Equity International-Sponsored Acosta Verde Goes Public
Grupo Acosta Verde (“Acosta Verde” or the “Company”), a Mexican shopping center owner/operator sponsored by Equity International, a private equity firm founded by Sam Zell, successfully completed a merger with a Special Purpose Acquisition Company (“SPAC”) of Promecap, S.A de C.V., a leading private equity firm in Mexico. As a result of the merger, Acosta Verde became a newly formed publicly listed company on the Bolsa Mexicana de Valores trading under the ticker GAV. The Company is internally managed, fostering alignment among shareholders, management, and the board.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201005005822/en/
“Acosta Verde now has a fortress balance sheet with substantial cash to deploy,” stated Tom Heneghan, Chief Executive Officer of Equity International. “The company is actively looking to opportunistically allocate capital to various growth initiatives to enhance scale, liquidity and value for its shareholders.”
Equity International made its first investment in Acosta Verde in 2015. The Company was founded 40 years ago by Jesus Acosta Verde. Since then, the partnership enabled Acosta Verde to double in size from nine shopping centers to 18.
Acosta Verde specializes in the “Sendero” shopping center concept, which is anchored by a hypermarket alongside a high-quality tenant base, focusing on Mexico’s growing middle-class and necessity-based shopping. The centers target the middle-market segment of the Mexican retail sector, which is historically fragmented and underpenetrated. Despite temporary closures due to impacts from the COVID-19 pandemic, all malls are currently reopened, are recovering quickly, and are outperforming many other retail formats given their durable concept. The Company is in the process of launching an online marketplace, which will allow its tenants to sell products online.
“We continue to see strong demand from our consumer base for our shopping center offerings, and we are constantly looking at new initiatives to stay at the forefront of the sector,” said Jesus Acosta Castellanos, Chief Executive Officer of Acosta Verde. “Since Equity International’s investment through year-end 2019, we have achieved same-store-sales growth rates close to 10% and attractive development yields. There is tremendous opportunity in our target market that we believe will continue after the impact of the COVID-19 pandemic subsides.”
“Acosta Verde’s management team has a track record spanning more than three decades of growing high-quality centers and providing great consumer experiences. The addition of an institutional-quality partner and investor such as Promecap further catalyzes growth and positions the company as a leader in Mexico,” added Brian Finerty, Equity International’s Chief Investment Officer. “This is our second portfolio company to go public in 2020 and we are excited to take the next step in the evolution of Acosta Verde.”
About Equity International
Founded by Sam Zell in 1999, Chicago-based Equity International Management, LLC (“EI”) is a private equity firm focused primarily on investing outside of the United States. The Firm makes entity level investments in real estate and infrastructure related operating companies, as well as in innovative solutions within the housing sector. EI leverages its network and experience to build institutional businesses alongside strong operating partners. Web: http://www.equityinternational.com Contact Terry Holt +1 (312) 466-3979 firstname.lastname@example.org
About Acosta Verde
Grupo Acosta Verde founded by Jesús Acosta Verde in 1970, is a Mexican real estate company engaged in the development, ownership, leasing and management of shopping malls throughout Mexico. Developer of the successful model of shopping center, Plaza Sendero, where the anchor is represented by the supermarket store and movie theaters, with more than 200 additional commercial spaces in every property. Acosta Verde is strongly committed with its client’s needs, both tenants and consumers; always looking for potential opportunities to satisfy population and market needs; also working day-to-day to maximize the return of investors and partners on each shopping center development. Web: http://www.grupoav.com Contact Edgar Maldonado de los Reyes (+52) 81 1001-9800
Founded by Fernando Chico Pardo in 1997, Promecap is a Mexico based asset management group with ~US$3.6 billion of assets under management. Since inception, Promecap has been primarily focused on creating value for its investors through private and public investments, successfully executing more than 67 private equity investments across different sectors and managing a globally diversified portfolio of public securities and investment funds managed by third parties. Web: www.promecapac.com Contact: Federico Chavez Peón Mijares (+52) 55 1105-0800
Nothing herein should be construed as an offer to buy or sell any security. Past performance does not guarantee results. Statements or information included herein, including any forward-looking statements are made as of October 5, 2020, and are subject to change. Certain statements represent the views and opinions of the individuals making such statement and do not necessarily represent the views or opinions of the firm or all personnel therein. Due to the rapidly evolving nature of COVID-19, circumstances may be subject to significant and rapid change.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Little Cinema Taps Verimatrix To Secure Hollywood’s Virtual Premiere Events30.11.2020 17:45:00 CET | Press release
