IMAP Colombia advised Grupo Tagarópulos, a Panamanian family group with investments in different sectors including retail, energy, and real estate on the sale of ZAZ Food Stores and Bannaba Coffee to Grupo Rey for an undisclosed amount.

Grupo Rey is a Panamanian company founded in 1958 that owns a network of 51 supermarkets, 76 pharmacies and 2 large production centers. Grupo Rey was later acquired by Ecuadorian conglomerate Corporación Favorita for $201.3 million.

Grupo Rey’s new convenience store segment will play an important role in Corporación Favorita’s growth plans, as it has been Panama’s best performing retail segment in the past 5 years.