Herdez Relaunches Nutrisa to Make Retail the Core of Its Growth Strategy

Nutrisa, owned by Grupo Herdez, is back on the Mexican Stock Exchange (BMV). And although its shares closed 18.7% below the estimated price on their first day of trading last week, the frozen yogurt chain is emerging as a key element in its parent company’s effort to reorganize its portfolio and boost market value.

The backstory helps explain the move. In 2013, Herdez acquired Nutrisa and delisted it to integrate its retail operations—ice cream, coffee, and snacks—into a new segment called “Impulso,” separate from its traditional “Conservas” division, which includes sauces, vegetables, and canned foods. The goal was to scale Nutrisa and other brands—Moyo, Chilim Balam, and Cielito Querido Café—through a dedicated distribution network and consolidate the business under a single management structure.

Twelve years later, the logic has changed. Impulso has become the slowest-growing part of the group. By spinning off and relisting Nutrisa, Herdez aims to let the market value that business independently, while allowing the Conservas division—its primary profit driver—to stand out more clearly to investors, thereby strengthening the company’s market valuation.

Nutrisa’s selection is no accident: it’s the only Impulso brand with enough scale and visibility to stand on its own in the public market. The brand is recognized nationwide and accounts for a significant share of the division’s sales and margin, with transparent financials that make it easier for the market to assign a clear price—without requiring Herdez to divest other brands or dismantle the Impulso platform.

That contrast shows up in the numbers. According to company filings with the BMV, over the past twelve months the Conservas segment—responsible for more than eight out of every ten pesos of Herdez’s revenue—remained the group’s top performer: its revenue grew 5% between Q2 2024 and Q2 2025, and its operating profit was firmer than that of Impulso, which generates the rest of the revenue—essentially flat over the same period—and relies heavily on sales of Nestlé Ice Cream, a brand Herdez operates solely under license.

By opening up Nutrisa’s capital, Herdez aims to inject fresh resources into its retail arm, provide it with greater financial autonomy, and establish a clearer roadmap for its expansion.

Today, Nutrisa operates a distribution center in Chalco (State of Mexico) and 294 company-owned retail locations across Mexico. These form part of more than 500 stores under Herdez’s direct control, and a broader industrial portfolio of over 40 properties totaling more than 600,000 square meters, according to data from SiiLA and the company.

That scale is more than just operational: it signals the growing role that direct-to-consumer channels are beginning to play in the company’s broader strategy. For a firm long established in the canned goods niche, retail is no longer the edge of the business—it’s the mirror where it recognizes, and begins to shape, a fundamental part of its future.

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