Surlat’s merger with Quillayes


Bofill Mir y Alvarez Jana (BMAJ) and Cariola Diez Pérez Cotapos y Cía Abogados advised on the deal

Surlat, the existing Emmi company in Chile, is merging with competitor Quillayes to form Quillayes Surlat. The newly founded company will be the number four in the Chilean dairy market. Emmi subsidiary Kaiku will hold a majority stake of 51.5 %. The acquisition is subject to approval by the local competition authorities.

Strengthening its international presence is a key pillar of Emmi’s strategy. Some of the desired growth is to be achieved in growth markets – such as in Latin America. Through its holding in Mexican company Mexideli and the recent increase in its stake in Brazilian company Laticínios Porto Alegre Indústria e Comércio S.A., Emmi already has notable positions in these markets. Emmi is also present in the Chilean market in the form of local company Surlat, through its majority stake in Spain’s Kaiku Group. Agreements have now been signed as of 29 August 2019 to merge Surlat and Quillayes to form the new company Quillayes Surlat. Kaiku will hold a majority stake of 51.5 % in Quillayes Surlat. As a result, Emmi, which holds 73.5 % of the shares in Kaiku, will have a 37.8 % stake in Quillayes Surlat.

Quillayes produces cheese, yogurt, butter and cream in Victoria (southern Chile) and Calera de Tango (close to Santiago). It has developed a solid market position, especially in the cheese market, and particularly with fresh and soft cheese and speciality cheeses, but is also well established in other segments and in distributing imported branded goods. Quillayes is a long-established brand with high recognition, which is one reason why its name is used first in the new company name. Surlat’s key segments are UHT milk and other dairy products, particularly in the lactose-free area.

Bofill Mir y Alvarez Jana advised Kaiku Corporación Alimentaria, operating as a subsidiary of Emmi AG, with a team including Valeria Carrasco (Picture), Sebastián Sánchez, Diego Miranda (M&A), Guillermo Fonseca, Jorge Valenzuela (Tax) and Guillermo De la Jara and Daniela Severin (Antitrust).

Cariola Diez Pérez Cotapos y Cía Abogados advised Quillayes on the deal.

Involved fees earner: Valeria Carrasco – BMAJ Bofill Mir & Alvarez Jana Abogados; Guillermo de la Jara – BMAJ Bofill Mir & Alvarez Jana Abogados; Guillermo Fonseca – BMAJ Bofill Mir & Alvarez Jana Abogados; Diego Miranda – BMAJ Bofill Mir & Alvarez Jana Abogados; Sebastián Sánchez – BMAJ Bofill Mir & Alvarez Jana Abogados; Daniela Severin – BMAJ Bofill Mir & Alvarez Jana Abogados; Jorge Valenzuela – BMAJ Bofill Mir & Alvarez Jana Abogados; José Antonio Velasco – BMAJ Bofill Mir & Alvarez Jana Abogados;

Law Firms: BMAJ Bofill Mir & Alvarez Jana Abogados;

Clients: Kaiku Corp Alimentaria SL;