Latin American Private Capital Update - June 15, 2021Latin American Private Capital Update June 15, 2021 | | | The LAVCA Private Capital Update is a bi-weekly email featuring industry news, research, events, and updates on investors from private equity, venture capital, real estate, infrastructure, and family offices in Latin America. |
| 🏆 LAVCA's Seventh Annual Latin American Private Capital ESG Deal Awards recently awarded Mesoamerica a 2021 Social Responsibility Honorable Mention for their investment in the Colombian milk company Alquería.
Colombia’s dairy sector is highly concentrated. Although it is comprised of more than 320,000 raw milk producers, four large industrial milk processors alone — Alpina, Alquería, Colanta and Nestlé — purchase more than half of the country’s production.
Alquería has a distribution network exceeding 170,000 points of sale and the company’s annual sales are surpassing USD300m. Although Alquería was on the brink of bankruptcy in the early 2000s, today the company is a market leader in the Colombian milk industry as a result of its focus on technological innovation and social and environmental initiatives.
Mesoamerica acquired a 35% stake in Alquería in May 2019, which included the acquisition of a minority stake from IFC. Since then, Alquería and Mesoamerica have established a “partnership with purpose” — one that boosts profitability while also improving the quality of life for all stakeholders.
With this investment, Alquería created a plan with clear objectives, strategies and metrics to drive the company’s transformation in the next five years. A board of directors was established with participation from independent professionals, including seasoned dairy executives and industry leaders in digital transformation. Rafael Alvarez, an executive with extensive experience in the beverages sector, was brought on board to implement the company’s transformation strategy. In addition, Alqueria started using GRI standards in 2019 and is in the process of being certified as a B Corporation.
Over 3,000 raw milk suppliers benefit from Alqueria’s “Vaca Madrina” program, which teaches farmers how to increase milk production efficiency through sustainable farming and technological innovation.
DOWNLOAD LAVCA's deal case featuring Mesoamerica's investment in Colombia-based milk company Alqueria here.
VIEW the full list of winners of the Seventh Annual Latin American Private Capital ESG Deal Awards here.
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| LAVCA, in collaboration with EMPEA, is pleased to announce Cultivating LP Relationships in the Pandemic Era,
the second virtual training in the Inside Private Capital series, a groundbreaking education training platform for GP and LP members.
The program will take place on July 14, 8:15am - 11:30am ET.
LAVCA members will be given special consideration to participate in module two at the discounted rate.
The sessions will address the criteria LPs are using to evaluate new GP commitments in the current environment. Practitioner faculty will provide practical insight into how GPs can initiate, maintain and strengthen relationships with LPs in an environment that doesn’t allow for face-to-face meetings, and explain new expectations around operational due diligence, from compliance to background checks.
Session 1: Adapting LP Relationship Building to 2021 Realities
Practitioner faculty:
> Mounir “Moose” Guen, Chief Executive Officer, MVision
> Pamela Fung, Executive Director, Head of Asia Pacific, Morgan Stanley Alternative Investment Partners
Session 2: Navigating Operational Due Diligence in the Current Environment
Practitioner faculty:
> Mike Coppens, Head of Business Risk Management, Cambridge Associates
> Benjamin Murray, Chief Operating Officer, Cypress Creek Partners
REGISTER here. For any questions, please contact education@lavca.org. | | |
| 📢 SAVE THE DATE! LAVCA Week is scheduled for September 20-23, 2021.
The conference will engage LAVCA’s broader network of private capital investors from the US, Canada, Europe, Asia and Latin America for a highly interactive experience, including discussions on the latest trends and the outlook of the private capital industry.
