Advent International is buying a 30 percent stake in LifeMiles BV, an airline loyalty plan.

LifeMiles is a loyalty program that has relationships with more than 200 commercial partners, 71 mileage agreements with financial institutions and 28 co-branded credit and debit cards across Latin America. LifeMiles is a subsidiary of Avianca Holdings SA, a company that owns a handful of Latin American airlines.

For Boston-based Advent, the deal comes after it demonstrated continued interest in the region when it closed a $2.1 billion private equity fund specifically for Latin American investments.  The firm's other recent investments include Noosa Yoghurt LLC, which it picked up in November, and Distribution International, which it agreed to buy in December.

Morgan Stanley & Co. LLC acted as Avianca's financial adviser, while Simpson Thacher & Bartlett LLP provided legal advice. Deutsche Bank Securities Inc. was Advent's financial adviser, and Baker & McKenzie

Many other dealmakers have been drawn to Latin America. In June, PPG Industries (NYSE: PPG) bought paint store operator Consorcio Latinoamericano. In April, Carlyle Group (Nasdaq: CG) picked up a stake in medical-care provider Rede D'Or Sao Luiz SA. For more on investing in Latin America, see Latin America: Land of Opportunity for M&A Pros

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