M&A Newsletter — July 2022

Mexico's FluidMind Consulting, a human-talent advisory services provider based in Mexico City, was acquired by N2Growth for an undisclosed amount.

RNP México, a manufacturer of rock drills and related spare parts for clients in the mining and construction sectors based in Matehuala, Mexico, reached a definitive agreement to be acquired by Epiroc (STO: EPI A) for an undisclosed amount.

IMDHER Buhler, a manufacturer of animal-feed production machinery based in Mexico, was formed as a joint venture between Bühler and IMDHER. IMDHER will retain a 51% stake in the new company and Bühler the remaining 49%.

Advario (a division of Germany's Oiltanking) and Braskem Idesa reached an agreement to form Terminal Química Puerto México, a joint venture tasked with the construction and operation of an ethane import terminal based in Veracruz, Mexico, with an investment of USD $400.00 million.

Minera Mexicana Rosario (a subsidiary of Great Panther Mining), a mining and exploration services provider based in Guanajuato, Mexico, reached a definitive agreement to be acquired by Guanajuato Silver (TSX: GSVR) for an undisclosed amount.

Cancún FC, operator of a soccer team based in Cancún, Mexico, was acquired by Negocios en Fútbol Profesional for an undisclosed amount.

Smart Adserver, an advertising-technology company operating in Mexico under the leadership of Ana Jiménez and Alexandre Tordjman, completed its acquisition and merger process with DynAdmic and LiquidM. Through this merger, the company transforms into Equativ, which will have a presence in 14 countries and expects to surpass USD $107.00 million in net revenue in 2022 on a global basis.

Mexico's Tienda Pago, a developer of a digital platform designed to provide cashless mobile payments to small merchants based in Mexico City, closed a financing round for an undisclosed amount with IDC Ventures and Co_Capital.

Mexico's Kolors, developer of an AI-powered smart-bus platform designed to assist intercity transportation, closed a funding round of USD $20.00 million led by UP.Partners. Toyota Ventures and 11 other investors also participated in this round.

Mexico's Around, a provider of workspaces designed to help clients' teams be more productive wherever they are, closed a seed funding round of USD $3.80 million led by LEAP Global Partners. August Hill, Andreessen Horowitz, Latitud, Ganas Ventures and Gaingels, among others, also participated in this round.

Mexico's Klar, operator of a challenger bank designed to offer deposit and credit services to Mexican customers, closed a funding round of USD $90.00 million led by General Atlantic, reaching a pre-money valuation of USD $410.00 million. Mouro Capital, Prosus Ventures, Endeavor Catalyst, International Finance Corporation and Acrew Capital, among others, also participated in this round.

Mexico's Kurios, a provider of digital-skills training programs for professionals and companies across Latin America, closed a seed funding round of USD $2.30 million led by Integra Groupe, Necessary Ventures and Combinator. Austen Allred, Dan Sommer, David Berger, simple.Capital and other undisclosed investors also participated in this round.

Mexico's Pagaloop, a credit-financing services provider designed to enable entrepreneurs to finance their own businesses, closed a funding round for an undisclosed amount with Vast Ventures.

Mexico's RetryPay, developer of financial software designed to boost payment conversion without increasing fraud for e-commerce stores, closed a funding round of USD $1.50 million with Mucker Capital.

Mexico's Verqor, developer of an agriculture-based financial software platform that enables farmers to connect with buyers and sellers, closed a funding round of USD $2.50 million led by SP Ventures. Amplifica Capital, Mercy Corps, Magma Partners, AngelHub and MGV Capital Group also participated in this round.

Metabase Q, a cybersecurity-services provider designed to reduce security risk through agile and innovative technologies, based in Mexico City, closed a seed funding round for an undisclosed amount with SYN Ventures.

Mexico's Cubbo, a logistics company focused on the refurbishment of physical spaces for e-commerce businesses based in Mexico City, closed a funding round for an undisclosed amount with undisclosed investors.

Mexico's Verso, operator of a marketing platform aimed at revolutionizing media campaigns based in Zapopan, closed an angel funding round in the form of options for USD $230,500.00 with undisclosed investors.

Mexico's Delta Protect, developer of a cybersecurity platform aimed at providing protection against cyberattacks based in Mexico City, closed a funding round for an undisclosed amount with MGV Capital Group.

Mexico's Solena, a biotechnology-services provider aimed at helping increase agricultural output based in León, closed a funding round for an undisclosed amount with CerraCap Ventures.

Mexico's Fondeadora, a digital-banking services provider aimed at eliminating the inefficiencies of the traditional banking system based in Mexico City, closed a funding round for an undisclosed amount with ALLVP.

Mexico's Eva, developer of a non-invasive breast health technology designed to democratize access to early breast cancer risk assessment based in Puebla, closed a funding round for an undisclosed amount with Browder Capital.

Mexico's Jelp, operator of an online after-sales marketplace aimed at hiring reliable technicians based in San Pedro Garza García México, closed a seed funding round for an undisclosed amount with Whirlpool.

