CapFive Member

Diego Borrero

Managing Director

Diego is part of the team that founded Alpax in 2003, after working nine years for ING. He started his career at ING Ecuador in 1995 as relationship manager for Ecuadorian financial institutions. Between 1997 and 1999, Diego moved to the corporate banking side, managing INGs relationship with some of Ecuador?s main companies in the retail, industrial, food and beverages sectors. In 1999 Diego joined INGs Latin American M&A team, participating in the execution of several M&A projects in the Andean Region in the financial institutions and food and beverages sectors. As responsible for the operations of Alpax in Ecuador, Diego has led the execution of several high-profile M&A transactions including the sale of Inalecsa to Arca Continental, the advisory to Banco Internacional in the sale of its insurance arm Seguros Cervantes to Liberty Mutual, the sale of 70% of SANTOSCMI to South Koreas POSCO E&C, the advisory to Ecuador?s largest retailer Corporaci?n Favorita in the acquisition of Comercial Kywi and the merger between Moderna Alimentos and Molinos del Ecuador, among others. Diego has a degree in Economics from Universidad Cat?lica del Ecuador and has attended several training courses within ING?s training program as well as Wharton?s M&A program and Stern?s Corporate Finance and Valuation program.

Based: Ecuador, Americas
Member since: October 2015
Phone: +593 2 224 8135
Email: diego.borrero@alpax.com
Website: alpax.com

Diego Borrero’s Deals

Sell-side advisory

Fabrilacteos (Helados Jotaerre) was sold to Estridsa (Helados Ginos).

Adviser: Alpax
Where: Bolivia
Year: 2025

The transaction consists of the sale of 100% of the shares of Fabrilacteos Cía. Ltda. (“Fabrilacteos”) to Estrid S.A. (“Estridsa”). Fabrilacteos is a company with more than 40 years of history, based in Quito, dedicated to the production of impulse ice creams that are sold through the traditional trade channel. Fabrilacteos sells its ice creams under the “Jotaerre” brand, and its portfolio includes a wide variety of flavors and formats, including popsicles, cones, and ice cream sandwiches. Estridsa is a Guayaquil-based company also focused on the production of ice creams under the Gino’s brand, which are primarily sold in Ecuador’s coastal region. The transaction allows Estridsa to gain more scale, generate efficiencies, and expand its geographic coverage. Alpax acted as the exclusive Financial Advisor to the Shareholders of Fabrilacteos.

Sell-side advisory

La Industria Harinera sold a majority stake to Danec.

Adviser: Alpax
Where: Bolivia
Year: 2025

The transaction involves the sale of a majority equity stake in La Industria Harinera to Industrial Danec, in which ALPAX acted as the exclusive Financial Advisor to the shareholders of La Industria Harinera. La Industria Harinera is an Ecuadorian company with over 85 years of history, dedicated to wheat milling and the production of flour, premixes, and artisanal cookies. It is best known for its Santa Lucía brand—a staple in Ecuadorian households—alongside other well-recognized names such as Delipan, BB, and Lucy. The acquisition of La Industria Harinera is a strategic step in Industrial Danec’s diversification plan, strengthening its positioning in the food sector. The transaction was completed following approval by regulatory authorities.

Sell-side advisory

Vita Alimentos acquired Delcampo "La Holandesa".

Adviser: Alpax
Where: Bolivia
Year: 2025

ALPAX acted as the exclusive Financial Advisor to Vita Alimentos in the acquisition of 100% of the shares of Delcampo (“La Holandesa”). With this transaction, Vita Alimentos strengthens its strategic presence in the Ecuadorian dairy market and expands its participation in the cheese segment. Vita Alimentos and La Holandesa will continue offering high-quality products that have become part of thousands of Ecuadorian households, with a shared commitment to consumer well-being and sustainable business growth. Vita is an iconic brand in the Ecuadorian food industry, ranked among the country’s top three most recognized mass-consumption brands. With over 65 years of experience, it offers a comprehensive portfolio of dairy products. Through the incorporation of La Holandesa, Vita reinforces its position in the cheese and dairy beverage segment, adding a highly recognized brand and a team with extensive industry experience. The transaction was approved by the Superintendence of Market Power Control of Ecuador.

