M&A Newsletter — March 2022

A stake held by Ambar Venture Capital in Laudex, a company operating a student-loan platform designed to ensure financial flexibility for undergraduate and graduate students based in Mexico City, was acquired by an undisclosed investor.

Enmex, an enzyme manufacturer serving the food, beverage and animal-nutrition markets based in Tlalnepantla de Baz, Mexico, reached a definitive agreement to be acquired by Kerry Group (DUB: KRZ) for EUR €62.00 million.

Zacatecas Silver (TSX: ZAC) reached a definitive agreement to acquire Esperanza Gold Project of Minas De Oro Nacional (a subsidiary of Alamos Gold (TSX: AGI)), a gold project based in Morelos, Mexico, for USD $60.00 million. The purchase price includes a contingent payment of USD $39.00 million based on the achievement of certain milestones.

Atabay Consulting, a company operating a consulting firm designed to help companies find the right talent, based in Mexico City, was acquired by Horton International for an undisclosed amount.

Los Santos Solar I Project, a 15.8 MWp photovoltaic (PV) solar project based in Chihuahua, Mexico (owned by Buenavista Renewables), was acquired by MPC Energy Solutions (OSL: MPCES) for an undisclosed amount.

NSC Asesores (a subsidiary of Julius Baer Group (SWX: BAER)), a provider of asset-management and financial-advisory services catering to companies and high-net-worth clients based in Mexico City, reached a definitive agreement to be acquired by Stratos Wealth Partners for an undisclosed amount.

A minority stake in Club Necaxa, operator of a sports club and soccer teams based in Aguascalientes, Mexico, was acquired by Messrs. Matt Walsh, Jake Jackson and Nick Gross for an undisclosed amount.

Oman's Octal, a manufacturer of polyethylene terephthalate (PET) products designed to redefine packaging applications, reached a definitive agreement to be acquired by Alpek (MEX: ALPEKA) (a subsidiary of Alfa) for USD $620.00 million.

U.S.-based Midwest Paper Group, a paper-products manufacturing company based in Wisconsin, was acquired by Mexico's Bio Pappel (PINX: CADGF) (a subsidiary of Enverlis) for an undisclosed amount.

Colombia's Ualet, a developer of a robo-advisory application designed to allow anyone to invest in the stock market without being an expert, based in Bogotá, was acquired by Mexico's Fintech company Flink for an undisclosed amount.

Sistema.bio, a manufacturer of prefabricated modular biodigester systems designed to improve the efficiency and quality of life of small-scale farmers, based in Mexico City, closed a financing round of USD $15.60 million led by KawiSafi Ventures and AXA Investment Managers. Engie, Co_Capital, Blink, ElectriFI and Chroma Impact Investment also participated in this round. As part of the transaction, the company received a loan for an undisclosed amount from Triodos Bank.

Teremana Tequila, a company operating an online alcoholic-beverage platform designed to offer small-batch highland tequila, based in Jalisco, Mexico, closed a financing round for an undisclosed amount with Mast-Jaegermeister UK Limited.

MoXi (a subsidiary of The Palisades Group), a Fintech company offering cross-border financing to U.S. citizens seeking to acquire residential properties in Mexico, based in San Jose del Cabo, reached a definitive agreement to receive USD $300.00 million in financing from undisclosed investors.

Flexio, a company operating a digital-payments platform designed to manage client and supplier information, invoices and payments remotely, based in Mexico City, closed a seed financing round of USD $3.00 million led by Costanoa Ventures. Soma Capital, Latitud Fund, Omri Mor, Daniel Kahn and Diego Oppenheimer also participated in this round.

Mexico's Heartbest, a producer of a vegan milk and cheese brand, based in San Luis Potosí, Mexico, joined Yield Lab. Previously, the company closed a financing round of USD $2.00 million led by Blue Horizon Corporation. Other undisclosed investors also participated in this round.

Mexico's Valoreo, operator of an e-commerce holding company focused on acquiring, operating and improving e-commerce businesses in Latin America, closed a financing round of USD $80.00 million led by L. Catterton. Other undisclosed investors also participated in this round.

