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 email@example.com
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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
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
Kyowa Kirin Provides Update on Application for Marketing Authorisation of Istradefylline in Europe for the Treatment of ‘OFF’ Episodes in People Living with Parkinson’s23.7.2021 16:05:00 CEST | Press release
Kyowa Kirin Co., Ltd. (TSE:4151, President and CEO: Masashi Miyamoto, “Kyowa Kirin”) today announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) issued a negative opinion for istradefylline as an add-on treatment to levodopa (L-Dopa) based regimens in adults living with Parkinson’s, experiencing end-of-dose motor fluctuations. Kyowa Kirin International remain committed to istradefylline and people living with Parkinson’s and are currently reviewing the options available, which may include re-examination. “We are disappointed by the CHMP opinion. However, we remain confident in the benefit-risk profile of istradefylline and are committed to making a difference to the lives of people living with Parkinson’s, an area which has had few innovative therapies for decades,” said Abdul Mullick, President of Kyowa Kirin International. “There are currently few new treatment options available to manage end-of-dose motor fluctuations in Parkinson
ForumPay Teams Up with Bambora to Conquer the Crypto-to-Fiat Payments Market23.7.2021 15:16:00 CEST | Press release
ForumPay, an international cryptocurrency-to-fiat payment service provider, has established a partnership with the global payments provider Bambora, a Worldline brand, to bring seamless crypto payment solutions to merchants and online shoppers. The partnership will cater to a large global audience and offer expanded payment options for both shoppers and merchants. ForumPay continues its march to dominate the growing crypto payments ecosystem for merchants around the world. “ForumPay provides merchants with a seamless, secure and instant processing solution to accept payments from the more than 54 million active crypto wallet users around the world. By providing a payments service for processing crypto into fiat that functions as naturally as card payments, ForumPay enables merchants with a familiar feeling payments alternative that also gives them a competitive advantage by tapping into the fastest growing consumer base on the planet.” says Joshua Tate, CEO of ForumPay. “We are very ex
Wipro Recognized as 2021 Microsoft Modernizing Applications Partner of the Year23.7.2021 14:54:00 CEST | Press release
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has won the 2021 Microsoft Partner of the Year Award in the Modernizing Applications category. In addition, Wipro was also named as a category finalist in the 2021 AI Partner of the Year category, solidifying its reputation as an innovator in multiple sectors. This recognition highlights Wipro’s deep expertise and ability to go above and beyond for its customers, powered by an established partnership with Microsoft. Even when working with complex customer environments, spanning across hundreds of servers with different applications of different versions, Wipro was able to help customers meet their business needs and leverage the power of public cloud in an efficient way. “Global enterprises have embraced modernization at an unprecedented scale and pace, and the demands of the past year show no sign of easing. We are honor
Merck Announces Appointment of Head of China & International for Healthcare23.7.2021 13:45:00 CEST | Press release
Merck, a leading science and technology company, today announced that Hong Chow will join its Healthcare business sector as Head of China & International on October 1. In this role at Merck, Chow will lead China, Japan as well the regions Europe, Latin America, Asia-Pacific and Middle East, Africa and Russia, the franchise of Cardiovascular Metabolism & Endocrinology (CM&E), and the Global Business Innovation team. Chow will report to Peter Guenter, Member of the Executive Board of Merck and CEO Healthcare. She will serve as a member of the Healthcare Executive Committee, and be based in Shanghai, China. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210723005186/en/ Merck Announces Appointment of Head of China & International for Healthcare (Photo: Business Wire) “Hong’s international experience and strong track record of bringing innovative medicines to patients in need across both developed and emerging markets, most nota
H.I.G. WhiteHorse Refinances Grupo Recoletas23.7.2021 13:03:00 CEST | Press release
H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital ("H.I.G.") is pleased to announce that it has arranged a refinancing package for Grupo Hospitalario Recoletas (“Recoletas”), which includes a significant growth capital component. Recoletas is a family-owned Spanish private hospital operator headquartered in Valladolid, Spain, with a leading position in the Castilla y Leon Spanish inland region. It operates 8 hospitals with c. 540 beds and 13 medical centres across 7 regions. H.I.G. WhiteHorse has committed €110 million in unitranche loans to refinance the borrower's existing indebtedness and provide additional capital to finance growth, supporting the Company’s expansion. Recoletas is currently developing ambitious projects to expand its healthcare services provided through hospitals and medical centers, as well as diagnostic imaging centers and radiotherapy units. Amando J. Rodríguez, President and CEO of Grupo Hospitalario Recoletas, said: “We are very ha
Schlumberger Announces Second-Quarter 2021 Results23.7.2021 12:50:00 CEST | Press release
Schlumberger Limited (NYSE: SLB) today reported results for the second-quarter 2021. Second-Quarter Results(Stated in millions, except per share amounts)Three Months EndedChangeJun. 30, 2021Mar. 31, 2021Jun. 30, 2020SequentialYear-on-yearRevenue* $5,634 $5,223 $5,356 8% 5% Income (loss) before taxes - GAAP basis $542 $386 $(3,627) 40% n/m Net income (loss) - GAAP basis $431 $299 $(3,434) 44% n/m Diluted EPS (loss per share) - GAAP basis $0.30 $0.21 $(2.47) 43% n/m Adjusted EBITDA** $1,198 $1,049 $838 14% 43% Adjusted EBITDA margin** 21.3% 20.1% 15.6% 118 bps 561 bps Pretax segment operating income** $807 $664 $396 22% 104% Pretax segment operating margin** 14.3% 12.7% 7.4% 162 bps 694 bps Net income, excluding charges & credits** $431 $299 $69 44% 525% Diluted EPS, excluding charges & credits** $0.30 $0.21 $0.05 43% 500% Revenue by Geography International $4,511 $4,211 $4,224 7% 7% North America* 1,083 972 1,097 11% -1% Other 40 40 35 n/m n/m $5,634 $5,223 $5,356 8% 5% *Schlumberger di
Wyss Center Partners With Artiria Medical to Accelerate a Novel Therapy for Cerebral Vasospasm23.7.2021 11:59:00 CEST | Press release
The Wyss Center and Artiria Medical today announced a new partnership to accelerate the translation of a novel technology that has the potential to reduce deaths and improve quality of life for stroke patients. Artiria Medical, an early-stage medical device company focused on disruptive neurovascular products, has been developing the technology and is now joining forces with the Wyss Center, a non-profit organization dedicated to bringing state-of-the-art therapies to the patient. The team has received support from the Swiss Innovation Agency, Innosuisse, to test and validate the efficacy of the therapy preclinically, in preparation for human clinical studies. Stroke is the third leading cause of disability worldwide with more than 80 million people living with long-term impairments as a result. Some strokes result in bleeding in the brain. Such hemorrhagic strokes can lead to severe cerebral vasospasm - an uncontrolled contraction of brain arteries - in the days that follow, depriving