IL-EQUITY-INTERNATIONAL
5.10.2020 19:41:04 CEST | Business Wire | Press release
Grupo Acosta Verde (“Acosta Verde” or the “Company”), a Mexican shopping center owner/operator sponsored by Equity International, a private equity firm founded by Sam Zell, successfully completed a merger with a Special Purpose Acquisition Company (“SPAC”) of Promecap, S.A de C.V., a leading private equity firm in Mexico. As a result of the merger, Acosta Verde became a newly formed publicly listed company on the Bolsa Mexicana de Valores trading under the ticker GAV. The Company is internally managed, fostering alignment among shareholders, management, and the board.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201005005822/en/
“Acosta Verde now has a fortress balance sheet with substantial cash to deploy,” stated Tom Heneghan, Chief Executive Officer of Equity International. “The company is actively looking to opportunistically allocate capital to various growth initiatives to enhance scale, liquidity and value for its shareholders.”
Equity International made its first investment in Acosta Verde in 2015. The Company was founded 40 years ago by Jesus Acosta Verde. Since then, the partnership enabled Acosta Verde to double in size from nine shopping centers to 18.
Acosta Verde specializes in the “Sendero” shopping center concept, which is anchored by a hypermarket alongside a high-quality tenant base, focusing on Mexico’s growing middle-class and necessity-based shopping. The centers target the middle-market segment of the Mexican retail sector, which is historically fragmented and underpenetrated. Despite temporary closures due to impacts from the COVID-19 pandemic, all malls are currently reopened, are recovering quickly, and are outperforming many other retail formats given their durable concept. The Company is in the process of launching an online marketplace, which will allow its tenants to sell products online.
“We continue to see strong demand from our consumer base for our shopping center offerings, and we are constantly looking at new initiatives to stay at the forefront of the sector,” said Jesus Acosta Castellanos, Chief Executive Officer of Acosta Verde. “Since Equity International’s investment through year-end 2019, we have achieved same-store-sales growth rates close to 10% and attractive development yields. There is tremendous opportunity in our target market that we believe will continue after the impact of the COVID-19 pandemic subsides.”
“Acosta Verde’s management team has a track record spanning more than three decades of growing high-quality centers and providing great consumer experiences. The addition of an institutional-quality partner and investor such as Promecap further catalyzes growth and positions the company as a leader in Mexico,” added Brian Finerty, Equity International’s Chief Investment Officer. “This is our second portfolio company to go public in 2020 and we are excited to take the next step in the evolution of Acosta Verde.”
About Equity International
Founded by Sam Zell in 1999, Chicago-based Equity International Management, LLC (“EI”) is a private equity firm focused primarily on investing outside of the United States. The Firm makes entity level investments in real estate and infrastructure related operating companies, as well as in innovative solutions within the housing sector. EI leverages its network and experience to build institutional businesses alongside strong operating partners. Web: http://www.equityinternational.com Contact Terry Holt +1 (312) 466-3979 tholt@egii.com
About Acosta Verde
Grupo Acosta Verde founded by Jesús Acosta Verde in 1970, is a Mexican real estate company engaged in the development, ownership, leasing and management of shopping malls throughout Mexico. Developer of the successful model of shopping center, Plaza Sendero, where the anchor is represented by the supermarket store and movie theaters, with more than 200 additional commercial spaces in every property. Acosta Verde is strongly committed with its client’s needs, both tenants and consumers; always looking for potential opportunities to satisfy population and market needs; also working day-to-day to maximize the return of investors and partners on each shopping center development. Web: http://www.grupoav.com Contact Edgar Maldonado de los Reyes (+52) 81 1001-9800
About Promecap
Founded by Fernando Chico Pardo in 1997, Promecap is a Mexico based asset management group with ~US$3.6 billion of assets under management. Since inception, Promecap has been primarily focused on creating value for its investors through private and public investments, successfully executing more than 67 private equity investments across different sectors and managing a globally diversified portfolio of public securities and investment funds managed by third parties. Web: www.promecapac.com Contact: Federico Chavez Peón Mijares (+52) 55 1105-0800
Disclaimer
Nothing herein should be construed as an offer to buy or sell any security. Past performance does not guarantee results. Statements or information included herein, including any forward-looking statements are made as of October 5, 2020, and are subject to change. Certain statements represent the views and opinions of the individuals making such statement and do not necessarily represent the views or opinions of the firm or all personnel therein. Due to the rapidly evolving nature of COVID-19, circumstances may be subject to significant and rapid change.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201005005822/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Tennis World Champion Carlos Alcaraz Becomes Global Brand Ambassador for Ant International19.5.2026 05:10:00 CEST | Press release
