Gilinski Tightens Grip on Nutresa as Buyback Reshapes Colombian Food Giant

Grupo Nutresa, Colombia’s largest food producer, has entered a new phase of ownership and control, as confirmed by official company reports and regulatory filings.

The company recently completed a buyback of 600,000 shares at 130,000 Colombian pesos per share, investing 78 billion pesos and reducing the number of shares in circulation to 456,610,119.

This move follows the approval of a broader buyback plan by the shareholders’ assembly in March 2025, which allows the company to repurchase up to 4.5 million shares, or 1.8% of its outstanding stock, by the end of the year.

The buyback comes at a time of significant transformation for Nutresa. The Gilinski family, through a series of public share offers and negotiations, has consolidated control of the company, now holding at least 87% of the shares.

This process ended decades of cross-ownership with other major Colombian conglomerates and left only a small percentage of shares in the hands of minority investors.

The buyback targets these remaining minority shares, signaling a clear intent to further concentrate ownership and streamline the company’s capital structure.

Nutresa Prioritizes Stability and Shareholder Value

Nutresa’s financial performance supports this strategic shift. In the first quarter of 2025, the company reported revenues of 4.9 trillion pesos, a 13.1% increase from the previous year.

Net profit reached 237 billion pesos, with an EBITDA margin of 15%, the highest in five years. The company has opted not to pay dividends in 2025, choosing instead to strengthen its balance sheet and invest in share repurchases.

The context surrounding these moves is critical. The Gilinski family’s acquisition of Nutresa followed a protracted battle with the Grupo Empresarial Antioqueño (GEA).

The resolution of this dispute saw the end of cross-shareholdings and a transfer of control, with Gilinski and partners acquiring the majority stake and former shareholders exiting the business.

Investors from the United Arab Emirates now hold a significant minority position, while the remaining minority shares are being systematically reduced through buybacks.

The buyback strategy serves several purposes. It increases the value of remaining shares, improves financial ratios, and consolidates control. By reducing the number of minority shareholders, the company can operate with greater agility and focus.

The move also sends a message to the market: Nutresa’s leadership prioritizes financial stability and long-term value creation over short-term payouts. This transformation matters for investors and the Colombian business landscape.

The consolidation of ownership under the Gilinski family marks a shift in corporate governance and signals a new era for one of the country’s most important companies.

The focus on buybacks over dividends reflects a pragmatic approach to capital allocation, aiming to maximize shareholder value and reinforce control in a competitive market.