This document provides information on some of the largest and oldest family businesses in Latin America. It discusses the importance of family businesses to the Latin American economy, generating 60% of GDP and employing 70% of the workforce. Some of the oldest still operating were founded in the 1840s-1890s. The top 10 largest family businesses by revenue are listed, with the Slim, Batista, and Odebrecht families among the most prominent. Brief profiles of 5 family businesses that experienced a change in leadership or anniversary are also presented, along with economic statistics and obituaries of notable family business leaders who passed away.

1. 105EY Family Business Yearbook 2014 |104 | EY Family Business Yearbook 2014
Company Ypióca Group Tardan Hermanos
Sucesores SA
Rotermund
S/A Indústria E
Comércio
Klabin Dierberger Óleos
Essenciais S/A.
Founded
1846 1847 1877 1890 1893
Family Telles Tardan Rotermund Klabin Dierberger
Industry
Beverages Clothing, hats
and caps
Specialized
design
services
Paper products Paints and
adhesives
Headquartered Maranguape Ciudad de Mexico Sao Leopoldo Sao Paulo Sao Paulo
Country Brazil Mexico Brazil Brazil Brazil
Family business in Latin America | Facts and figures
World’s250l
argest family busines
ses
Some of the oldest family businesses in Latin America
6%
of these companies are
located in Latin America
The importance of family businesses in
Latin America
85%
of the companies in Latin America are
family-owned businesses.
Some recent M&A deals involving
Latin American family businesses
January 2014, Brazil
Odebrecht SA
October 2013, Brazil
JBS SA
April 2013, Mexico
America Movil
December 2013, Brazil
Itau Unibanco Holding
November 2013, Honduras
Cementos Argos SA
acquired Distribuidora de Agua Triunfo, a
Triunfo-based water utility company, for
BRL315m (US$131.56m). Odebrecht is
controlled by the Odebrecht and Gradin
families.
acquired Seara Brasil Business Unit, Grupo Zenda
of Uruguay and Excelsior Alimentos SA. The three
transactions had a combined value of BRL5.85b
(US$2.72b). JBS is controlled by the Batista family.
acquired Corporacion de Medios Integrales SA de
CV, a provider of advertising services, for MXN1.66b
(US$131.44m). America Movil is owned by the Slim family.
acquired Banco Citicard SA (Citicard) for
BRL2.767b (US$1.37b). Itau is controlled
by the Moreira Salles family.
of Colombia, a unit of Inversiones Argos
SA, acquired a majority stake in Lafarge
Cementos for HNL6.23b (US$305.58m).
Argos SA is controlled by the Jaramillo
family.
Generate 60% of Latin America’s GDP
Employ 70%
of the workforce in Latin
America and the Caribbean
47%
of the companies are managed by the
first generation
29%
of the companies are managed by the
second generation
14%
are managed jointly by the first and
second generations
10% are led by the third or fourth generations
Introduction
Family businesses form the backbone of Latin America’s
economy, comprising more than 80% of private sector
economic activity on the continent. Much of the region has
experienced strong growth in the last 10 years, and this has
fueled a great deal of entrepreneurial activity, giving rise to
new family businesses. Governments in the region are
increasingly realizing the importance of family businesses to
their economies, but family businesses themselves want
more help, particularly with their tax burdens.
Source: EY research, based on Dun & Bradstreet data.
Source: Family Business Magazine.
Sources: ThomsonOne.com, Mergermarket.
Changes in leadership
14 February 2014, Brazil
Klein family puts faith in Nanini
Michael Klein, the son of Casas Bahia
founder Samuel Klein, still works from what
was once the HQ of Brazil’s biggest electro-
domestics chain in central Sao Caetano do
Sul (SP). There, he is currently looking for
new businesses in which to invest part of his
patrimony of BRL6b (R$2b in disposable
income at present, BRL4b in property). He
is attracted by the retail industry, but has
yet to make any firm decisions. But he has
contracted Luiz Nanini, a former EY partner,
to be the director of a new Klein family
business.
4 September 2013, Brazil
Female hand on the tiller at Europa
Manuella Curti de Souza, the daughter of
Europa founder Dacio Mucio de Souza, lost
her father as well as her brother over a
period of eight months when she was in her
20s. Manuella, her mother and her sister
Nathalia decided to keep the family business
going. The firm, founded in 1984, is Brazil’s
leading water filter manufacturer with
annual sales of BRL200m. Manuella and
her all-female family received the backing
of Company Partner and Industrial Director
Antonio Carlos Camargo, who stayed on
at the firm, as Manuella, now aged 29,
became Europa President. The other old
head available to her was Carlos Quioshi
Yasumura, Financial and Administrative
Director. Between 2009 and 2011, sales at
Europa rose 5% per annum. The firm has
downsized its Sao Paulo HQ this year, and
new executive roles such as HR director
have been created over the last two years.
