Valorem leads a corporate group that grows in a sustainable way through transforming or escalating service companies with disruptive business models, leveraging in its talent and in its corporate prestige.
Valorem’s origin
History
Valorem’s origin
Valorem was established in 1997 as a scission of Bavaria, that separated its industrial activities in the beer and beverage sector from its investment and management activities involving securities and real estate. This led to the creation of Valores Bavaria, companies which inherited a portfolio of 129 from various sectors of the economy. In 2004, Valores Bavaria changed its corporate name to Valorem.
Corporate reorganization
In the following years, Valorem underwent a process of portfolio optimization and corporate reorganization by divesting from investments that were less profitable or outside its primary investment focus. This was done to create value for its shareholders, with an organizational and corporate governance framework designed to fulfill the role of an Investment Holding Company.
”In 2004, Valores Bavaria changed its name and established the brand and image of Valorem.
Valorem retained companies such as Caracol Televisión and Comunican (El Espectador) in its portfolio, which had a proven track record in the media and entertainment sector. Similarly, it kept other companies such as Reforestadora de la Costa (Refocosta), in the reforestation sector, and Gases del Caribe in the natural gas distribution services sector.
New investments and consolidation of the business portfolio
Valorem pursued its goal of creating value for its shareholders by making new acquisitions to strengthen its portfolio. One of its notable acquisitions was
- Cine Colombia in 2008, a leading company involved in the trading, distribution, exhibition, and production of cinematic films.
- In 2011, Valorem began investing in D1 (formerly Koba Colombia), a pioneer in the hard discount retail model of essential household products. Valorem eventually acquired control in 2015, owning almost 60% of the company.
- Finally, in 2015, Valorem established San Francisco Investments to develop a hotel project in Cartagena.
Asset Consolidation
In 2012, Valorem underwent a patrimonial reorganization with the aim of strengthening the company both financially and strategically. During this process, Valorem acquired ownership stakes in well-known companies, resulting in direct participations ranging from 90% to 100%.
The consolidation of these new investments allowed Valorem to increase its dividend earnings, which in turn improved its ability to invest and take on debt. Additionally, this reorganization simplified the Business Group by eliminating certain investment vehicles. The process involved a Multiple Absorption Mergers and Multiple Scissions in favor of an existing entity,resulting in a patrimonial increase of $314,393 million for Valorem.
Delisting of the Colombian Stock Exchange
In 2018, Invernac & Cía. S.A.S. initiated a takeover bid to cancel the registration of Valorem’s shares on the Colombian Stock Exchange and the National Registry of Securities and Issuers.
On June 25, 2018, the Colombian Financial Superintendence cancelled Valorem’s shares registration in both the NRSI and the Colombian Stock Exchange. Valorem then notified the Superintendence of Companies of its compliance with Article 2.2.2.1.1.1. of the Decree 1074 of 2015, subjecting the company to surveillance by the Superintendence.
On July 16, 2019, Valorem S.A. became a simplified stock company as per Article 31 of the Law 1258 of 2008, after receiving approval from the General Shareholders Meeting in an extraordinary session held on March 28, 2019.
Governance bodies
Board of Directors
Member of the Boards of Directors of AB InBev, Jacobs Douwe Egberts, Lifetime Fitness, Florida Crystals, and ContourGlobal plc. He is also Chairman of the Board of Bavaria & Cía. S.C.A. and a member of the Boards of Directors of D1 S.A.S., Caracol Televisión S.A., Fundación El Espectador, Cine Colombia S.A.S., and Organización Decameron S. de R.L.
In the philanthropic sector, he is Chairman of the Board of Fundación Santo Domingo and the Wildlife Conservation Society (WCS), and a member of the Board of Trustees of The Metropolitan Museum of Art in New York; of DKMS, a foundation dedicated to fighting blood cancer; of Fundación Pies Descalzos; and of Harvard University’s Global Advisory Council.
He is a graduate of Harvard University.
Member of the Boards of Directors of Anheuser-Busch InBev, SABMiller plc, SABMiller Latin America, Bavaria & Cía. S.C.A., Backus & Johnston S.A.A. in Peru, D1 S.A.S., Cine Colombia S.A.S., Fundación El Espectador, and Organización Decameron S. de R.L.
He is Chairman of the Board of Caracol Televisión S.A. He previously worked at Goldman Sachs & Co., S.G. Warburg & Co., and Violy, Byorum & Partners.
He is a graduate of Harvard Business School and the University of Cambridge.
Partner at Alberto Preciado & Asociados. He serves on the boards of APD Colombia (Association for Management Progress), Bavaria & Cía. S.C.A., CAFAM Family Compensation Fund, Gimnasio Moderno (Senior Advisory Board), Cine Colombia S.A.S., Organización Decameron S. de R.L., Invest in Bogotá, and the Bogotá Chamber of Commerce.
He holds a law degree from the Colegio Mayor de Nuestra Señora del Rosario.
He worked as an Associate at the New York-based firm Violy, Byorum & Partners LLC. He serves on the boards of D1 S.A.S., Organización Decameron S. de R.L., Terranum GP S.A.S., and Fundación Santo Domingo.
He holds a degree in Finance and International Relations from Universidad Externado de Colombia in Bogotá.
He is the co-founder and Chairman of Teka Capital. He previously served as President of Valorem and worked as an independent investment banker for several years. He serves on the boards of Cine Colombia S.A.S., Bodytech S.A.S., and Refocosta S.A.S.; as well as on the governing boards of Universidad de los Andes, the Santo Domingo School of Arts and Crafts, and the Alejandro Ángel Escobar Foundation.
He holds a degree in Business Administration from Universidad de los Andes in Bogotá and earned an MBA from IE Business School in Madrid.