Mexico's R2 Capital, an embedded financial-services provider aimed at facilitating financial resources for small and medium-sized enterprises based in Mexico City, closed a seed funding round of USD $5.90 million led by General Catalyst. Also participating in this round were Soma Capital, Emles Venture Partners, Y Combinator, 166 2nd Financial Services and other undisclosed investors.

U.S.-based beatBread, operator of a music and finance company aimed at providing funding to musicians based in California, closed a seed and debt financing round led by Deciens Capital, reaching a pre-money valuation of USD $15.00 million. Also participating in this round were Afore Capital, Angel Ventures Mexico, IAG Capital Partners, Mucker Capital and Pandeavor Ventures, among others.

Headout, a developer of a mobile marketplace designed to help travelers discover and book experiences and tours based in New York, closed a funding round of USD $30.00 million led by Glade Brook Capital Partners. Also participating in this round were Nexus Venture Partners, FJ Labs, 500 Startups LatAm, Ranjeet Pratap Singh, Ankit Sobit and Sriharsha Majety.

Colombia's Melonn, a developer of an end-to-end fulfillment platform designed to facilitate product delivery based in Medellín, closed a funding round of USD $20.00 million led by QED Investors, reaching a pre-money valuation of USD $80.00 million. Also participating in this round were Pear, NFX, Wollef, Global Founders Capital and Hans Tung, among others.

U.S.-based Mundi, operator of an online-commerce platform aimed at financing international transactions based in New York, closed a funding round of USD $16.00 million led by Union Square Ventures, reaching a pre-money valuation of USD $104.00 million. Also participating in this round were Actyus, Grupo Financiero Monex, Exor, Base10 Partners and FJ Labs, among others.

U.S.-based Change Foods, an animal-free dairy producer based in California, closed a seed and debt financing round of USD $13.98 million led by Route 66 Ventures, reaching a pre-money valuation of USD $38.00 million. Also participating in this round were Orkla, Sigma Alimentos, Upfield, Blue Horizon Corporation and Jiangmen Ventures, among others.

Colombia's Tpaga, a developer of a virtual-payments platform based in Bogotá, closed a funding round of USD $10.00 million led by Fundación Botnar, EWA Capital and Mountain Partners. Also participating in this round were Star 26 Ventures, New Ventures and Cornelius Boersch.

Colombia's Mezubo, a developer of a fintech platform focused on credit for the purchase of used automobiles based in Bogotá, is seeking funding for an undisclosed amount. Previously, the company closed a seed funding round of USD $5.50 million led by Canary and DILA Capital. Also participating in this round were Miguel McCallister, Sebastián Noguera and other undisclosed investors.

U.S.-based Codiga, a code-analysis and technical-debt management platform operator based in Los Angeles, closed a seed funding round of USD $2.10 million led by Draper Cygnus, LAUNCH Festival and The Syndicate. MGV Capital Group, 2.12 Angels, Service Provider Capital, Avalancha Ventures and Mantej Raipal, among others, also participated in this round.

U.S.-based Converus, a developer of lie-detection technology designed to protect communities from corruption, crime and threats based in Utah, closed a funding round for an undisclosed amount with Soliq Capital.

U.S.-based Luv.it, a mobile-commerce platform operator aimed at building a more sustainable and transparent fashion industry based in California, closed a funding round for an undisclosed amount with Soliq Capital.

Canela Media, a technology company that owns a free streaming platform founded and led by Mexico's Isabel Rafferty, closed a funding round of USD $32.00 million led by Acrew Capital and Angeles Investors, among others.

Solidus Capital, a company dedicated to private digital-asset wealth management in Ibero-America based in Mexico City, closed a funding round of USD $17.50 million for its Fund of Funds with investment purpose 10T DAE Expansion Fund LP.

Cuidarte, a cancer-treatment clinic operator based in Mexico City, was acquired by Grupo Bienzobas through an LBO for an undisclosed amount. As part of the transaction, Grupo Bienzobas acquired a majority stake in the company and a minority stake was retained by Grupo SOHIN.

