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Advent buys Mexican high street retailerAdvent buys Mexican high street retailer
John Rimmer
31-May-2006
The private equity firm, main shareholder of Dufry Group, has bought discount clothing retailer Milano for $200m
Private equity firm Advent International has bought Mexican fashion retailer Milano for $200m. The company runs 257 stores in 120 cities worldwide and recorded sales of $260m last year.Advent has appointed Eduardo Zea as CEO at Milano, backed by chief financial officer Luz Maria Gutierrez and chief operating officer Alfredo Manzano.
"We are excited to be part of this iconic company and look forward to working with Advent and the rest of the investor group to guide Milano's growth," said Zea, who joins Milano from Sears de Mexico. "We will continue offering our customers the value for which they have trusted Milano for generations. Our plan is to improve their shopping experience and broaden the company's reach by opening new locations throughout Mexico."
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(28-Oct-2005) - The powerful private equity group behind Dufry Group and Mexican airport caterer Aerocomidas has raised $375m to invest in new Latin American business
(7-Jun-2007) - The private equity group has placed a further 12.33% of the retailer on the stock exchange, reducing its holding to 36.67%
(25-Jan-2005) - The two companies, partners in the Sintres company which acquired 75% of Dufry last year, have agreed to split the remaining 25% of the Swiss retailer
(15-Jan-2008) - Advent International already holds a majority share in Dufry Group and has investments in several other travel-retail concessions
(10-Feb-2004) - Swiss travel retailer Dufry has confirmed that it is to be sold within weeks, following a notice that investment firm Advent International is to acquire the company