IL-EQUITY-INTERNATIONAL
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
LambdaTest and SVAM International Inc. Announce Partnership to Transform Quality Engineering for Businesses26.11.2025 18:00:00 CET | Press release
The alliance empowers enterprises with accelerated SDLC cycles, reduced testing effort, and modern AI-driven digital transformation capabilities LambdaTest, a Gen-AI native quality engineering platform, announced a partnership with SVAM International, Inc., a global leader in digital transformation services. This strategic alliance marks a significant step forward in their mission to transform quality engineering for businesses worldwide. The partnership allows LambdaTest to extend its AI-native quality engineering capabilities into SVAM’s extensive digital transformation ecosystem. By integrating with SVAM’s experience in large-scale application development, testing, and delivery across major New York State and City agencies, as well as their platform expertise across Salesforce, ServiceNow, and Dynamics365, LambdaTest will empower more enterprises to modernize their software delivery pipelines. With LambdaTest’s intelligent test orchestration and execution engine at the core, teams c
GLORY Acquires Remaining Equity Shares in Acrelec Group26.11.2025 16:11:00 CET | Press release
Acrelec becomes a wholly owned subsidiary of Glory Glory Global Solutions (International) Ltd, a wholly-owned subsidiary of GLORY Ltd. [TYO:6457], has announced the acquisition of the remaining equity shares in Acrelec Group SAS. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251126039437/en/ Acrelec is a global technology company focused on reinventing the customer experience for restaurant and retail brands. Leveraging decades of software, hardware and service expertise, the company develops and integrates new platforms that increase customer engagement, optimize efficiency and improve operations. With over 120,000 installations across more than 70 countries, Acrelec counts many of the world’s best-known restaurant mega-brands among its customers. We announce that Jalel Souissi has left the Acrelec Group following the completion of the recent share acquisition. Jalel Souissi has played a pivotal role in the development and
Andersen Global styrker sin platform i Tyrkiet med tilføjelsen af medlemsvirksomhed26.11.2025 14:49:00 CET | Pressemeddelelse
Andersen Global udvider sin tilstedeværelse i Tyrkiet, efter at Celen Corporate Property Valuation & Counseling Inc. bliver til Andersen i Tyrkiet, hvilket udvider de kompetencer, der tilbydes under Andersen-brandet i landet. Det Istanbul-baserede firma blev stiftet i 1995 og ledes af Managing Partner Guniz Celen med en bred vifte af ydelser til både nationale og internationale kunder. Med ekspertise inden for finansiering af fast ejendom, værdiansættelse af materielle og immaterielle aktiver samt formueforvaltning leverer den tyrkiske afdeling af Andersen løsninger, der understøtter komplekse finansielle beslutninger for kunder i mere end 18 lande. “Vores mission har altid været at levere løsninger på de mest komplekse udfordringer inden for ejendoms- og investeringssektoren,” sagde Guniz. “At blive en del af Andersen-brandet styrker vores kompetencer som en betroet rådgiver og giver os adgang til globale ressourcer, hvilket gør os i stand til at skabe endnu større langsigtet værdi fo
Cegid Acquires Shine to Accelerate the Path of Becoming Europe's Leading Financial Copilot for SMBs and Accountants26.11.2025 14:00:00 CET | Press release
Transformative combination creates a powerhouse for SMBs and accountants, empowering businesses across Europe by integrating leading suites of e-invoicing, digital accounting, business accounts and payments, and HR solutions into a unified platform. Cegid, a European leader in cloud software for finance, accounting, HR, and retail software, and Shine, a fast-growing European fintech unicorn providing digital business accounts and payments, e-invoicing, accounting, and payroll software to small businesses across Europe, announced today that the companies have entered a definitive agreement to join forces to form a European champion and become a leading provider of software for businesses and their accountants. This transformational combination will create the first fully integrated, cloud-native and AI-driven financial hub for SMBs and accounting professionals in Europe – bringing together market-leading capabilities in e-invoicing, accounting, digital business accounts and payments, ta
U.S. FDA Grants Priority Review to Sonrotoclax for the Treatment of Relapsed or Refractory Mantle Cell Lymphoma26.11.2025 12:00:00 CET | Press release
If approved, sonrotoclax will become the first BCL2 inhibitor for R/R MCL in the U.S., addressing a high unmet need in an aggressive cancerSonrotoclax previously received Breakthrough Therapy Designation based on clinically meaningful, rapid responses in R/R MCLBeOne Medicines will present the data supporting the NDA and Priority Review for the first time at ASH 2025 BeOne Medicines Ltd. (Nasdaq: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced that the U.S. Food and Drug Administration (FDA) has accepted and granted Priority Review to a New Drug Application (NDA) for sonrotoclax, a next-generation BCL2 inhibitor, for the treatment of adult patients with relapsed or refractory (R/R) mantle cell lymphoma (MCL), following treatment with a Bruton’s tyrosine kinase (BTK) inhibitor. “Sonrotoclax is advancing with remarkable speed, from Breakthrough Therapy Designation to Priority Review, all within a short window,” said Lai Wang, Ph.D., Global Head of R&D at BeOne.
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