Patria Investments Announces Divestment of Delly’s from Private Equity Fund V through a Transaction with CVC Capital Partners Fund VIII and Patria’s Private Equity Fund VII
21 6월 2023 - 10:00PM
Patria Investments Limited (“Patria”) (NASDAQ: PAX), a global
alternative asset manager and a leading private equity investor in
Latin America, announced a definitive agreement for the sale of
Delly’s, a leading food service distribution company in Brazil, and
the third largest holding in Patria’s Private Equity Fund V
portfolio. The transaction represents a full divestment from
Private Equity Fund V to funds advised by CVC Capital Partners
(“CVC”), a leading global alternative investment manager, and
Patria’s Private Equity Fund VII.
Together Patria, CVC and Delly’s existing management team will
lead Delly’s into its next phase of growth, aiming to create one of
the largest food distribution companies in South America, expanding
on Delly’s successful track record.
Delly’s has grown from 1% market share at the time of Patria’s
initial investment in 2015 to 11% in 2022, following a
buy-and-build consolidation strategy in a fragmented market which
had more than 400 players. The consolidation strategy, together
with Patria’s intense hands-on operational approach, delivered
consistent and robust operational growth of 67% Net Revenue CAGR
and 60% EBITDA CAGR from 2015 to 2022.
“Delly’s is a great example of diligent execution across each
pillar of Patria’s investment approach, including sector selection,
consolidation strategy and operational value creation,” said
Ricardo Scavazza, Managing Partner and CEO of Private Equity at
Patria. “We are very pleased to complete this chapter of growth
into a market leader in Brazil and return capital for Private
Equity Fund V, and also excited to partner with CVC to further
expand Delly’s into a leading regional player.”
Fernando Pinto, Partner and Head of Latin America at CVC, said:
“We have been impressed by Delly’s compelling position across
categories and a number of key markets, as well as its clear
potential for growth. We are delighted to have agreed to invest in
the business, alongside Patria Investments and in partnership with
the management team. CVC has a deep history and success in
investing in the food value chain and in distribution business
globally and we look forward to bringing this expertise on board to
help support Delly’s long-term value creation strategy and
continued success."
Delly’s CEO Alessandro Chiaramitara said: “We are proud to have
the trust of CVC and continued trust of Patria for our growth
strategy and we value their support and partnership, as we look to
build the largest food service distributor in South America in the
coming years.”
Patria’s Private Equity Fund V is a US$1.8 billion 2015 vintage
fund which has invested in 9 portfolio companies. Based on
valuations as of March 31, 2023, the fund has achieved a gross
multiple of invested capital (MOIC) of 2.3x and a net IRR of 17%,
resulting in $212 million of Net Accrued Performance Fees. Together
with previous divestments, the sale of Delly’s, which was in line
with its most recent quarterly valuation mark, results in nearly
US$600 million of cumulative proceeds secured for Fund V
investors.
Over the last twelve months, Patria has now secured proceeds of
nearly US$2.2 billion for fund investors through divestments in
both Private Equity Fund V and Infrastructure Fund III, reflecting
great progress in the divestment phase of these
funds.
About Patria Investments Patria is a leading
alternative investment firm focused on Latin America, with over 30
years of history and combined assets under management of $27.3
billion, and a global presence with offices in 10 cities
across 4 continents. Patria aims to provide consistent returns
in attractive long term investment opportunities that allow
for portfolio diversification through its Private Equity,
Infrastructure, Credit, Public Equities and Real Estate
products. Through its investments Patria seeks to transform
industries and untangle bottlenecks, generating attractive
returns for its investors, while creating sustainable value for
society. Further information is available at
www.patria.com.
About CVC Capital Partners CVC is a leading
private equity and investment advisory firm with a network of 25
offices throughout Europe, Asia and the US, with approximately €140
billion of assets under management. CVC has six complementary
strategies across private equity, secondaries and credit, for which
we have secured commitments in excess of €165 billion from some of
the world's leading institutional investors across its private
equity and credit strategies. Funds managed or advised by CVC are
invested in over 125 companies worldwide, which have combined
annual sales of approximately €100 billion and employ more than
550,000 people. For further information about CVC please visit:
www.cvc.com.
Patria Shareholder Relations: Josh Wood: +1 917
769 1611 / josh.wood@patria.com
CVC Media Relations:Nick Board: +44 207 420
4200 / nboard@cvc.com
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