Grupo Coen
Grupo Coen is a privately held, family-owned Central American conglomerate (6 countries, ~7,000 employees) operating across financial services (AirPak, exclusive Western Union master agent), paper manufacturing (Alas Doradas), agribusiness, government ID (MAYCOM), and real estate.
- Company typePrivate
- Founded1960
- HeadquartersManagua, Nicaragua
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Grupo Coen does
Grupo Coen is a privately held, family-owned Central American conglomerate founded in Nicaragua in 1960 by Don Piero Coen Montealegre and now led by his son Piero P. Coen Ubilla. The group operates across six countries — Guatemala (corporate headquarters), Honduras, El Salvador, Nicaragua, Costa Rica, and Mexico — through more than a dozen subsidiaries organized into five sectors: financial services, industrial paper manufacturing, agribusiness, real estate and construction, and government identification solutions. The company employs approximately 7,000 direct staff and generates an estimated 15,000 indirect jobs.
Core operations are anchored by AirPak, the exclusive Master Agent of Western Union in Central America since 1989 and operator of more than 10,000 remittance service points across banks, retail chains, and cooperatives; Alas Doradas, a tissue paper manufacturer producing 65,000 tons annually from nearly 100% recycled fiber, supported by an MP5 paper machine and 5 MW solar plant; MAYCOM, the exclusive provider of Guatemala driver's licenses and biometric identification (AFIS-based) since 1999 with capacity for 100,000 licenses per month; a diversified agribusiness footprint including Nicaragua Banana Corporation (1,000+ hectares, 3 million boxes exported to Europe), San Jorge Ganadería (9,000+ head of cattle on 20,000+ hectares), sugarcane (2,000+ hectares), and Cortijo El Rosario horse breeding; and a real estate portfolio spanning the ZOFRIC free trade zone, prefabricated construction (PreCon, Monolit), and luxury residential developments (Viejo Santo Domingo, X10).
The business model is a hybrid of transaction-fee revenue (remittance commissions across AirPak's Western Union and 26 Mexico remittance brands), hardware sales (paper, construction materials, agricultural commodities), recurring real estate and industrial park leasing, and managed government services (MAYCOM ID issuance). Grupo Coen monetizes scale through exclusive franchise agreements (Western Union master agency, Guatemala government ID contract), capital-intensive sustainable manufacturing advantages (recycled fiber, renewable energy, water recirculation), and dense multi-country distribution — supported by 65 years of brand equity and an active CSR foundation.
Grupo Coen firmographics
Firmographics- Name
- Grupo Coen
- Legal name
- Grupo Coen
- Website
- https://grupocoen.com
- Company type
- Private
- Founded year
- 1960
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Grupo Coen is a privately held, family-owned Central American conglomerate (6 countries, ~7,000 employees) operating across financial services (AirPak, exclusive Western Union master agent), paper manufacturing (Alas Doradas), agribusiness, government ID (MAYCOM), and real estate.
- Ownership category
- akta.pro rank
Grupo Coen industry classification
Industry- Product category
- Diversified Conglomerate (Financial Services, Paper Manufacturing, Agribusiness, Real Estate, Identification Solutions)
- NAICS
- Industrial and Personal Service Paper Merchant Wholesalers (424130), Paper and Paper Product Merchant Wholesalers (4241), Management of Companies and Enterprises (551)
- SIC
- Wholesale-Paper & Paper Products (5110), Papers & Allied Products (2600)
- akta.pro primary industry
- Paper Towels & Kitchen Rolls (CRADALAC)
- akta.pro secondary industries
- Napkins, Tableware & Foodservice Disposables (Plates, Cups, Cutlery) (CRADALAD), Packaging Papers & Converted Paper Distribution (Corrugated sheets/boxes, Paper bags, Labels, Stationery) (IMAMAIAI), Tissue & Hygiene Paper Distribution (IMAMAIAH)
Keywords
Where Grupo Coen is headquartered
LocationHeadquarters
- HQ city
- Managua
- HQ country
- Nicaragua
- HQ region
- Latin America
Offices5 records
Markets served
Grupo Coen business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Remittance Services (AirPak): AirPak operates as exclusive Master Agent of Western Union in Central America, generating revenue through transaction fees on remittance send/receive operations. Also represents 26 other remittance brands in Mexico. Revenue is transaction-based, driven by volume of international money transfers across a network of over 10,000 points.
