COFIDES has granted a €266,000 loan through the Fund for SME Investment Operations Abroad (FONPYME) to support the establishment of Spanish company Lumar Química in Mexico, marking its first operation to expand outside Europe.
The project aims to support the creation of inventory and cover the initial expenses required to develop the business in the country, including personnel costs and external services. Total investment in the project amounts to €380,000.
Lumar Química, a specialist distributor of chemical specialties, base oils, and lubricant additives, established its Mexican subsidiary in 2024 in Mexico City, with warehouse facilities located in Querétaro. From this base, the company plans to develop its commercial operations across Mexico while using the platform to expand its presence throughout Latin America.
The transaction will enable the company to diversify its customer base and gain access to a market with strong growth potential, characterized by a significant manufacturing sector and robust demand for industrial lubricants.
Miguel Ángel Ladero, Corporate Director of COFIDES’ Investment Department, stated:
"Supporting SMEs such as Lumar in their first steps into new markets is one of COFIDES’ core areas of activity. Through this financing, we are strengthening the company’s international growth and supporting its positioning in a market that offers clear opportunities for its business model."
Sergi Estiarte, Deputy General Manager and Chief Financial Officer of the parent company, commented:
"This transaction marks an important milestone in Lumar Química’s history. Our Mexican subsidiary will allow us to build a strong local presence, enhance our responsiveness, and provide closer support to lubricant formulators and manufacturers across Mexico and Latin America. COFIDES’ support enables us to take this step with greater confidence and continue growing sustainably beyond Europe."
About Lumar Química
Founded in Barcelona in 1994, Lumar Química is an SME specializing in the technical distribution of raw materials for lubricant formulation. Its business model combines product supply, technical support, and logistics services. The company serves a broad industrial customer base and maintains long-standing relationships with leading international suppliers.
About COFIDES
COFIDES is a Spanish state-owned company that manages public financial funds, as well as its own resources and those of third-party institutions. Its objectives include supporting the internationalization of the Spanish economy, attracting foreign investment into strategic sectors in Spain, promoting impact investing, and contributing to the development of the countries in which it invests.
In addition to the Spanish State, which holds a majority stake, COFIDES’ shareholders include Banco Santander, BBVA, Banco Sabadell, and CAF – Development Bank of Latin America and the Caribbean.
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