Manaus buys an iconic soft drink brand, putting pressure on Coca-Cola and Pepsi.

Amid a decline in soft drink consumption, the national brand Manaos finalized the acquisition of Cunnington , a long-standing firm in the sector, with the aim of expanding its presence in a market increasingly dominated by low-cost retailers.

The transaction was driven by Orlando Canido , owner of Refres Now , who also added the Neuss brand to his portfolio, previously owned by Productos de Agua SA (Prodea). By combining the brands, he seeks to compete against the traditional leaders Coca-Cola and PepsiCo.

According to Clarín , the transaction amount for Cunnington was around $70 million.

Despite the acquisition, both brands will continue to operate independently.

With this move, Canido seeks to strengthen its presence in a struggling segment: soft drink consumption fell 3.3% in the first half of 2025 and, in June, fell 8.6% year-over-year. More than half of Argentinians now prioritize budget brands, according to Nielsen data.

Canido is a well-known figure in the business world. Founder of Refres Now in 2004, he built a model based on low prices, alternative distribution, and a strong advertising presence. His company, with a plant in Virrey del Pino, produces more than one million beverage packages per day, with 15 lines that produce 63,000 bottles per hour.

He was also the subject of several controversies: the former AFIP investigated him for tax evasion of $900 million in 2018 , and in 2024, Greenpeace reported illegal deforestation of 10,000 hectares in Santiago del Estero by his family.

Recently, in public statements, Canido criticized the national government for its high tax burden and warned that business owners are "unfortunately, half-orphaned."

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The Manaus story began in the 1970s , when the Canido family distributed Crespi wine and Bieckert beer. They later added Sao soda, produced by San Isidro Refrescos, until the break with Coca-Cola led them to found Refres Now and launch their own line.

The name Manaos was chosen for its resemblance to Sao Paulo, and it established itself in the market with disruptive campaigns and an aggressive pricing policy. Later, they also acquired Pindapoy, a fruit juice brand previously owned by Molinos Río de la Plata.

Cunnington , on the other hand, has deeper roots dating back to 1920 , when it was founded by Genoa immigrant Juan Vicente Sangiácomo . It remained in his family's hands for more than six decades until, in 1997, it became part of Prodea.