She serves on the Executive Committee and the Superior Council of Universidad de los Andes. She is also a member of the Board of Directors of BTG Pactual Bank in Colombia.
She brings extensive experience spanning senior leadership roles in both the private and public sectors. She served as Senior Presidential Advisor for Public and Private Sector Management and as Colombia’s Coordinator for OECD Relations. She was President of Procafecol and Chief Financial Officer of the National Federation of Coffee Growers of Colombia.
Earlier in her career, she served as Technical Vice Minister at the Ministry of Finance and Public Credit and as Director of Institutional Communications at the Bank of the Republic. She also worked as a researcher at Fundación Buen Gobierno, Fedesarrollo, and as a consultant to the National Planning Department.
She holds a degree in Economics from Universidad de los Andes, completed studies in Industrial Engineering at the same institution, and earned a Master of Public Administration from the Harvard Kennedy School of Government.
Independent consultant that has served as President of Carvajal S.A., Procafecol S.A., Bavaria & Cía. S.C.A., and Sofasa S.A. He is Chairman of the Board of Directors of Banco Santander Colombia and Executive Chairman of the Board of Directors of Productos Ramo S.A.
He graduated from EAFIT University and holds a Master’s degree in Latin American Economic Development from the University of London, as well as an MBA from Universidad de los Andes.
He is an independent consultant and investor, a member of the Advisory Board of Blackstone and Senior Advisor for Spain and Portugal. Previously, he served as President of Valorem S.A.S., IF Holdings in New York, IFB in Miami, and BIF in New York and Miami. Within the Telefónica Group, he served as CEO of Telefónica Chile and as a member of the Board of Directors of Telefónica Perú.
He began his professional career as Vice President of I.C.C. in New York, Executive Vice President of Extebank in New York, and Representative of Banco Exterior de España in New York. He later served as Vice President of Strategy and Corporate Planning and as General Manager of Extebandes in Spain.
He studied Economics at Universidad Autónoma de Madrid and Finance and International Business at New York University.
He serves on the boards of Bavaria & Cía. S.A.S., Inmobiliaria Colonial (Spain), and Fundación Génesis, among others. He previously served as Vice President of Planning and Value Chain at Bavaria & Cía. S.C.A. and was a founding partner of Estrategias Corporativas.
He holds a degree in Industrial Engineering from Pontificia Universidad Javeriana and completed executive studies in Strategy and Management Development at IMD Switzerland. He earned an MBA through a joint program of NYU Stern School of Business, the London School of Economics and Political Science (LSE), and HEC Paris.
Administration
He joined the organization in June 2009 and led Valorem’s Vice Presidency of Planning and New Business Development until July 1, 2022, when he took over as CEO of the organization. He served as Acting President of Almagrán S.A. and Chief Financial Officer of Invernac & Cía.
He is a member of the Boards of Directors of D1 S.A.S., Cine Colombia S.A.S., Caracol Televisión S.A.S., Refocosta S.A.S., Refopanel Zomac S.A.S., B Energy S.A.S., Ditransa S.A.S. BIC, Gases del Caribe S.A. ESP, Terranum GP S.A.S., Organización Decameron S. de R.L., PEI Asset Management S.A.S., Fundación El Espectador, Fundación Amigos del Teatro, and is a permanent guest of the Executive Committee of Teatro Mayor Julio Mario Santo Domingo.
He is a Civil Engineer from Universidad de los Andes and holds a postgraduate degree in Finance from the same university.
He assumed the Vice Presidency of Investments and Planning in November 2025, after having held the Vice Presidency of Finance and Administration since 2014. He is the first alternate to the CEO of Valorem S.A.S.
He currently serves on the Boards of Directors of D1 S.A.S., Cine Colombia S.A.S., Organización Decameron S. de R.L., Fundación El Espectador, B Energy S.A.S., Refocosta S.A.S., Refoenergy Villanueva S.A.S., Refopanel Zomac S.A.S., Ditransa S.A.S. BIC, Gases del Caribe S.A. ESP, Terranum GP S.A.S., and PEI Asset Management S.A.S.
He is a graduate of the Colegio de Estudios Superiores de Administración (CESA) and holds a postgraduate degree in Corporate Finance from the same university.
He joined the organization in January 2011 and has built his career in management roles within Valorem’s Vice Presidency of Planning and New Business Development, holding positions such as Portfolio Manager and Financial Planning Manager.
He currently serves on the Board of Directors of Ditransa S.A.S. BIC and has served as a director or permanent guest on the boards of D1 S.A.S., PEI Asset Management S.A.S., Caracol Televisión S.A., Efigas S.A., and Gases de La Guajira S.A.
He is a graduate in Finance and International Relations from Universidad Externado in Bogotá and holds an MBA from INALDE Business School at Universidad de La Sabana.
He is the second alternate to the CEO of Valorem S.A.S. He joined the organization in July 2017, after serving as Vice President of Legal and Corporate Affairs at Team Foods Colombia and Corporate Legal Director at Organización Corona. He currently serves on the Boards of Directors of Refocosta S.A.S., Refopanel Zomac S.A.S., B Energy S.A.S., and Ditransa S.A.S. BIC.
He is a lawyer from Universidad Santo Tomás and holds a postgraduate degree in Commercial Law from Universidad de los Andes.
Valorem’s portfolio share (%)
93
99
97
60
100
100
100
20
* Corresponds to direct and indirect participation
Main financial indicators
Valorem Group figures as of December 31, 2025.
Figures in millions of dollars.
According to the separate or individual financial statements of each company.
Sales Grupo Valorem 2025
EBITDA Grupo Valorem 2025
Debt Grupo Valorem 2025*
Assets Grupo Valorem 2025
