The Mexican Economic Development Company (FEMSA) announced on Monday that it successfully completed the divestment of its refrigeration equipment and food service operations, Imbera and Torrey , for a total amount of eight billion pesos (mdp) , net of cash and debt.
In a statement, FEMSA reported that the transaction was announced on July 17 with Mill Point Capital LLC , a private equity firm.
Enrique González Zorrilla , director of Strategic Projects at FEMSA, posted on his LinkedIn profile about this operation, which took place this Monday.
“Today, the divestment of our refrigeration and foodservice businesses, Imbera, Repare, Torrey and Cooking Depot, to a private equity fund, Mill Point, was authorized. We continue to execute the FEMSA Forward focus and growth strategy.
These businesses are leaders in their industry, with a great sense of innovation with the customer at the center. They are great businesses, with a long tradition in FEMSA, and we are sure that with Mill Point as owners there will be a focus on their development and growth, both of the business and of its executives and employees.
We wish Mill Point and our colleagues the best of luck in this new stage!” wrote the executive.
It is worth remembering that last October, Grupo Traxión announced that it signed an agreement for the acquisition of Solistica , one of FEMSA’s business units.
“Traxión informs the investing public that it has signed an agreement to acquire Solística, a comprehensive logistics services company, a subsidiary of Grupo FEMSA. Solística has an asset-light model that offers 3PL and freight brokerage services, with operations in Mexico, Brazil and Colombia, with a leadership position in its business lines, particularly in the north of the country,” Traxión said in a statement.
This transaction, which is subject to regulatory approval, is expected to be completed in the first quarter of 2025.
The agreed price for this operation is approximately 4,060 million pesos , on a debt-free and cash-free basis, and will be paid in cash.
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