Buy-side advisory

Seguros Equinoccial acquired Ecuatoriano Suiza.

Adviser: Alpax
Where: Bolivia
Year: 2024

Alpax acted as the exclusive Financial Advisor to Seguros Equinoccial in the acquisition of a majority stake in Compañía de Seguros Ecuatoriano Suiza, with the aim of a subsequent merger of their operations. This strategic transaction marks a milestone in Ecuador's insurance market, establishing the largest multi-line and multi-channel insurer in the sector, with combined premiums of US $317 million and a leading presence nationwide. The transaction will combine the operations of two companies with a long and successful track record in the country, both recognized for the quality and strength of their businesses. Seguros Equinoccial is a company of Grupo Futuro, one of Ecuador’s largest economic conglomerates with leading presence in the insurance, healthcare, and tourism industries. The transaction is subject to regulatory approval.

Advisory

PA-CO COMERCIAL E INDUSTRIAL acquired JUAN MARCET.

Adviser: Alpax
Where: Bolivia
Year: 2024

The Transaction involves the Acquisition of Juan Marcet Cía. Ltda. (“JMCL”) by PA-CO Comercial e Industrial S.A. (“PA-CO”), with Alpax acting as exclusive Financial Advisor to the parties. JMCL, a family-owned company since 1947, based in Guayaquil, operates a network of 19 stores focused on stationery and office supplies. In addition to its retail business, JMCL is a major supplier to the B2B channel, nationwide. Founded in 1954 and based in Quito, PA-CO operates a network of more than 30 stores in 13 cities, specializing in stationery, office supplies and technology. In addition, PA-CO is a relevant player in the wholesale, B2B and digital channels. This Transaction implies the consolidation of two companies with complementary characteristics, in terms of geography and product segments. The Transaction has been approved by the Superintendence of Economic Competition of Ecuador.

Sell-side advisory

Fabrica Juris was sold to Sigma Alimentos.

Adviser: Alpax
Where: Bolivia
Year: 2014

Fábrica Juris is a family business based in Ecuador that produces cold meat products under the “Juris” brand, the oldest cold meat brand in the country. - Annual Sales: US$34 million - Channels Served: supermarkets, convenience stores and food service- 350 Employes Sigma Alimentos is a Mexican multinational company engaged in the cold meat, dairy products and prepared foods business with sales over US$6,000 million and presence in fourteen countries worldwide Alpax acted as exclusive financial advisor to the Shareholders of Fábrica Juris

Advisory

Banco Promerica was sold to Produbanco.

Adviser: Alpax
Where: Bolivia
Year: 2014

Alpax was hired by Banco Promerica to issue a “fairness-opinion” with regards to the acquisition of the operation of Banco Promerica Ecuador by Produbanco. Promerica Financial Corporación (“PFC”) is a financial group with operations in nine countries of Latin America, and controls Promerica Ecuador, that had acquired 56% of the shares of Produbanco. Produbanco absorbed the assets and liabilities of Banco Promerica, with assets worth US$3.52 million. Alpax issued a fairness opinion with regards to this Transaction.

Advisory

Produbank was sold to St.Georges.

Adviser: Alpax
Where: Bolivia
Year: 2014

Alpax was hired by Promerica to issue a “fairness-opinion” regarding the acquisition of Produbank by St. Georges Bank. Produbank is a subsidiary of Produbanco (Ecuador), that operates in Panama under a general license and services mainly Ecuadorian clients for their off-shore banking requirements St. Georges Bank is a Panamanian bank owned by the Promerica Financial Corporation Alpax acted as a financial advisor

Alpax

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Cristina Gutiérrez Lucero RoleHead of Marketing and Communications FirmAlpax My name is Cristina Gutiérrez Lucero, but I go by Cris. View profile

Celeste Aguilera Caló RoleDirector FirmAlpax Skilled professional with a rich experience and ample track record in Corporate Finance, Valuations, Financial Advisory & Fund Raising. View profile

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Diego Borrero

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