Juan Gallardo Thurlow was born in Mexico. Juan Gallardo Thurlow, new to the Forbes Billionaires list this year, controls 63% of Organizacion Cultiba SAB de C.V., a holding company that along with its subsidiaries, produces cane sugar and molasses, and distributes soft drinks, including bottled water and all Pepsi-brand drinks in Mexico. Organizacion Cultiba's share price has doubled from January 2008 to January 2013, raising the value of Gallardo Thurlow's stake to $1.3 billion. Cultiba is also the largest distributor in the water jugs sector in Mexico, with an estimated 18% market share in 2011. In that same year, Cultiba was the only producer and distributor of beverages in Mexico with nationwide operations and was the country's second-largest beverage company based on combined sales volume of soft drinks and water. Cultiba is one of the largest private sector producers of sugar in Mexico, with three mills and a 49% interest in a fourth mill. As a result of the integration between the sugar and beverage businesses, Cultiba benefits from a natural hedge against fluctuation in sugar prices. In January 2013 Cultiba made a secondary offering of nearly 100 million shares, raising close to $200 million. In the 1990s, Gallardo Thurlow was well known in Washington, D.C., for his role as chief NAFTA negotiator on behalf of Mexico's business sector.