLU.

Based in Quito, Favorita was founded in 1957 by Guillermo Wright Vallarino.

The Rey acquisition must be approved by Panamanian authorities.