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
Hexagon Semi’s HX77 AR Display Processor Achieves Ultra-Low Power Consumption with VeriSilicon’s Nano IP Portfolio10.3.2026 01:00:00 CET | Press release
VeriSilicon’s Mature GPU, Display Processing, and DeWarp IPs Collaboratively EnableHighlyIntegrated, Low-Latency AR Display Processing VeriSilicon (688521.SH) today announced that Hefei Hexagon Semiconductor (Hexagon Semi), an image processing SoC provider, has adopted VeriSilicon’s proven IP portfolio in its high-performance HX77 series image processing SoC. The adopted IPs include the GCNanoUltraV 2.5D Graphics Processing Unit (GPU) IP, DW100 DeWarp Processing IP, and DC9200Nano Display Processing IP. The SoC has successfully taped out, achieving a first-pass silicon success. The HX77 series is a highly integrated, low-power image processing SoC based on RISC-V architecture, integrating comprehensive video input/output interfaces, image processing, and system control capabilities. By leveraging an innovative heterogeneous computing architecture and sophisticated power management technology, HX77 has successfully achieved a technological breakthrough that enables 2K@60fps output with
Operio Group Named Distributor for Schaefer Technologies in the United Kingdom and European Union9.3.2026 22:00:00 CET | Press release
Operio Group has signed a distribution agreement with Schaefer Technologies, a manufacturer of semi-automatic encapsulation equipment. Operio Group, a holding company building a global group of brands serving the solid dose manufacturing industry, will be the official distributor of Schaefer Technologies’ products in the United Kingdom and the European Union. Schaefer Technologies develops semi-automatic capsule filling systems, including equipment that produces banded capsules for liquid and pellet formulations used by nutraceutical and pharmaceutical manufacturers. Leadership from both companies worked together to establish the agreement, including Kevin Schaefer, CEO of Schaefer Technologies Inc., and Alastair Sanderson, Chief Business Development Officer at Operio Group. “Schaefer Technologies is looking forward to our new relationship with Operio Group,” said Schaefer. “Their understanding of the pharmaceutical equipment market makes them a strong partner as we combine our experti
Kinaxis Goes All-In on Innovation at Upcoming Kinexions in Las Vegas9.3.2026 19:00:00 CET | Press release
Annual customer conference will bring together global supply chain leaders to explore the latest trends, best practices and technologies in AI-powered planning, decision-making and agentic innovation Registration is officially open for Kinexions North America, the premier global supply chain orchestration conference hosted by Kinaxis® Inc. (TSX: KXS). Taking place June 1–3 in Las Vegas, Nevada, the event brings together supply chain leaders, innovators and practitioners from around the world to explore how organizations can leverage AI-driven strategies and technologies to connect data, people and decisions. After a year defined by market volatility, geopolitical risk and disruption, this year’s conference will focus on how intelligent supply chain orchestration enables organizations to move beyond reactive planning to building true enterprise adaptability. The program promises to be the most immersive and future-forward Kinexions yet, with renowned author, entrepreneur and innovation
InterSystems Appoints Former NHS and Mass General Leader Dr. Tim Ferris as Vice President, Healthcare Practice9.3.2026 17:00:00 CET | Press release
InterSystems, a creative data technology provider powering more than one billion health records globally, today announced the appointment of Tim Ferris, M.D., as Vice President, Healthcare Practice. The announcement comes as healthcare leaders gather for the 2026 HIMSS Global Health Conference & Exhibition. In this role, Dr. Ferris will leverage his comprehensive view of the industry to help drive the clinical and strategic direction of the company’s healthcare solutions worldwide. Drawing on his vast experience, he will serve as a strategic advisor to global health systems and governments, engineer targeted technology solutions based on real-world executive needs, advance his academic research on health data architecture and lead public discourse on the intersection of AI and care delivery. Dr. Ferris brings a unique global perspective to InterSystems that is virtually unmatched in healthcare. His career spans 30 years as a practicing primary care physician, executive leadership at pr
Radial Selects Riskified to Power Payment Fraud and Refund/Return Protection for Merchant Client Portfolio9.3.2026 15:00:00 CET | Press release
The partnership brings Riskified’s AI-powered platform for payment fraud, refund claim, and return abuse protection to Radial’s global network of merchants Riskified (NYSE: RSKD), a leader in ecommerce fraud and risk intelligence, today announced a strategic partnership with Radial, a leading 3PL set to become Paxon later this year. Radial will integrate with Riskified’s AI-powered platform to help its merchants approve more legitimate orders and reduce losses from payment fraud, including many merchants that use Shopify as their ecommerce platform. Radial supports many of the world’s most recognized retail brands with a global ecommerce fulfillment network of more than 20 centers across North America, helping merchants deliver orders quickly and cost effectively. By bringing Riskified’s AI-powered fraud decisioning into its commerce ecosystem, Radial gives merchants the surgical ability to calibrate the checkout experience according to risk—without slowing fulfillment. This also suppo
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