Participation is open to LAVCA members, non-member private capital investors and qualified institutional investors. Activities include:
• Main Stage Sessions
• Breakouts
• Invitation-Only Roundtables
• Networking
STAY TUNED for additional information about the virtual format and agenda. | | |
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Private Equity News
L Catterton Files to Raise USD200m for Latin America-Focused SPAC (Renaissance Capital) L Catterton Latin American Acquisition, a blank check company formed by L Catterton, filed with the SEC to raise up to USD200m (offering 20m units at USD10) in an initial public offering. Read more
Kinea Exits Centro Clínico Gaúcho (CCG) via BRL1.06b Sale to Notre Dame Intermédica (em português) (Money Times) Kinea Investimentos exited health provider Centro Clínico Gaúcho (CCG) via a BRL1.06b sale to Notre Dame Intermédica. Read more
SoftBank to Invest Up to USD150m in Grupo Bursatil Mexicano (GBM) (TechCrunch) SoftBank, via its Latin America Fund, has committed up to USD150m to Grupo Bursatil Mexicano (GBM), an investment brokerage platform in the Mexican stock market. Read more
Crescera Exits from Afya via Sale to Bertelsmann (Brazil Journal) Crescera Capital sold its remaining 25% stake in Brazil-based medical education group Afya to German-based media conglomerate Bertelsmann, achieving a full exit. With this transaction, Crescera will finish divesting its Growth III fund. Read more
IFC Commits USD100m to Cerberus Emerging Market Special Situations Fund (Private Debt Investors) IFC has committed USD100m to Cerberus Emerging Market Special Situations Fund. The vehicle, which is managed by Cerberus Capital Management, will invest in credit opportunities in emerging markets, primarily targeting stressed/distressed companies in Latin America and the Caribbean. Read more
Darby International Capital Invests in IBT Health (Press Release) Darby International Capital has made an undisclosed investment in Peru-based healthcare operations provider IBT Health. Read more
Kinea Investimentos Launches BRL2b Fund V (em português) (Brazil Journal) Kinea Investimentos has launched Fund V with a BRL2b target. The vehicle will focus on healthcare, education and technology companies, as well as specific service providers. Read more
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Venture Capital News
SoftBank and Viking Global Lead USD250m Round for Mexican Payments Platform Clip (Press Release) SoftBank Latin America and Viking Global Investors led a USD250m round for Clip, a Mexican POS manufacturer and digital payments platform, at a reported USD2b valuation. Read more
Berkshire Hathaway Leads USD750m Series G Extension For Nubank (TechCrunch) Berkshire Hathaway led a USD750m Series G extension for Nubank, with participation from Sands Capital, Verde Asset, Absoluto Partners, MSA Capital, CPP Investments and Sunley House at a reported USD30b valuation. Read more
Lightrock Leads BRL700m Series C for Brazilian Bus Ticketing Platform Buser (Press Release) Lightrock led a BRL700m (~USD138.6m) Series C for Buser, a Brazil-based bus ticketing platform, with participation from Iporanga Ventures and follow-on from SoftBank, monashees, Valor Capital Group, Globo Ventures and Canary. Read more
Prosus Ventures and KASZEK Invest USD40m in Last-Mile Delivery 99 minutos (TechCrunch) Prosus Ventures and KASZEK invested USD40m in 99 minutos, a Mexican last-mile delivery company for e-commerce platforms. 99 minutos acquired Chilean last-mile delivery startup MuvSmart in 2020; Engie Factory invested in the company that same year. Read more
Enlightened Hospitality Investments Invests in Chilean Foodtech NotCo (Press Release) Enlightened Hospitality Investments invested in Chilean foodtech NotCo. NotCo raised a USD85m Series C in a round led by L Catterton and Future Positive in 2020. Read more
Seaya Ventures Leads BRL30m Round for Brazilian IoT Asset Platform Fracttal (em português) (Startupi) Seaya Ventures led a BRL30m round for Fracttal, a Brazilian IoT asset management platform with operations in Chile, Brazil, Mexico and Colombia, with participation from GoHub Ventures. Read more
DGF Investimentos Leads BRL17m Round for Brazilian Industrial Platform Tractian (em português) (Índices Bovespa) DGF Investimentos led a BRL17m round for Tractian, a Brazilian industrial equipment maintenance management platform, with participation from MFO Citrino. Read more
Y Combinator, InQlab and Streamlined Ventures Invest USD12m in Colombian Pet Goods E-Commerce LAIKA (en español) (Soy Startup Latam) LAIKA, a Colombian e-commerce platform for pet goods and services, raised a USD12m Series A from Y Combinator, InQlab, Streamlined Ventures and angel Justin Mateen (Tinder). Read more
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Real Assets News
EIG-Backed Solar Power Plant Cerro Dominador Begins Full Operations (Press Release) EIG-backed solar power plant Cerro Dominador began its full operations following a successful synchronization with the Chilean National Electrical System. Read more
BTG Pactual, BCI & APG to Acquire Chilean Timberland Assets for USD385.5m (BCI) BTG Pactual’s Timberland Investment Group, alongside Canada’s British Columbia Investment Management Corporation and pension provider APG, has agreed to acquire Chilean timberland assets from Arauco for USD385.5m. Read more
Darby International Capital Sells Stake in Ocensa (Press Release) Darby International Capital has sold its stake in Colombian oil pipeline Ocensa to Spain-based AI Candelaria for an undisclosed amount. Read more
Appian Capital Advisory to Sell the Caserones Copper Royalty to Nomad Royalty for USD23m (Press Release) Appian Capital Advisory has entered into an agreement to sell the Chile-based Caserones copper royalty to Nomad Royalty for USD23m. The transaction is subject to approval. Read more
Ore Investments Invests BRL30m in Copper & Gold Project in Carajás (em português) (Conexão Mineral) Ore Investments has invested BRL30m in copper and gold project in the province of Carajás, in Pará, Brazil. Read more
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| LAVCA Members receive a discount on select events. For information, contact Catalina Santos. |
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Investment in Latin America
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