Regulatory News: Verimatrix, (Paris:VMX), the leader in powering the modern connected world with people-centered security, today announced that New York-based Little Cinema deployed Verimatrix Watermarking and Multi-DRM technologies for its virtual premieres and previews. A groundbreaking digital studio, Little Cinema has partnered with Netflix, ABC, CBS, HBO Max, and Warner Media to produce state-of-the-art virtual premiere events for an industry that used to rely solely on in-person debuts. To fulfill the enhanced protection requirements for this high-value early-release content, Little Cinema looked to Verimatrix and its Secure Cloud. These innovative and highly-interactive virtual streaming events have made waves in Hollywood, earning the studio recognition in BBC News, Vogue, Variety, Vanity Fair, The Hollywood Reporter, and more. “Verimatrix supplies us with the needed anti-piracy protections and overall peace of mind that Hollywood studios demand when switching to virtual events
Emory University to Host a Live Webcast With His Holiness the Dalai Lama30.11.2020 16:39:00 CET | Press release
The Center for Contemplative Science and Compassion-Based Ethics at Emory University will host a live webinar with His Holiness the Dalai Lama on Tuesday, December 8, 2020. A discussion titled “The Necessity of Compassion for the Survival of Humanity” will feature the Dalai Lama in conversation with Melani A. Walton, co-founder of the Rob and Melani Walton Foundation, and Dr. Sanjay Gupta, chief medical correspondent for CNN. (For speaker photos click here.) The webcast begins at 10:30pm ET on Dec. 8, 2020 (Dec. 9 @ 9:00am India Standard Time) and will be simulcast in 14 languages. It is FREE of charge and open to anyone who’d like to participate. Advance registration is encouraged at https://compassionshift.emory.edu. “With so many urgent concerns impacting our world, the time is right to start a global conversation about the importance of compassion,” said Lobsang Tenzin Negi, executive director of Emory University’s Center for Contemplative Science and Compassion-Based Ethics. “For
Flexjet Advances European Expansion with Delivery of First Embraer Praetor 60030.11.2020 15:03:00 CET | Press release
Flexjet Ltd., offering travelers access to the world’s most luxurious fleet of private jets, accepted delivery of the first Praetor 600 aircraft in its European-based fleet, marking a significant milestone in the expansion of the company’s global business. Flexjet is the only shared-ownership/fractional provider of the Praetor 600, part of a US$1.4 billion order for Embraer Executive Jets, a division of Embraer S.A. (NYSE: ERJ; BM&FBOVESPA: EMBR3), that was announced in October 2019. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201130005564/en/ Flexjet Embraer Praetor 600 super midsized aircraft part of the European-based Flexjet fleet. (Photo: Business Wire) European Managing Director Marine Eugène leads the team headquartered at Flexjet House in the Mayfair neighbourhood in the west end of London. In addition, Flexjet has opened facilities including a European Tactical Control Centre in the United Kingdom to coordinate f
Diamond Standard Commodity and Token to List on INX30.11.2020 15:00:00 CET | Press release
INX Limited, the blockchain-based platform for trading digital securities and cryptocurrencies, announces today that it has signed a letter of intent with Diamond Standard to list the world’s first diamond commodity—the Diamond Standard Coin. The Coin is a digital and physical asset: a standardized set of diamonds with a wireless chip enabling it to trade as a token on the INX trading platform. The availability of the Coin on the INX platform is pending regulatory approval for the $25 million initial public commodity offering. This diamond commodity makes a $1.2 trillion hard asset available to institutional investors for the first time. Diamond Standard recently announced its plan to launch an ETF on the NYSE under the ticker DIAM, and an agreement to list futures on the CME Globex via the MGEX. INX is providing an electronic spot market for the Diamond Standard Coin. Investors who acquire a Diamond Standard Token on the INX platform are transacting the physical commodity itself, and
Kymeta™ Announces Commercial Availability of its Next-Generation Antenna, Terminal, and Services Making Mobile Global30.11.2020 15:00:00 CET | Press release
Kymeta (www.kymetacorp.com)—the communications company making mobile global—announced that the Kymeta™ u8 and Kymeta Connect™ are available for government and commercial purchase after November 30, 2020, unlocking the potential of broadband satellite connectivity and cellular networks to satisfy the overwhelming demand for communications on the move. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201130005022/en/ Kymeta’s next-generation solutions are built for mobility and designed to meet the needs of global defense agencies, government, first responders, and commercial customers. Kymeta’s products and services have been field deployed for three years and the demand for the Kymeta u8 presales has already exceeded expectations. With the introduction of the Kymeta u8, the company has meaningfully increased antenna throughput and significantly reduced the total cost of ownership. Kymeta’s new products and services offer a bre
Inversago Pharma Continues to Rapidly Expand Its Leadership Team and Appoints Glenn D. Crater, MD, FCCP as Chief Medical Officer30.11.2020 14:00:00 CET | Press release
Inversago Pharma Inc. (“the Company” or “Inversago”), the peripheral CB1 blockade company, today announced it has appointed Glenn D. Crater, MD, FCCP as its Chief Medical Officer. In this position, Dr. Crater will oversee the clinical development of Inversago’s lead compound for Prader-Willi syndrome, INV-101, as well as its pipeline of other peripherally-acting CB1 inverse agonists in several other indications. “The appointment of a Chief Medical Officer is an essential element of our corporate strategy as we have entered the clinical phase with our lead compound”, said François Ravenelle, PhD, CEO and founder of Inversago Pharma. “Glenn brings a broad range of relevant experiences in all aspects of drug development and regulatory interactions and I trust he will have a strong impact on the science we develop at Inversago, helping us meet our objective: developing safe and potent inverse agonists of peripheral CB1 receptors”, added Dr. Ravenelle. “I am very excited to join Inversago a