Global tennis icon Carlos Alcaraz has become the new Global Brand Ambassador for Ant International, a leading global digital payment, digitisation and financial technology provider, and its key brands. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260518952984/en/ (L-R) Ant International CEO Peng Yang and Carlos Alcaraz celebrate Global Brand Ambassador partnership This collaboration underscores Ant International’s commitment to enabling inclusive growth across global markets through a relentless pursuit of world-leading AI-powered payment and fintech solutions for businesses and individuals – a vision that mirrors the fierce energy and inspiration Carlos Alcaraz brings to every match. “Carlos is not only a sporting champion, but the very personification of the core values of tennis for fans worldwide: boundless ambition, unwavering dedication, scalpel precision in delivery, and sportsmanship both on and off the court,” sai
Hitachi Announces Strategic Partnership With Anthropic to Strengthen "Lumada 3.0" Through Frontier AI19.5.2026 02:00:00 CEST | Press release
Combining Hitachi’s 110+ years of domain expertise with frontier AI will advance safe real-world deployment of physical AI and strengthen customer AI transformation Deploying advanced AI across all business processes for approximately 290,000 employees to enhance productivity at scale Developing 100,000 AI professional talent and co-creating new HMAX solutions leveraging proven outcomes from Hitachi’s “Customer Zero” approach Establishing the “Frontier AI Deployment Center,” a global organization spanning North America, Europe, and Asia with an initial team of 100 experts Hitachi, Ltd. (TSE:6501, "Hitachi") today announced a strategic partnership with Anthropic PBC (“Anthropic”), a global leader in AI safety research and trusted AI models, to further strengthen the “Lumada 3.0” business model. As artificial intelligence evolves beyond cyberspace to directly influence real-world systems—otherwise known as physical AI—demand is rapidly growing for the safe and seamless deployment of AI i
Moore Nanotechnology Systems (Nanotech) Will Be Acquired by Shibaura Machine Group to Form a New Ultra-Precision Machine Tool Organization18.5.2026 21:36:00 CEST | Press release
MOORE NANOTECHNOLOGY SYSTEMS (“Nanotech”), today announced that it is being acquired by an affiliate of SHIBAURA MACHINE CO., LTD., an industrial machine-tool manufacturer headquartered in Japan. Founded nearly 30 years ago by Len Chaloux and Newman Marsilius III as a standalone subsidiary of the Moore Tool Company, Inc., Nanotech has become a global leader in the design, development and manufacture of state-of-the-art ultra-precision machine tools and associated processes for the production of advanced optical and reflective components. “As the world’s markets continue to develop, finding the right strategic partnerships is essential,” said Mark Boomgarden, President and CEO of Nanotech. “Partnering with Shibaura allows us to combine the true competencies of both organizations under one management team - affording both companies the ability to scale resources and invest on a global stage like never before.” Co-owner Newman Marsilius IV shared, “Moore Nanotechnology Systems grew to a p
First Guests Arrive at Four Seasons Resort and Residences Red Sea at Shura Island from 20 May, as Red Sea Global Launches First JV Resort18.5.2026 20:06:00 CEST | Press release
RSG and Kingdom Holding Company bring first joint venture-developed resort at The Red Sea to market Red Sea Global (RSG), the regenerative tourism developer, has reached a major milestone as Four Seasons Resort and Residences Red Sea at Shura Island welcomes first guests from 20 May, marking the first joint venture-developed resort within its portfolio to enter the market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260518349628/en/ An aerial view of Four Seasons Resort and Residences at Shura Island, set along the shoreline with clear views of the Red Sea. Developed in partnership with Kingdom Holding Company (KHC), the launch represents a shared milestone for both organizations and marks a new phase in RSG’s development model, highlighting the growing role of institutional and private sector partnerships in scaling Saudi Arabia’s luxury tourism sector. “With Four Seasons preparing to welcome guests, we are significantly
Belkin Advances Towards Carbon Neutrality in Scope 3 Emissions18.5.2026 18:10:00 CEST | Press release
The company’s 2025 Impact Report highlights its continued progress in emissions reduction, circular design, and responsible packaging Belkin, a leading consumer electronics brand for 40 years, published its 2025 Impact Report, highlighting key achievements and reaffirming its commitment to corporate responsibility. Having achieved carbon neutrality in scope 1 and scope 2 emissions in 2025, the company continues to advance toward scope 3 carbon neutrality through enhanced life cycle assessment capabilities and improved supplier and logistics data collection. In 2025, Belkin calculated 131 product carbon footprints across its portfolio, surpassed 21.6 million PCR products sold, and has achieved a 95% reduction in single-use plastic packaging since 2019, reflecting continued progress in carbon reduction and responsible product design. “As we continue to make progress against our sustainability goals, we are taking deliberate steps to reduce our impact,” said Steven Malony, CEO of Belkin.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom