Home / Knowledge / News / Advent International acquires Quero-Quero
Advent International acquires Quero-Quero
10
Sep '08
Advent International, the global private equity firm, announced that it has acquired Quero-Quero, a leading home-improvement retailer in the south of Brazil.

Quero-Quero's selling shareholders have retained a minority stake in the company. The value of the transaction was not disclosed.

Founded in 1967 as a one-store retailer, Quero-Quero has expanded significantly and operates 170 home-improvement stores in small and mid-sized towns across Rio Grande do Sul, a state in southern Brazil.

The stores offer a wide assortment of building materials, home appliances, electronics and furniture.

Quero-Quero also owns a credit card company, VerdeCard, which has two million cards issued through a network of over 20,000 affiliated stores, and a consumer finance company, providing consumer credit, personal loans and extended warranties. Combined, the group has over 3,000 employees and is forecasting sales of US $450 million for 2008.

The acquisition of Quero-Quero was funded mainly by Advent's LAPEF IV fund, which closed on $1.3 billion in July 2007 and is the largest private equity fund in Latin America.

Advent also announced the acquisition of Aerodom, the leading airport group in the Dominican Republic, and in the last 12 months the firm's Latin American team has invested in seven companies with a combined enterprise value of over $2.5 billion.

"Quero-Quero is a very successful company in small and mid-sized communities in southern Brazil," said Luiz Antonio Alves, a Principal in Advent's Sao Paulo office.

"It combines home-improvement retailing and consumer finance services for low-income consumers. Our investment will broaden the company's growth capabilities in two sectors where Advent has significant experience in Latin America."

One of Quero-Quero's key strategic objectives is to become the market leader in all three states of southern Brazil.

"The home-improvement segment is expected to grow rapidly, as Brazil still has a large housing deficit and low-income consumers are becoming more affluent," Mr. Alves said.

"As Quero-Quero seeks to profit from these trends, its consumer finance and credit card businesses will be important differentiating factors, compared with other retailers."

To achieve regional leadership, Quero-Quero plans to open over 200 new stores in the south of Brazil in the next four years.

Additionally, the company will seek to accelerate growth by increasing the number of credit cards issued and expanding VerdeCard's affiliated network of outlets.

Quero-Quero's existing management will continue to oversee the company and drive the growth initiatives. "Quero-Quero has an excellent management team, known for its focus on innovation, large investments in technology and development of a talent pool from the communities where the company operates," Mr. Alves said.

This core executive group will be reinforced by a number of new outside directors with relevant experience in southern Brazil, including Christophe Auger, who has a broad background in the retail sector, having worked for Wal-Mart, Sonae and local retailer Dicico.

Must ReadView All

Textiles | On 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Apparel/Garments | On 25th May 2017

Guess records $458.6 million revenue for Q1 2018

For the first quarter of fiscal 2018, the net revenue of American...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search