San Pedro Sula, Honduras. – June XX, 2016 – CoreCo Private Equity, the private equity fund targeting investments in Central America and the Dominican Republic, has announced an investment in GRS, a Honduras-based company that commercializes white goods in Guatemala, El Salvador, Honduras and Nicaragua. CoreCo’s investment will be used to fund inventory, capacity expansion, and development of new products in GRS.
“It is a great honor to partner with CoreCo in the strategic development of our business,” stated Jose Chahin, CEO and founder of GRS. “The Company, today, continues to deepen its channel opportunities and is broadening its product offerings to new categories such as whole-system and split-level HVAC units (residential and commercial) and is consolidating the white goods offerings with fill-in lines of household appliances and consumer electronics.”
“The GRS business model is focused on operational excellence and supply chain management as a core competency, where the Company continually strives to operate each area and process in the most efficient way through a mix of technology and processes,” commented Roberto Ponce, Partner at CoreCo. “The Company´s biggest customers are retailers with presence in the region. They are asking GRS to expand its operations geographically as well as their product catalog. The current strategy is to continue to grow the business prudently and invest CoreCo’s investment as well as self-generated capital resources into inventory and into the product and geographic expansion strategy.”
About CoreCo: CoreCo is a private equity firm focused on making investments in Central America with offices in Miami, Guatemala, and Costa Rica. The partnership targets growth equity investments across diverse sectors with the view that portfolio companies have the potential to become regional leaders in their respective sectors.
About GRS: The Company began by identifying an underserved opportunity to meet the needs and requirements of regional consumer who is looking for products that are able to be utilized not only at home, but also in a small-store setting. GRS has designed and sold specialized products that met the requirements of the local markets in the Central America region. It has developed a business model that is focused on operational excellence and strength of its supply chain, defining its core processes, meeting market requirements in the most efficient way. GRS develops commercial grade refrigeration and freezer appliances that align with the actual necessities of the market through unique technology that competitors do not offer such as “3FLEX”: flexible dual temperature capacity which allows one cooling unit to be able to be used as a cooler or freezer, and “TOTALCOOL” which provides faster and more efficient cooling distribution through the addition of cooling tubes on the bottom which allow GRS cooling units to better distribute and hold the correct temperature.
CoreCo Private Equity