Brazilian conglomerate Americanas S.A. has agreed to purchase Hortifruti Natural da Terra, a fresh food retail chain, from Partners Group, a global private markets firm. The transaction values Hortifruti at an enterprise value of $460 million (BRL 2.4 billion).
Founded in 1989 and headquartered in Rio de Janeiro, Hortifruti is a Brazilian retail chain specializing in fresh products such as fruits, legumes, and vegetables.
Tiago Andrade, head of São Paulo, private equity, Partners Group, said, “We are extremely proud of our successful work with Hortifruti Natural da Terra. During our ownership period, we transformed a family business into a fully professional enterprise, significantly improving the quality of management, processes, and systems. We have built a strong foundation for Hortifruti to enter its next phase of growth and believe it is the ideal time to exit the business on behalf of our clients. We are confident that Americanas is the right institutional partner for all stakeholders to advance the Company, given its omnichannel ecosystem capabilities, which will allow Hortifruti to accelerate both its brick-and-mortar and digital growth. We look forward to seeing the business and its employees continue on this upward trajectory going forward.”
Thiago Picolo, chief executive officer, Hortifruti, commented, “During our partnership with Partners Group, Hortifruti experienced strong growth and a cultural transformation, becoming the leading omnichannel fresh foods retailer in Brazil, which local communities have counted on during the pandemic. Partners Group’s global platform and operational expertise, combined with the high-quality Operating Directors that it appointed to Hortifruti’s Board, were valuable resources as management led the transformation process. We are grateful to Partners Group for their years of hard work and feel well-positioned to continue growing as part of the Americanas family.”
Banco J.P. Morgan S.A. acted as exclusive financial advisors, Lefosse Advogados served as legal advisors, and Alvarez & Marsal served as vendor due diligence advisors to Partners Group.