M&A Newsletter — February 2023

Multinational Atrys Health reached a definitive agreement to acquire Cuidarte, operator of a healthcare clinic based in Mexico City owned by Mexico's Grupo SOHIN, for an undisclosed amount.

Magistral del Oro Tailings Project, a milling and tailings mining project based in Santa María del Oro Durango owned by Canada's Tarachi Gold (CNSX: TRG), is in talks to be acquired by Compañía Minera Coronado for USD $5.70 million.

Canada's Excellon Resources (TSE: EXN) reached a definitive agreement to acquire Minera La Negra, a silver, zinc, copper and lead mine based in Querétaro, Mexico, for USD $50.00 million.

Mexico's Te Facturo, a technology-software developer for businesses based in Guadalajara, Jalisco, was acquired by Mendel for an undisclosed amount.

Rancho Costa Verde Development, provider of a beachfront residential community based in the Puertecitos coastal corridor, Baja California, was acquired by International Land Alliance (PINX: ILAL) for USD $13.50 million.

Romania's Vel Pitar, a producer of preservative-free bakery products based in Bucharest, was acquired by Grupo Bimbo (MEX: BIMBOA) for an estimated EUR €200.00 million.

Mexico's Cemex (MEX: CEMEXCPO) reached a definitive agreement to acquire the portfolio of assets based in Newfoundland, Canada owned by Atlantic Minerals for an undisclosed amount.

Colombia's Hogaru, a professional cleaning-services provider based in Bogotá, was acquired by Homely for an undisclosed amount.

U.S.-based Santanera Tequila, a blue-agave tequila producer based in New York, was acquired by Casa Maestri for an undisclosed amount.

Israel's SHTANG Recycle, a recycling company aimed at creating a system that applies recycled products to eco-friendly construction, based in Or Yehuda, was acquired by Cemex (MEX: CEMEXCPO) for an undisclosed amount.

The Federal Government reached an agreement to acquire the assets owned by the labor unions of the now-defunct Mexicana de Aviación, a Mexican air-transportation company declared in insolvency proceedings in 2010, for MXN $816.00 million.

Mexico's GetIn, a developer of a retail-analytics tool designed to measure in-store traffic, based in Mexico City, closed a funding round of USD $750,000.00 with LDM Capital.

Mexico's Ridian, a developer of an investment platform designed to provide investment opportunities through blockchain technology, based in Mexico City, closed a funding round for an undisclosed amount with Nazca.

Mexico's Zenfi, a developer of a financial application designed to improve consumer finances, based in Zapopan Jalisco, closed a funding round of USD $8.50 million led by Magma Partners. Redwood Ventures and four other investors also participated in this round.

Mexico's Pulppo, an operator of a real-estate technology platform based in Mexico City, closed a seed funding round of USD $5.00 million led by Boost Capital, DAAL and 1984 Ventures. Y Combinator and other undisclosed investors also participated in this round.

U.S.-based Scouter, an operator of an online vacation-property rental platform based in Maine, closed a funding round of USD $250,000.00 led by Walter Hartleben, Gustavo Murillo and Otto. Other undisclosed investors also participated in this round.

Romania's Ringhel, operator of a business-integration platform designed to simplify and accelerate the digital transformation of energy companies based in Bucharest, closed a financing round of EUR €100,000.00 with Ascendis Capital.

Mexico's Amplifica Capital, a venture-capital fund focused on increasing women's economic participation, completed the closing of its first fund at USD $11.00 million. The proceeds will be directed toward supporting technology companies led by women in Mexico and Latin America.

We would like to congratulate our friends at Capital Índigo, a private debt and equity fund specializing in alternative-asset investments for mid-sized companies, on the first close of its Fondo Índigo Deuda Privada 3 in an amount of approximately MXN $3,300.00 million. Índigo Deuda Privada 3 is a private credit fund focused on providing financing of between $80 and $300 million pesos to mid-sized Mexican companies across various sectors and industries. The fund's objective is to support profitable companies with revenues of approximately between $100 and $1,000 million pesos, enabling them to exponentially accelerate their growth. Capital Índigo specializes in investing in alternative assets that transform mid-sized companies into engines of innovation, economic growth, and social and environmental well-being, generating a significant impact on the lives of its team, investors, partners and entrepreneurs. This first close saw the participation of 3 of the most prominent and active afores in alternative investments in Mexico.

Mexico's Medsi, a health-financing services provider designed to offer credit for patient treatment or surgeries based in Mexico City, closed a debt-financing round in the form of a loan of USD $10.00 million with Capem.

Mexico's Kapital, a developer of a banking platform designed to provide treasury visibility and control based in Mexico City, closed a seed financing round of USD $30.00 million in a combination of USD $10.00 million in cash and USD $20.00 million in convertible debt and SAFE notes, led by Tenacity Venture Capital. Telesoft and 14 other investors also participated in this round.

Mexico's Arrenda Business Solutions, a loan and credit-financing services provider for entrepreneurs and SMEs based in Guadalajara, Jalisco, closed a debt-financing round in the form of a loan of MXN $1,000.00 million with International Finance Corporation.

Almacenadora Afirme (MEX: AFIRALM) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) for MXN $3,049.18 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Arrendadora Afirme (MEX: AFIRMAR) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) for MXN $209.55 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Start Banregio (MEX: START) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) for MXN $715.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Arrendadora Actinver (MEX: ARREACT) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $704.18 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Factoraje Afirme (MEX: AFIRFAC) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $66.40 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Ford Credit de México (MEX: FORD) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $418.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

GM Financial de México (MEX: GMFIN) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $1,400.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Navistar Financial (MEX: NAVISTS) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $215.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Toyota Financial Services México (MEX: TOYOTA) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $200.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Paccar Financial México (MEX: PCARFM) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $548.50 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Financiera Bepensa (MEX: FINBE) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $419.05 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

Grupo Minsa (MEX: MINSA) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $250.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

Cetelem (MEX: CETELEM) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $550.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Volkswagen Leasing (MEX: VWLEASE) completed the placement of market securities (certificados bursátiles) in the amount of MXN $1,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

ION Financiera (MEX: ION) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $94.87 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Compañía Minera Autlán (MEX: AUTLAN) completed the placement of market securities (certificados bursátiles) in the amount of MXN $100.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and Intercam Casa de Bolsa.

Sistema de Crédito Automotriz (MEX: SICREA) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $78.43 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Grupo Carso (MEX: GCARSO) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $5,450.00 million on the Bolsa Mexicana de Valores (BMV) through Inbursa, Casa de Bolsa.

Fondo Especial para Financiamientos Agropecuarios (BIVA: FEFA) completed the placement of short-term fiduciary market securities (certificados bursátiles fiduciarios de corto plazo) in the amount of MXN $1,260.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Sofoplus (BIVA: SFPLUS) completed the issuance of short-term market securities for MXN $50.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Ve por Más.

Grupo Traxión (BIVA: TRAXION) completed the issuance of short-term market securities for MXN $100.00 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa.

China's Noah Itech, a design, installation and automation-support services provider for the 3C manufacturing industry based in Santa Catarina, announced the establishment of a new plant in Nuevo León with an investment of USD $100.00 million.

Mexico's Grupo La Comer, operator of a nationwide supermarket chain based in Mexico City, completed the opening of its Fresko Lomas store based in San Luis Potosí with an investment of MXN $665.00 million.