FEMSA announces agreement with Mill Point Capital to divest FEMSA’s refrigeration and foodservice equipment operations
July 17 2024 - 5:00PM
Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the
“Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced it has
reached a definitive agreement with Mill Point Capital LLC, a
leading private equity firm, to divest FEMSA’s refrigeration and
foodservice equipment operations, Imbera and Torrey, for a total
amount of $8,000 million pesos, on a cash-free, debt-free
basis.
This transaction represents an additional step
in the continued execution of the FEMSA Forward plan that was
communicated in February of 2023. The transaction is subject to
regulatory approvals and other customary conditions, and is
expected to close in the following months.
About FEMSAFEMSA is a company
that creates economic and social value through companies and
institutions and strives to be the best employer and neighbor to
the communities in which it operates. It participates in the retail
industry through a Proximity Americas Division operating OXXO, a
small-format store chain, and other related retail formats, and
Proximity Europe which includes Valora, our European retail unit
which operates convenience and foodvenience formats. In the retail
industry it also participates though a Health Division, which
includes drugstores and related activities and Digital@FEMSA, which
includes Spin by OXXO and Spin Premia, among other digital
financial services initiatives. In the beverage industry, it
participates through Coca-Cola FEMSA, the largest franchise bottler
of Coca-Cola products in the world by volume. Across its business
units, FEMSA has more than 392,000 employees in 18 countries. FEMSA
is a member of the Dow Jones Sustainability MILA Pacific Alliance,
the FTSE4Good Emerging Index and the Mexican Stock Exchange
Sustainability Index: S&P/BMV Total México ESG, among other
indexes that evaluate its sustainability performance.
About Mill Point Capital
LLCMill Point Capital LLC is a private equity firm focused
on control investments in lower-middle market companies in North
America across the industrials, business services and IT services
sectors. Mill Point’s experienced team of investors and Executive
Partners seek portfolio company value enhancement through rigorous
implementation of transformative strategic initiatives and
operational improvements. Mill Point is based in New York, NY. For
more information, please visit www.millpoint.com.
Investor Contact
(52) 818-328-6000
investor@femsa.com.mx
femsa.gcs-web.com
Media Contact
(52) 555-249-6843
comunicacion@femsa.com.mx
femsa.com