Case Studies

Successful Exit of Lindley Investment

Just prior to quarter-end, we successfully exited the Fund’s investment in Corporación Lindley.  Based in Lima, Lindley bottles, distributes, and markets soft drinks, fruit juices, water, and sports drinks in Peru.  The company has the exclusive rights to produce Coca-Cola…

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Margin Expansion + Revenue Growth

Lindley is a business largely unknown to and overlooked by the broader market; like Backus, no sell-side analysts publish reports on the company.  On the other hand, we have been following the business closely for about a decade, including meeting…

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Visiting the Pucusana Plant

About 70 kilometers south of Lima, we toured Corporación Lindley’s state-of-the-art production facility in Pucusana.  Back in Lima, we met with Lindley’s CEO and CFO, evaluated the viability of several new convenience store formats, and visited “mom and pop” stores,…

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Cooler & Returnable Investments

Lindley, Peru’s Coca-Cola bottler, struggled with some significant headwinds outside of the company’s control during 2018. In May, Peru’s Ministry of Economy unexpectedly increased taxes on alcohol, sugar, cigarettes, gasoline, and other products. The biggest of these tax increases was…

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Initial Ops Improvements

We built a stake in Corporación Lindley, the bottler of Inca Kola and Coke products for all of Peru, during late 2015 and early 2016.  We had been following the business for some time and had visited the company and…

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