- Paper Manufacturing and Sales (Alas Doradas): Manufacturing and sale of tissue paper products including toilet paper, paper towels, napkins, and kraft paper. Production capacity of 65,000 tons annually with sales exceeding 414 million rolls. Products distributed across Central America, Dominican Republic, and Puerto Rico. Uses 100% recycled fiber as raw material.
- Real Estate Development and Property Management: GC Administración de propiedades commercializes and manages properties for residential, commercial, and industrial rental. Portfolio includes industrial warehouses in ZOFRIC complex, residential developments (Viejo Santo Domingo valued at $100M+, X10 apartments), and commercial properties.
- Construction and Prefabricated Materials (PreCon/Consulta/Monolit): PreCon manufactures prefabricated concrete and steel products with 9 plants in Guatemala and presence in 4 countries. Consulta operates as a major construction company with regional presence. Monolit produces prefabricated monolithic slabs with 30+ advisory centers.
- Agricultural Production and Export: Agricultural operations include banana production (Nicaragua Banana Corporation - NBC with 1,000+ hectares, 3 million boxes annually), plantain production (AGROSA with 290+ hectares), sugarcane cultivation (2,000+ hectares), and cattle ranching (9,000+ heads). Exports primarily to Europe.
- Government Identification Solutions (MAYCOM): MAYCOM provides technical services for government document production including exclusive license for driver's license issuance in Guatemala since 1999. Previously operated DOCUSAL for identity documents in El Salvador until 2011.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Remittance transaction fees |
Go-to-market motion4 records
Distribution channels7 records
Marketing channels5 records
Grupo Coen product offering
Product offeringCore offering
Grupo Coen is a diversified Central American conglomerate operating five business units: AirPak provides remittance and financial services as the exclusive Western Union master agent in Central America across 10,000+ points; Alas Doradas manufactures tissue paper products (toilet paper, paper towels, napkins, kraft paper) from 100% recycled fiber with 65,000-ton annual capacity; MAYCOM delivers biometric government identification solutions including driver's licenses for Guatemala since 1999; agribusiness operations produce bananas, plantains, sugarcane, cattle, and purebred Spanish horses; real estate development includes ZOFRIC industrial free zone, residential projects (Viejo Santo Domingo, X10), and PreCon prefabricated construction materials.
Differentiator
Problem solved
Functional benefit
Brands
- AirPak: Remittance and financial services company, exclusive Western Union master agent in Central America with over 34 years of experience
- Alas Doradas
- ZOFRIC
- Ganadería San Jorge
- AGROSA
- Cortijo El Rosario
- MAYCOM
- PreCon
- CONSULTA
- Monolit
- Nicaragua Banana Corporation (NBC)
- X10 Apartamentos
- Viejo Santo Domingo
- Fundación Coen
- Central America Paper Group (CAPG)
- Pagalo Todo
Products and services
- AirPak Remittance and Financial Services Remittance send/receive services as exclusive Western Union master agent across Central America and Mexico; also distributes services from Remitly, Ria, Thunes, and MoneyGram through 10,000+ payment points. Serves migrant workers and families for cross-border money transfers.
- Alas Doradas Tissue Paper Products
Quantifiable outcome
- 1.5 million trees saved annually through recycled fiber use
- +6 more outcomes
Companies that use Grupo Coen
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles5 records
Grupo Coen technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature6 records
Grupo Coen partnerships and signals
Strategic signalPartnerships
21 partnerships are on record, tiered core, flagship and minor.
- Sistema FedecréditocoreAirPak and Sistema Fedecrédito formed strategic alliance to expand remittance service network in El Salvador through 130+ service points. Fedecrédito has the widest financial coverage in El Salvador.
- BANHCAFEcoreAirPak and BANHCAFE partnered to offer Pagalo Todo financial services in Honduras, enabling deposits, withdrawals, loan payments, and credit card payments at BANHCAFE correspondent locations.
- Banco AtlántidacoreAirPak partnered with Banco Atlántida El Salvador to enable Western Union remittance collection at 26 bank branches across the country. AirPak celebrates 33 years of operations with over 650 service points in El Salvador.