Argentina's Hume, developer of a monthly subscription solution designed to help women purchase contraceptives and access medical consultations in a simple and affordable manner based in Buenos Aires, closed a crowdfunding round for USD $2.70 million with Stonks. Previously, it joined 500 Startups LatAm and received funding of USD $60,000.00.

Brazil's Clubbi, operator of an online consumer-goods marketplace designed to digitize the purchasing process based in Rio de Janeiro, closed a funding round of BRL 62.00 million led by NFX and ALLVP. Valor Capital Group, ONEVC and Better Tomorrow Ventures also participated in this round.

U.S.-based Keyo, developer of a biometric-payments software designed to process in-store payments through an encrypted palm scan based in Chicago, closed a funding round of USD $2.21 million with Liil Ventures, SquareOne Capital, Hard Yaka and other undisclosed investors.

U.S.-based Zenki, developer of a cryptocurrency-payments platform designed for e-commerce transactions based in Delaware, closed a funding round for an undisclosed amount with Holding Monex, BrainStorm Ventures and Angel Ventures México. ID345 also participated in this round.

Ecuador's Kushki, developer of a digital-payments platform based in Quito, closed a funding round of USD $186.00 million led by Magma Partners, DILA Capital and Kaszek, reaching a pre-money valuation of USD $1,310.00 million and attaining unicorn status. Clocktower Technology Ventures, SoftBank Latin America Fund, Hedosophia, Conexo Ventures and Cibersons also participated in this round.

U.S.-based Ghurka, a manufacturer of leather accessories and bags for men and women based in New York, closed a funding round for an undisclosed amount with Ideas & Capital.

U.S.-based Modak, developer of an educational Web3 platform designed to facilitate learning for students and teenagers based in California, closed a funding round of USD $5.30 million led by GGV Capital. Nazca, ONEVC, Monashees, Fabián Gómez and Maya Capital, among others, also participated in this round.

Peru's Talently, developer of an educational platform that provides training and employment opportunities to Latin American technology professionals based in Lima, closed a seed funding round of USD $3.00 million led by 500 Startups LatAm. 500 Global, Alaya Capital Partners, Newtype Ventures, Poder Ventures and Salkantay Ventures, among others, also participated in this round.

U.S.-based Bunkyr, developer of a cybersecurity platform designed to protect companies based in Denver, closed a seed funding round of USD $1.00 million led by Protocol Labs, Soma Capital and Fast VC. Exceptional Capital, Y Combinator, Justin Kan and four other investors also participated in this round.

Mexico's STRADE, a startup focused on the creation and sale of customized sneakers formerly known as Viking Studio, closed a pre-seed funding round of USD $400,000.00 with Platanus Ventures, Blue Zone Ventures, Life is too Short Capital and AngelHub, among others.

Ecuador's Kriptos, an Artificial Intelligence startup that automates the process of classifying and identifying sensitive information, closed a funding round of USD $3.10 million led by Act One Ventures. Angel investors CompuSoluciones Ventures, BuenTrip Ventures and SVLA Venture Capital also participated in the round.

Sportium, a Mexico City-based operator of family sports centers, closed a funding round for an undisclosed amount with Northgate Capital. A portion of the proceeds will be allocated to technology to complement Sportium's traditional offering with digital components.

Mexico's Compartamos Banco, a Mexico City-based provider of microfinance banking services, closed a debt financing round in the form of a loan of USD $50.00 million with IDB Invest.

Latino Media Network reached a definitive agreement to acquire a portfolio of 18 radio stations in eight of the 10 most important Hispanic markets owned by TelevisaUnivision, through its financial sponsor Soros Fund Management via an LBO for USD $60.00 million.

Mind Brands, a Mexico-based provider of vitamin supplements, proteins, skin-care products and related items, was acquired by Mexico's Merama through an LBO for an undisclosed amount.

Chile's Culotte, a Las Condes-based designer and manufacturer of menstrual underwear, was acquired by Merama through an LBO for an undisclosed amount.

Unifin Financiera, a Mexico City-based Mexican leasing company, reached a financing agreement for up to USD $500.00 million with Credit Suisse. The proceeds will be used for general corporate purposes, including the refinancing of indebtedness.

Arrendadora Afirme (MEX: AFIRMAR) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $616.31 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Almacenadora Afirme (MEX: AFIRALM) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $2,145.91 million and USD $2.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Factoring Corporativo (MEX: FACTOR) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $107.50 million on the Bolsa Mexicana de Valores (BMV) through Vector Casa de Bolsa.

