For six years, research and analysis focused on opportunities to enter Spain. Trinity group achieved this with a move that looked like lightning: a swift, highly orchestrated operation. The Colombian industrial giant, active in steel, coal, and logistics among other sectors, closed the deal after years of study. The transaction granted control of Clarel, a perfume and pharmacy chain with more than 1,000 stores and three distribution centers across Spain.
Distributor Dia terminated its agreement with the C2 Private Equity fund at the end of July due to unmet conditions. Investment banks then put the chain on the market, and by the end of August the Colombian group had submitted a non-binding offer. In early December, both sides announced the operation with fanfare, while awaiting approval from Spanish authorities. Said Omar González, president of Trinity, in a conversation with El Periódico de España, the publication of the Prensa Ibérica group, at Trinity’s new Madrid offices: the process was fast, efficient, and straightforward. The expectation is that permits will be granted and operations will begin by the first week of April.
The deal represents a sophisticated financial maneuver: Trinity will pay at least 11.5 million euros this year and up to 15 million euros in 2029. It will also gradually settle a debt of 18.7 million, resulting in a net impact of about 15.7 million, to be paid in three installments over six years. In the end, the maximum cost for the group will be 42.2 million, well below the 60 million previously contemplated in the unsuccessful sale to the C2 fund, assuming all milestones are met. González described the terms as precise and well-structured, noting that a portion of the operation would be financed with instruments agreed with Dia and some components tied to financial arrangements that ensure timely payments.
There will be no revolution
Trinity’s approach to Clarel, a leading brand in beauty and cleaning distribution in Spain, is to maintain continuity rather than upend it. Trinity, new to the distribution space, plans to keep Clarel’s management team and its roughly 3,200 employees, taking time to learn the business before making broader commitments. The plan is to study every facet of the operation for about six months and unveil a formal strategy by year-end, setting the stage for a 2025–2027 road map. In the near term, the group will look for stability and gradual enhancements rather than rapid, disruptive changes.
Omar González is chief executive of Trinity. José Luis Roca serves in a key role within the same leadership circle. The upcoming plan describes a measured, predictable evolution: regrouping stores across the country, closing some locations while opening others, and possibly relocating units for better market fit. The company intends to expand its online presence and leverage big data and artificial intelligence to profile customers more effectively.
Forecasts project that Clarel will end the previous year with rising results, aiming for approximately 340 million euros in sales and an operating profit around 10 million. Revenue is expected to hold steady this year, though profitability could face pressure from renovation investments and the rollout of a new store concept aligned with Trinity’s guidance. This cautious forecast reflects a willingness to invest in a refreshed brand experience while maintaining steady performance.
Growing in Spain
González notes that acquiring Clarel marks the first step in expanding Trinity’s footprint in Spain. The focus for the next 12 to 24 months will remain squarely on Clarel, though the organization remains open to potential opportunities that fit its strategic aims. González, who holds dual Colombian and Spanish citizenship, intends to split residence between both countries in the near term. He emphasizes that the priority is Clarel, with negotiations on future moves expected only when the firm feels secure and well-positioned. Ideas are already being reviewed by the investment team, but immediate acquisitions are not planned in the short term.
To date, Trinity has concentrated most of its activity in Colombia, contributing more than 90% of approximately 650 million euros in annual turnover, with a small presence in Costa Rica and Canada. The Clarel acquisition will push Spain to roughly one-third of the company’s revenue, with a goal to grow that share further. The leadership envisions Spain accounting for at least half of turnover within three years.
In sum, the deal signals not just a purchase but a strategic bet on Spain as a core market. It aligns with Trinity’s plan to consolidate its position and expand in the European distribution arena, while maintaining a steady course in its home region. The path ahead will involve careful integration, ongoing evaluation of market opportunities, and disciplined execution to achieve the projected growth targets. These decisions reflect a broader trend of cross-border expansion by Latin American groups seeking to diversify revenue streams and capture new consumer ecosystems in Europe. The emphasis is on sustainable growth, strong governance, and a measured pace that respects Clarel’s legacy while unlocking future value for Trinity and its stakeholders, supported by transparent milestones and robust financial planning.