E-Malt.com News article: The Czech Republic & Panama: Kofola ČeskoSlovensko increases share in Panama-headquartered brewer Alta Fermentación

Czech soft drinks player Kofola ČeskoSlovensko has raised the size of its stake in Latin American drinks business Alta Fermentación, Investing.com reported on January 26.

In a statement to investors, the company said it would be increasing its share in the Panama-headquartered brewer and distiller by 10%, giving it a 49% holding in the company. Financial terms were not disclosed.

Alta Fermentación manages three microbreweries: The Pub SAS, Cervecería La Rana Dorada in Panama and Cerveceria Sinners in Ecuador.

The Pub SAS business produces the Pola del Pub and Germania beer brands in Bogotá and also runs a chain of 13 El Irish pubs in the city.

Alta Fermentación also owns the Panama-based rum distiller Pedro Mandinga. Its range includes silver, spiced and blended rums, as well as flavoured liqueurs.

The group also also operates the Colombian coffee roaster Colo Coffee which sells coffee under the Colo brand and runs nine cafes in Bogotá.

Kofola said Alta Fermentación is expected to book over $20m in sales and more than $4m in EBITDA in 2025.

In a separate statement, Jannis Samaras, the CEO of the Kofola Group, said: “Coffee originally introduced us to Latin America. It was important for us to obtain quality beans for our coffee brands, which we distribute primarily to the Czech and Slovak gastronomy and to the Adriatic. However, Colombia and Panama began to open up space for our further Latin American development.

“With the acquisition, we are acquiring three recognised microbreweries, quality brands of local beers that are one of the few available in Colombia, Panama and Ecuador on tap, as well as a network of almost 40 authentic pubs and cafes.

“It was also essential for us that the founders of Alta Fermentación are building their business with similar verticals as us and are trying to think about their drinks from seed to product. I believe that thanks to synergies, we will be able to increase efficiency on both sides and multiply sales.”

Kofola anticipates the deal will be finalised by the end of the first half of 2026.

According to the joint statement, Alta Fermentación is aiming to become the “leading” drinks and craft beers producer in Colombia and Panama by 2030.

Berny Silberwasser and Tomas Delfino from Alta Fermentación said: “We believe that the synergies we create will not only help us open new locations and introduce a franchise concept, but also to launch our key brand, the La Rana Dorada beer specialty, on the international market.”

Towards the end of last year, Kofola ČeskoSlovensko lowered its earnings forecast for its 2025 fiscal year after booking a decline in third-quarter revenue and EBITDA.

The soft drinks and beer maker expects to record a 4% decrease in revenues this year, versus its previous forecast of growth of 1.5%.

Kofola’s new guidance came after it reported a 7.5% fall in third-quarter revenues.

The business said “lower consumption” in the quarter had been “significantly influenced” by Slovakia’s sugar tax on sweetened drinks and muted consumer sentiment in the Czech Republic.


26 January, 2026