ION Financiera (MEX: ION) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $568.45 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

GM Financial de México (MEX: GMFIN) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $2,880.52 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Paccar Financial México (MEX: PCARFM) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $860.16 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Toyota Financial Services México (MEX: TOYOTA) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $519.80 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Volkswagen Leasing (MEX: VWLEASE) carried out the issuance of short-term market securities (certificados bursátiles) in the amount of MXN $3,402.72 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Start Banregio (MEX: START) carried out the placement of short-term market securities for MXN $900.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Mercader Financial (MEX: MERCFIN) carried out the placement of short-term market securities for MXN $76.15 million on the Bolsa Mexicana de Valores (BMV) through Intercam Casa de Bolsa, Casa de Bolsa Banorte and Scotia Inverlat Casa de Bolsa.

Unifin Financiera (MEX: UNIFIN) carried out the placement of short-term market securities for MXN $80.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base and Scotia Inverlat Casa de Bolsa.

Arrendadora Actinver (MEX: ARREACT) carried out the placement of short-term market securities for MXN $470.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Factoraje Afirme (MEX: AFIRFAC) carried out the placement of short-term market securities for MXN $50.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Cetelem (MEX: CETELEM) carried out the placement of short-term market securities for MXN $2,500.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Casa de Bolsa Santander.

Financiera Bepensa (MEX: FINBE) carried out the placement of short-term market securities for MXN $616.28 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and Casa de Bolsa Banorte.

Arca Continental (MEX: AC) carried out the placement of long-term market securities for MXN $4,350.00 million on the Bolsa Mexicana de Valores (BMV) through HSBC Casa de Bolsa and Scotia Inverlat Casa de Bolsa.

Banco Actinver (MEX: BACTIN) carried out the issuance of bank market securities (certificados bursátiles bancarios) for MXN $2,307.28 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Portafolio de Negocios (MEX: PDN) carried out the issuance of short-term market securities (certificados bursátiles de corto plazo) for MXN $200.00 million on the Bolsa Mexicana de Valores (BMV) through CI Casa de Bolsa and Casa de Bolsa Banorte.

Almacenadora Mercader (MEX: ALMER) carried out the issuance of short-term market securities (certificados bursátiles de corto plazo) for MXN $200.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and Casa de Bolsa Banorte.

BBVA México (MEX: BBVAMX) carried out the issuance of bank market securities (certificados bursátiles bancarios) for MXN $10,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Grupo Minsa (MEX: MINSA) carried out the issuance of short-term market securities (certificados bursátiles de corto plazo) for MXN $200.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Banorte and Actinver Casa de Bolsa.

Grupo Herdez (MEX: HERDEZ) carried out the issuance of long-term market securities (certificados bursátiles de largo plazo) for MXN $3,000.00 million on the Bolsa Mexicana de Valores (BMV) through BBVA Casa de Bolsa.

INVEX Controladora (MEX: INVEX) carried out the issuance of long-term market securities (certificados bursátiles de largo plazo) for $2,000.00 million on the Bolsa Mexicana de Valores (BMV) through INVEX Casa de Bolsa.

Factor Exprés (BIVA: FEXPRCB) carried out the issuance of trust market securities (certificados bursátiles fiduciarios) for MXN $150.00 million on the Bolsa Institucional de Valores (BIVA) through Punto Casa de Bolsa.

Grupo Elektra (BIVA: ELEKTRA) carried out the placement of short-term market securities for MXN $1,500.00 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa and Punto Casa de Bolsa.

Mexarrend (BIVA: MEXAMX) carried out the placement of short-term market securities for MXN $189.00 million on the Bolsa Institucional de Valores (BIVA) through Vector Casa de Bolsa.

Promotora MexPac (MEX: XFRA) carried out the placement of energy and infrastructure real estate investment trust certificates for MXN $1,477.06 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Santander and Citibanamex Casa de Bolsa.

Pizza Hut, operator of a multinational restaurant chain, made an investment of EUR €6.90 million in the inauguration of its Corporate Innovation and Development Center based in Querétaro. The Center will serve to supply the company's pizza restaurants located in Mexico, the United States and Central America.

Creze, operator of an online lending platform for SMEs in Mexico, announced a strategic alliance with eSource Capital, a Google Cloud service partner, with the objective of enhancing team workflow organization, real-time file collaboration and data protection.

The Home Depot, a home-improvement, hardware, do-it-yourself and construction-materials retailer, opened its largest national logistics center, located in Tlalnepantla Estado de México, as part of its logistics network strengthening plan, which contemplates an investment of MXN $1,000.00 million between 2020 and 2025.

China's Chirey, an automobile and SUV manufacturer based in Wuhu, made its official debut in Mexico with two SUV models.

Germany's Henkel, a manufacturer of detergents, adhesives, and personal- and home-care products, announced an investment of MXN $840.00 million to build a new distribution center in Toluca.

Mexico's Christus Muguerza, a hospital group with a presence in seven states of the Republic based in Monterrey, announced an investment of USD $50.00 million in technology, medical innovation and operating expenses over the next five years.

Mexico's YoCripto, operator of a digital credit-card platform with Bitcoin rewards based in Mexico City, announced the closing of a partnership with Jumio, an identity-verification and online-payments platform, with the objective of accelerating the card-approval process, reducing fraud and preventing financial crimes.