Clasecuador is the result of a management buyout of a British conglomerate's Ecuadorian operations. This conglomerate's activity in South America dates back to the early part of this century. An oil refinery and oil exploration concessions in Ecuador's "Oriente" region (the Amazon Jungle) were among the firm's most prominent holdings.

Anglo Ecuadorian Oilfields
Anglo Ecuadorian Oilfields became the largest oil producer, and fuel distributor in Ecuador towards the 50s. In addition, the group had interests in vehicle manufacture and distribution, financial ventures and real estate developments. The economic struggles of the continent, which were aggravated during the latter part of the 1970s and early 1980s led to the decision by British authorities to liquidate its interests in the region. This event made the acquisition of most of Anglo's stake in Ecuador possible.

Luis Dávalos (+Sept '94) and Esteban Serrano were the majority stakeholders in the management buyout that took place in 1981. Anglo Ecuadorian had hired both Serrano and Dávalos in an effort to nationalize its management structure. As such, both were knowledgeable of the firm's holdings and had a clear vision of where to direct the business. This new ownership provided the firm with much needed fresh blood, and the group's operations-by then already known as Clasecuador- turned out to be significantly successful.

Since 1981 all of the businesses that Clasecuador has undertaken have been at the forefront of professionalism, creativity and strict adherence to regulation and sound business principles.

Luis Dávalos's passing away in 1994 led to the decision to divest most of the group's operations, and to dissolve the partnership.

The liquidation of the group's investments and the partnership's dissolution left Clasecuador in a "cash-rich" situation. This environment has proved highly advantageous in the midst of the country's crisis. Ecuador's economic struggle has sparked opportunities in firms with either high leverage and /or poor management. This situation suits Clasecuador's unique strengths -strong management and liquid assets.

All of the group's activities have audited financial statements and prominent international firms audited the largest ventures. For instance, Deloitte and Touche provided audited financials for Cepsa, Banco Invesplan, and Conecell, and KPMG Peat Marwick audited Banco del Pichincha's financial statements.