Grupo Nutresa absorbs Nugil and Jgdb in restructuring

Grupo Nutresa completed the absorption of Nugil and Jgdb, integrating all of their assets, liabilities, and equity. The internal reorganization was carried out through the Chamber of Commerce of Medellín for Antioquia and the Chamber of Commerce of Bogotá without requiring the companies to liquidate, as roughly 99% of their equity consisted of Nutresa shares.

Following the merger, Grupo Nutresa holds COP 9.4 trillion in total assets, COP 1.09 trillion in liabilities, and COP 8.3 trillion in equity. Prior to the transaction, Jgdb held a 44.28% voting stake and Nugil held 31.86%, giving Jgdb control over both Nutresa and Nugil. Based on an investment banking valuation benchmark of COP 302,849 per share, Jgdb Holding S.A. received 200 million ordinary shares and Nugil Overseas S.A. received 144 million shares, with no cash payment or external debt required.

Separately, Nutresa agreed on September 30, 2026, to acquire 100% of Empaques Industriales de Colombia S.A.S., subject to customary closing conditions. The corrugated cardboard packaging maker ranks sixth in Colombia in its category, with 2025 operating revenue of COP 198,524 million. The segment was led by Cartones América at COP 616,612 million, Papelsa at COP 531,920 million, Empacor at COP 513,327 million, Cartonera Nacional at COP 383,309 million, and Packing S.A.S. at COP 222,214 million.

The transactions follow Nutresa's earlier acquisitions of Venezuelan ice cream brand Helados Tío Rico, which holds a 55% local market share and over 200,000 square meters of warehouse space, and Ecuadorian chocolate company La Universal, which posts sales of up to $70 million. The group projects these two markets will lift sales by $170 million to $200 million by 2027, expecting regulatory reviews to conclude within six months.