Online sales should start up in 2014.
28 March 2013, Chile
Quinenco boss passes away and
brother takes over
Guillermo Luksic Craig, President of
Quinenco, died this year from lung cancer.
He entered the family business as the
manager of the Forestal Colcura in 1977.
Later, he joined Quinenco as Deputy
General Director and later moved up to
General Director. In 1982, aged only 26, he
took over as the President of the holding
company, replacing his father. Diagnosed
in May 2012, his health turned for the
worse in February. He met with his two
brothers to begin preparations for life and
business without him. The trio decided
that Andronico would take on the main
responsibilities and that the third generation,
including Nicolas, Guillermo’s only son,
should become increasingly involved.
25 March 2013, Brazil
Arezzo gains new blood
This year, after almost 40 years leading the
firm he founded, Anderson Birman, aged 59,
passed the reins at Arezzo over to his son
Alexandre, aged 36, and moved upstairs to
the boardroom. In the 1990s, the firm went
from being just a manufacturer to becoming
Latin America’s number one women’s
footwear retail chain. In 2007, Arezzo
sold 25% of its capital to an investment
fund. And in 2011, it debuted on the stock
market. Before joining the firm, Alexandre
set up Schutz, a walking boot brand, which
generated revenues of BRL120m, and
which he brought along with him into the
family business. The group also boasts the
brands AnaCapri and Alexandre Birman.
Source: EY research, based on Factiva.

2. 107EY Family Business Yearbook 2014 |106 | EY Family Business Yearbook 2014
The largest family businesses in Latin America
The top 10 family businesses generated approximately US$290b out of Latin America’s US$5.3t
GDP in 2012 and employ almost one million people.
1 2 3 4 5 6 7 8 9 10
Company name
America Movil
SAB de CV
JBS S.A. Odebrecht S.A Itau Unibanco
Holding S.A.
Votorantim
Participacoes S.A.
Cencosud S.A. Gerdau S.A. Cemex SAB de
CV
Cosan Limited Grupo Bimbo
SAB de CV
Revenues (2012) in US$m 61,574 43,059 42,428 38,929 22,335 18,803 18,476 15,326 14,800 13,789
Number of employees (2012) 161,250 140,000 159,036 96,977 64,200 154,879 45,000 43,766 45,000 12,568
Family Slim Batista
Odebrecht and
Gradin
Moreira Salles and
Setubal
Ermirio de Moraes Paulmann Gerdau Johannpeter Zambrano Mello Servitje
Family shareholding or voting rights
(latter indicated by *)
97%* 41.4% 82% 50%* 100% 60.8% 41.2% 33% 38.3% 37%
Publicly listed company Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Country Mexico Brazil Brazil Brazil Brazil Chile Brazil Mexico Brazil Mexico
Source: EY research, based on Dun & Bradstreet, dnb.com. Note: We define companies as family businesses when they are either public companies with a minimum shareholding or voting
power of the owner family of 32% or private companies with a minimum shareholding of the owner family of 50%.
Unemployment
LatinAmerica
4.8% 2012
% of the total labor force
GDP per capita
growth rate
LatinAmerica
1.8%
2012
change from a year earlier
Inflation rate
LatinAmerica
4.1%
2012
Consumer price index
Selected obituaries
We take this opportunity to remember some of the famous family entrepreneurs who died in the last year:
Rank
5 January 2013
Philip Lehner died aged 88. He helped build his father’s business,
now called Leigh Fibers, into one of the world’s biggest
manufacturers in the reprocessing of textile waste and fiber
by-product.
27 March 2013
Guillermo Luksic Craig was the President of Quinenco. He died
aged 57.
20 April 2013
Dirce Navarro de Camargo died aged 100. She was Brazil’s richest
woman and the widow of Sebastião Camargo, the founder of the
private conglomerate Camargo Correa.
1 November 2013
Manuel Jorge Cutillas helped turn the family business, Bacardi, into
a global brand. Under Cutillas’s stewardship, it became one of the
world’s largest private spirit companies. He died aged 81.
Anniversary Company Family Industry Headquartered Country
125
1889–2014
S.A.C.I.
Falabella
Falabella Department stores Santiago Chile
75
1939–2014
Camargo Correa
SA
Camargo Specialty
Construction Trade
Contractors
Sao Paulo Brazil
70
1944–2014
Odebrecht Odebrecht Architecture and
Engineering
Rio de Janeiro Brazil
Some interesting anniversaries
Key economic numbers — Latin America
Source: The World Bank and the International Monetary Fund.
Source: EY research, based on Factiva.
Source: EY research, based on Dun & Bradstreet data.