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Alsea completes sale of stake in Grupo Axo
Alsea has announced that it has completed the sale of its minority stake in Mexican fashion retailer Grupo Axo to private equity firm General Atlantic for 1.6 billion pesos ($55m).
“[Alsea] announces that it has successfully concluded the process of selling its minority interest in Grupo Axo's share capital and the agreement entered into with General Atlantic to acquire Alsea's minority interest in Grupo Axo’s subsidiaries in Chile,” said a statement from Alsea.
Meanwhile, Axo, which distributes brands such as Victoria’s Secret and Tommy Hilfiger in Mexico, said the new investor will drive success and growth for the business.
Grupo Axo announced at the end of May a strategic growth investment from General Atlantic, a leading global growth equity firm which has previously partnered with labels like Tory Burch and Snapchat.
The partnership was secured after Alsea agreed to sell its 25% stake in the company. It had acquired the stake in June 2013.
Founded in 1994 and headquartered in Mexico City, Grupo Axo had more than 4,570 points of sale in department stores and more than 500 boutiques in Mexico and Chile by the end of the second quarter. It sells brands including Abercrombie & Fitch, Bath & Body Works, Brooks Brothers, Brunello Cucinelli, Express, Guess, Hollister, Kate Spade, Tommy Hilfiger and Victoria's Secret.
General Atlantic, established in 1980 and headquartered in New York, is a leading global growth equity firm that provides capital and strategic support for growing businesses. Currently, the company employs more than 100 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, and Singapore.
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