- Banco AztecacoreAirPak Guatemala partnered with Banco Azteca to enable Western Union remittance collection at 170+ Banco Azteca branches across Guatemala, expanding access for customers with extended hours (8am-8pm, 7 days a week). Banco Azteca serves over 1 million clients annually.
- Súper SelectoscoreAirPak El Salvador partnered with Súper Selectos supermarket chain to enable Western Union and Vigo remittance collection at 108 stores nationwide with extended hours (8am-7pm, 7 days a week).
- Remitly, Ria, Thunes, MoneyGramcoreAirPak offers services from other remittance brands including Remitly, Ria, Thunes, and MoneyGram through its digital channels, expanding beyond Western Union partnership.
- 26 Additional Remittance Brands (Mexico)coreIn Mexico, AirPak represents 26 additional remittance brands alongside Western Union, diversifying service offerings in the Mexican market.
- AlsupercoreAirPak Mexico, Western Union, and Alsuper announced agreement for cross-border money transfer services at 80 Alsuper supermarkets in northern Mexico (Chihuahua, Durango, Coahuila, Zacatecas).
- Devin McGranahan (CEO Western Union)flagshipWestern Union's new CEO Devin McGranahan met with Piero P. Coen to define strategies for strengthening Western Union's market share in Central America, where AirPak has operated exclusively for over 30 years.
- Western UnionflagshipWestern Union CEO visit to Central America reinforces 30+ year partnership with AirPak. Discussion focused on strengthening and increasing Western Union's market participation in Central American countries.
- EnertivacoreEnertiva constructed Alas Doradas' 5 megawatt peak solar plant with 9,400 panels, avoiding 6,000 tons of CO2 emissions annually. Plant started operations in Q4 2021.
- Gildan ActivewearcoreGildan Activewear invested in new industrial plant at ZOFRIC, adding 2,000 new jobs. Gildan has operated in Nicaragua for over 15 years in textile manufacturing.
- COOPEMEPcoreAirPak Costa Rica partnered with COOPEMEP cooperative to offer Western Union remittance send/receive services at all cooperative branches. COOPEMEP has 50 years of history in Costa Rica.
- Banco de OccidentecoreAirPak Honduras signed agreement with Banco de Occidente enabling Western Union remittance collection at 168 bank branches across 17 departments in Honduras. Also offers direct deposit to Banco de Occidente accounts.
- VIGO RemittancescoreAirPak Nicaragua and Banco Ficohsa partnership also enabled Vigo remittance withdrawals at Ficohsa branches in Nicaragua.
- Banco FicohsacoreAirPak Honduras and Banco Ficohsa established alliance allowing Ficohsa customers to receive Western Union remittances at all branches. Ficohsa has the largest remittance network in Honduras with 18 remittance company partnerships.
- Banco Ficohsa NicaraguacoreAirPak Nicaragua and Banco Ficohsa partnership enabled Ficohsa customers to make deposits, loan payments, and credit card payments at all AirPak branches and kiosks in Walmart, Palí, and MaxiPalí supermarkets.
- Delfingen (France)coreFrench automotive group Delfingen built a new industrial facility at ZOFRIC (Zona Franca Internacional Chinandega) to manufacture vehicle harnesses. Investment of approximately $2 million with new plant ready in Q1 2018.
- Fundación Miguel LittoncoreSpanish foundation collaborating with Grupo Coen on Urology Brigades medical missions to Central America. Over 2,500 patients helped and 320+ brigadistas participated since 2007.
- Ipsen PharmaminorIpsen Pharma contributes to Urology Brigades by identifying and collaborating with volunteer urologists from Spain, ensuring medical and regulatory compliance.
- Western UnionflagshipAirPak has been the exclusive Master Agent of Western Union in Central America since 1989, operating for over 34 years. This is the core partnership driving AirPak's remittance business across Guatemala, Honduras, El Salvador, Nicaragua, and Costa Rica. AirPak also operates as non-exclusive agent in Mexico since 2013.
Scale indicators26 records
Recent moves12 records
Expansion highlights4 records
Grupo Coen competitors and assessment
Company assessmentBroad incumbents
- Western Union: Global money transfer leader and Grupo Coen's flagship remittance partner through AirPak's exclusive master agent relationship since 1989. Parent-counterparty rather than direct competitor but defines the addressable opportunity for AirPak.
