Silaba Motors S.A. (Grupo Sílaba) and Sojitz Corporation (Sojitz) reached an agreement on the sale of 100% of the shares of the former, who is the distributor in the Panama market of the Kia and Mazda brands. The transaction was supported by the financial advisor Siuma Capital Latin America (Siuma Capital).
Sojitz is a Japanese “trading company” with a robust global presence through its more than 420 subsidiaries. This transaction is Sojitz’s first direct investment in Panama and indicates its firm long-term commitment to do business in the country and in the region.
The acquisition not only includes the sales and after-sales businesses of vehicles, but also other ad-hoc assets, such as its insurance brokerage operation, a tax warehouse, a state-of-the-art distribution center and a set of properties strategically located in Panama. Sojitz currently operates in other Latin American markets such as Puerto Rico, Mexico, Argentina and Brazil. In the automotive sector, the conglomerate has extensive experience worldwide and works with some renowned brands such as Hyundai, BMW and Subaru. The acquisition of Grupo Silaba reinforces its commitment to the sector, since it introduces Sojitz to six important brands that it did not previously distribute.
Samuel Urrutia, Managing Director of Siuma Capital, commented: “We want to thank our client, Grupo Silaba, for the trust placed in us at every step of an arduous negotiation process. We are delighted with both our client and Sojitz, since we wholeheartedly believe that the transaction is absolutely beneficial for both parties.”
In this line, Ricardo Urrutia, Vice President and Head of Auto at Siuma Capital, added: “the automotive industry in our region continues to be very attractive for consolidators around the world. Since mobility trends are changing the industry at an unprecedented pace, local players seek to partner with global corporations to take their companies to the next level. I trust that the Sojitz team will reinforce the efforts of the management of Grupo Silaba to continue the path of transformation of the company to become the leading mobility company.”
Grupo Silaba is the local leader in multi-brand distribution of vehicles in Panama, marketing mobility and micro-mobility products and services, with more than 30 years of history. It distributes exclusively nationally leading and high-growth brands such as Kia, Mazda, Omoda, Jaecoo, Karry & Niu through 8 branches, with more than 400 employees, a vehicle storage yard, a spare parts distribution center, insurance brokerage services and a digital financing platform.
About Sojitz Corporation: Sojitz is dedicated to a wide range of businesses worldwide, including the manufacture, sale, import and export of a variety of products, in addition to providing services and investing in diversified businesses, both in Japan and abroad. Sojitz operates with a structure of 7 divisions that is comprised of the Automotive Division; the Aerospace and Transport Projects Division; the Infrastructure and Health Division; the Metals, Mineral Resources and Recycling Division; the Chemical Products Division; the Consumer Industry and Agricultural Business Division; and the Retail and Consumer Services Division. It has more than 20,000 employees and more than 420 subsidiaries around the world.