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Although Chile was one of the first Latin American countries to see acquisitions under the SF model, with pioneering cases such as Glasstech and St. Andrews in 2004, and more recently Demarka in 2021, the market has remained surprisingly underpenetrated for nearly two decades. Over the past four years, however, many business owners who drove the country’s growth during the 1990s and 2000s have faced a new reality: their children and families are increasingly reluctant to take over the business. This generational shift motivated Carlos Rozas Larraín to launch Ciprés Capital, a SF dedicated to acquiring and operating a mid-sized Chilean company with strong expansion potential.
Ciprés Capital has brought together a diverse group of local and international investors, including entrepreneurs and senior executives from the financial, mining, food, and industrial sectors, as well as specialized SF investors. Unlike most SFs, where local investors rarely exceed 20% of the cap table, Chilean investors represent nearly 85% of Ciprés Capital’s backers. Carlos views this as a strong vote of confidence in the local economy and a tangible commitment to the country’s future. Among his investors are the duo behind Chile’s first successful SF acquisition, which led to the purchase and sale of Glasstech. On the international front, Ciprés Capital is supported by Cabiedes & Partners, Colca Capital, Ventus Capital Partners, and PEM Partners.
“I believe Chile has all the ingredients for the SF model to thrive: strong companies, world-class industrial sectors, and a generation of owners looking for continuity beyond their families,” says Carlos Rozas. “My goal with Ciprés Capital is to become a long-term steward of a great Chilean business and help lead it into its next phase of growth.”
Carlos Rozas brings more than 13 years of experience leading teams and scaling B2B businesses across Latin America. At wherEX, an AI-powered platform that digitizes and automates corporate procurement, he helped drive the company’s expansion into Mexico, Colombia, and Peru; supported the raising of a US$7M Series A round led by global investors; and founded wherEX Pay, the company’s fintech unit, which grew from US$1.5M in financing volume in 2023 to US$15M in 2024 under his leadership. He previously worked in commercial banking at Banco BICE and held roles in risk, product, and business development, as well as early experience in the public sector during the first administration of President Sebastián Piñera. Carlos holds a degree in Industrial Civil Engineering from Universidad de los Andes, where he graduated in the top 1% of his class.
Chile offers a compelling environment for the SF model: macroeconomic stability, a sophisticated business landscape, and a highly professionalized SME sector now facing significant succession challenges. The country is a global leader in copper and lithium mining—both critical inputs for the global energy transition—and is also a major exporter of salmon, pork, and fresh fruit to the Northern Hemisphere. With very few searchers currently active in Chile, the opportunity to originate proprietary deals is substantially greater than in more mature ecosystems.
Ciprés Capital aims to acquire a single company and operate it for the long term, focusing on B2B businesses with recurring revenue, solid margins, and strong operational teams. The ideal target profile includes companies with EBITDA above US$1M, high customer retention, standardized operational processes, and a meaningful industrial client base. Areas of interest include industrial services for mining, maintenance and repair of critical assets, and verticals related to ensuring the operational continuity of large industrial plants.
