Members of several Fortune 500 boards and other Latino leaders have formed Garcia Trujillo Holdings LLC, a management consulting, merchant bank, and venture capital firm to focus on the global Hispanic market.
With Hispanic purchasing power at $1 trillion and growing at $100 billion per year and the Latino population expected to grow by 83 million people by 2050.
After being CEO of three $45 billion market cap companies on three different continents, Sol Trujillo who serves on the board of directors of Target (TGT) and WPP Group (WPP) says that companies have a “domestic emerging market” with just as great a potential as other international markets. Trujillo joined forces with Charles P. Garcia, a member of the Board of Directors of Winn-Dixie Stores (WINN) as well as Nina Vaca, chairman of the U.S. Hispanic Chamber of Commerce, Gary Trujillo who sits on Blue Cross Blue Shield of Arizona and Wells Fargo Bank Desert Region, Alejandro Silva, who sits on the Board of Directors of Walgreens (WAG), and other Hispanic business leaders in this new venture.
The firm’s business model is based on leveraging the founders’ business expertise, the management team’s Hispanic market insights, and access to resources and capital to help clients in the U.S. and around the world develop effective entry and growth market strategies in the Hispanic market.
The U.S. Census estimates that the U.S. Hispanic population will grow to 133 million by 2050. “This is equivalent to adding a city one third larger than Phoenix, our nation’s fifth largest city, populated only with Hispanics every year all over the country for the next forty years,” said co-founder and the firm’s senior managing director Gary Trujillo, who led as CEO a $55 million IPO for the first bilingual internet portal, Quepas.com, focused on the U.S. Hispanic market.
Since only 3% of board seats on Fortune 500 companies have Hispanic directors, Garcia Trujillo recommends establishing an independent Hispanic brain-trust which reports directly to a company’s CEO.
Based in Miami, with representative offices across the Americas, Garcia Trujillo’s merchant bank and venture capital operations assist Hispanic-owned companies by connecting them with sources of capital in Latin America. The firm also may invest in these businesses. “Latin American companies want to expand into the U.S. Hispanic market too and also want to invest in Hispanic-owned businesses here,” said Silva, one of the firm’s founders and CEO of Chicago based Evans Food Group, one of the world’s largest specialty food companies.