Aspel, a developer of financial and accounting software for business administration based in Mexico City, was acquired by Siigo via its financial sponsor Accel-KKR through an LBO for an undisclosed amount.

LIV Capital Acquisition II (NAS: LIVBU), a SPAC based in Mexico City, raised USD $100.00 million in its IPO on the Nasdaq under the ticker symbol LIVBU, reaching a valuation of USD $126.60 million.

Arrendadora Afirme (MEX: AFIRMAR) carried out the placement of short-term market securities in the amount of MXN $844.07 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Banco Latinoamericano de Comercio Exterior (MEX: BLADEX) carried out the placement of short-term market securities in the amount of MXN $3,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander and Casa de Bolsa BBVA México.

Almacenadora Afirme (MEX: AFIRALM) carried out the placement of short-term market securities in the amount of MXN $2,300.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

ION Financiera (MEX: ION) carried out the placement of short-term market securities in the amount of MXN $370.21 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BASE.

Start Banregio (MEX: START) carried out the placement of short-term market securities in the amount of MXN $782.50 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

GM Financial de México (MEX: GMFIN) carried out the placement of short-term market securities in the amount of MXN $2,196.16 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte, as well as MXN $1,000.00 million through Actinver Casa de Bolsa and Casa de Bolsa BBVA México.

Toyota Financial Services México (MEX: TOYOTA) carried out the placement of short-term market securities in the amount of MXN $867.07 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) carried out the placement of short-term market securities in the amount of MXN $726.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Cetelem (MEX: CETELEM) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $370.33 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Volkswagen Leasing (MEX: VWLEASE) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $3,143.61 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Almacenadora Mercader (MEX: ALMER) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $150.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and Casa de Bolsa Banorte.

Factoring Corporativo (MEX: FACTOR) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $200.00 million on the Bolsa Mexicana de Valores (BMV) through Vector Casa de Bolsa.

Banco de Inversión Afirme (MEX: BIAFIRM) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $201.25 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Banca Afirme (MEX: BAFIRME) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $201.25 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Grupo Vasconia (MEX: VASCONI) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $150.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Financiera Bepensa (MEX: FINBE) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $700.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and Casa de Bolsa Banorte.

Crediclub (MEX: CREDICL) completed the issuance of short-term market securities in the amount of MXN $50.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Banorte and Actinver Casa de Bolsa.

Unifin Financiera (MEX: UNIFIN) completed the issuance of short-term market securities in the amount of MXN $3,000.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Arrendadora Actinver (MEX: ARREACT) completed the issuance of short-term market securities in the amount of MXN $600.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Factoraje Afirme (MEX: AFIRFAC) completed the issuance of short-term market securities in the amount of MXN $116.17 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Fortem Capital II (BIVA: FORTMCK) completed the issuance of non-amortizable development market securities in the amount of MXN $951.60 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa.

Fideicomiso Hipotecario (BIVA: FHIPO) completed the issuance of short-term market securities in the amount of MXN $100.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Banorte, Actinver Casa de Bolsa, HSBC Casa de Bolsa and Casa de Bolsa BBVA México.

FIMUBAC (BIVA: FIMUBCB) completed the issuance of fiduciary market securities in the amount of MXN $300.00 million on the Bolsa Institucional de Valores (BIVA) through Bursamétrica Casa de Bolsa, Casa de Bolsa Banorte and CI Casa de Bolsa.

Mexarrend (BIVA: MEXAMX) completed the issuance of short-term market securities in the amount of MXN $136.00 million on the Bolsa Institucional de Valores (BIVA) through Vector Casa de Bolsa.

StepStone Mexico I (BIVA: STEPCB) completed the placement of fiduciary securities certificates for USD $143,000.00 on the Bolsa Institucional de Valores (BIVA) through Intercam Casa de Bolsa.

CIBanco (BIVA: GLOB1PI) completed the placement of fiduciary securities certificates for USD $500.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Banorte.

Sofoplus (BIVA: SFPLUS) completed the placement of short-term securities certificates for MXN $75.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Ve por Más.