- IDEMIA: Global leader in identity and biometric solutions including driver's license and national ID programs. Direct competitor to MAYCOM for Central American government identification contracts.
- Fresh Del Monte Produce: Global producer and distributor of fresh produce including bananas and pineapples. Direct comparison for NBC and AGROSA's banana export operations to European markets.
- Kimberly-Clark: Global tissue and personal care leader (Kleenex, Scott, Cottonelle). Competes broadly with Alas Doradas in tissue categories and operates at much larger scale across Latin America.
- Chiquita Brands International: Major banana producer and exporter with established European retail relationships (Fyffes/Compac). Overlaps with Nicaragua Banana Corporation's banana export business serving European retailers.
- Essity (SCA): Global hygiene and tissue company (Tork, Tempo, Lotus). Competes broadly with Alas Doradas in professional/household tissue with substantially larger scale and European R&D base.
Emerging players
- Remitly: Digital-first remittance fintech rapidly growing in US-to-Central America corridors. Distributed partly through AirPak's digital channels and competes as a brand AirPak offers alongside Western Union.
Direct peers
- Sigue Corporation: Major money transfer operator with deep Central American and US-Mexico corridor presence. Most direct competitor to AirPak's remittance distribution model and agent network across the region.
- Productos Familia: Leading tissue and personal care paper producer in Latin America (Colombia, Ecuador, Peru, Central America, Caribbean). Direct competitor to Alas Doradas in toilet paper, paper towels, napkins across overlapping Central American and Caribbean markets.
Regional players
- Banco Azteca: Mexican retail bank with extensive Central American branch network and own remittance offering. Partners with AirPak for Western Union services in Guatemala (170+ branches) but also competes in money transfer services across Mexico.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Grupo Coen social profiles
Digital presenceGrupo Coen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Grupo Coen leadership team
Management profileNumber of profiles
Profiles10 records
Grupo Coen subsidiaries and ownership
Company hierarchySubsidiaries17 records
Grupo Coen funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Grupo Coen M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Grupo Coen
What does Grupo Coen do?
Grupo Coen is a diversified Central American conglomerate operating five business units: AirPak provides remittance and financial services as the exclusive Western Union master agent in Central America across 10,000+ points; Alas Doradas manufactures tissue paper products (toilet paper, paper towels, napkins, kraft paper) from 100% recycled fiber with 65,000-ton annual capacity; MAYCOM delivers biometric government identification solutions including driver's licenses for Guatemala since 1999; agribusiness operations produce bananas, plantains, sugarcane, cattle, and purebred Spanish horses; real estate development includes ZOFRIC industrial free zone, residential projects (Viejo Santo Domingo, X10), and PreCon prefabricated construction materials.
Is Grupo Coen a public or private company?
Grupo Coen is a private company. It is classified as family owned and is currently operating.
When was Grupo Coen founded?
Grupo Coen was founded in 1960. It employs 5,001 to 10,000 people.
Where is Grupo Coen based?
Grupo Coen is headquartered in Managua, Nicaragua, in the Latin America region.
How does Grupo Coen make money?
Six revenue lines are on record. Remittance Services (AirPak) is the primary driver. The others are paper Manufacturing and Sales (Alas Doradas), real Estate Development and Property Management, construction and Prefabricated Materials (PreCon/Consulta/Monolit), agricultural Production and Export and government Identification Solutions (MAYCOM).
Who are Grupo Coen's main competitors?
Broad incumbents on record are Western Union, IDEMIA, Fresh Del Monte Produce, Kimberly-Clark, Chiquita Brands International and Essity (SCA). Remitly is listed as an emerging player. Direct peers are Sigue Corporation and Productos Familia. Banco Azteca is listed as a regional player.
Does Grupo Coen have an API?
No public API is recorded for Grupo Coen.
What industry is Grupo Coen in?
Grupo Coen's product category is Diversified Conglomerate (Financial Services, Paper Manufacturing, Agribusiness, Real Estate, Identification Solutions). Its primary akta.pro industry code is CRADALAC, Paper Towels & Kitchen Rolls, with a secondary code of CRADALAD, Napkins, Tableware & Foodservice Disposables (Plates, Cups, Cutlery). Its NAICS code is 424130 and its SIC code is 5110.