M&A Newsletter — November 2023

Mexico's MexPago, a payment-processing platform developer for in-store and e-commerce transactions based in Huixquilucan, Estado de México, was acquired by Australia's fintech Airwallex for an undisclosed amount.

Mexico's Leuffer Desarrollos, an operator of an iron-mining company focused on the Mexico–United States border based in Guadalajara, Jalisco, was acquired by Chilco River Holdings (PINX: CRVH) for an undisclosed amount.

Mexico's Epkamex, a custom injection-molding manufacturer based in Apodaca, Nuevo León, was acquired by Commercial Plastics for an undisclosed amount.

Mnemo Evolution & Integration Services México (a subsidiary of MNEMO), a managed cybersecurity-services provider based in Mexico City, was acquired by Accenture (NYS: ACN) for an undisclosed amount.

Renaissance Oil (a subsidiary of Reconnaissance Energy Africa (TSX: RECO)), an oil drilling and exploration company based in Mexico City, reached a definitive agreement to be acquired by Chame Energy for USD $7.50 million.

A stake in Ventura Entertainment, an operator of entertainment parks in Mexico based in Mexico City, held by Ventura Capital Privado, was acquired by an undisclosed investor for an undisclosed amount.

A stake in Laboratorios Sanfer, a pharmaceutical-products manufacturer and distributor based in Mexico City, held by Ventura Capital Privado, was acquired by an undisclosed investor for an undisclosed amount.

Germany's Kreisel Bauchemie (a subsidiary of Sika Group (SWX: SIKA)), a manufacturer of concrete ingredients and solutions based in Esslingen, reached a definitive agreement to be acquired by Cemex (MEX: CEMEXCPO) for an undisclosed amount.

U.S.-based Mile Hi Bakery, a bakery operator serving quick-service restaurant channels based in Denver, Colorado, was acquired by Grupo Bimbo (MEX: BIMBOA) for an undisclosed amount.

U.S.-based NextTrip, a travel-reservation services provider based in Sunrise, Florida, reached a definitive agreement to acquire Sigma Labs (NAS: SASI) through a reverse merger.

Mexico's Casa Pepe, a boutique-hostel operator in Mexico, was acquired by Grupo Presidente for an undisclosed amount. The group will invest USD $8.00 million in the company, with which it aims to reach 20 destinations in Mexico over the next five years.

Mexico's Grupo Lala, a dairy-products manufacturer based in Durango, reached a definitive agreement to sell 100% of its operations in Nicaragua to Nicaragua Dairy Ventures.

Colombia's UBITS, a Spanish-language online corporate-learning company with operations in Mexico, the United States, Spain and Latin America, announced the signing of an alliance with Harvard Business Publishing. Under this agreement, 5,000 new content items will be made available to users of its training platform.

Mexico's XalDigital, an end-to-end technology-solutions provider for enterprises based in Huixquilucan, Estado de México, closed a growth-equity financing round for an undisclosed amount with BOCEL Private Equity.

Mexico's Niko, a solar-panel manufacturer, closed a seed financing round for an undisclosed amount with Adapt Ventures.

Mexico's OneCarNow!, a provider of an automotive subscription service based in Mexico City, closed a financing round for an undisclosed amount with Collide Capital.

Mexico's Yalo, a developer of an artificial-intelligence (AI)-based customer relationship management (CRM) platform based in Mexico City, closed a financing round of USD $20.00 million with undisclosed investors.

Mexico's Prelu, a weight-loss program provider based in Mexico City, joined 500 Global as part of its Somos Lucha program and received funding for an undisclosed amount.

Mexico's RUUT, a developer of an investment platform based in Mexico City, joined 500 Global and received funding of USD $675,000.00.

Mexico's Verqor, a developer of a financial-software platform focused on agriculture based in Mexico City, closed a funding round of USD $7.50 million in a combination of equity and debt led by Yara Growth Ventures, Co_Capital and Addem Capital, among others.

Mexico's Plant Squad, a vegetarian food producer based in Mexico City, closed a funding round for an undisclosed amount with The Future Investment Initiative Institute.

Mexico's Siglo, an internet-services provider based in Mexico City, closed a funding round for an undisclosed amount with Dupe Ventures.

Mexico's Koltin, an operator of a digital-health platform based in Mexico City, closed a seed funding round of USD $2.80 million led by Mucker Capital. Graph Ventures and Colectivo Jaguara also participated in this round.

Mexico's Appaguitos, a provider of a payment gateway for prepaid installments with and without a credit card based in Mexico City, closed a funding round of USD $1.30 million with Avalancha Ventures and Alpha Impact.

Mexico's Finerio Connect, a developer of an automated, free personal-finance platform based in Mexico City, closed a funding round of USD $9.70 million led by Third Prime. Grupo Bancolombia and six other investors also participated in this round.

Mexico's Healf, a financial-services provider focused on major medical expense insurance based in Mexico City, joined 500 Global as part of its Somos Lucha program and received funding for an undisclosed amount.

U.S.-based FlyGuys, a drone-services provider based in Lafayette, Louisiana, closed a funding round of USD $16.00 million led by Advantage Capital, Mitchell Capital and JECohen, reaching a pre-money valuation of USD $18.00 million. Reform Ventures, Thaddeus Young and other undisclosed investors also participated in this round.

Spain's Atani, a developer of a cryptocurrency trading platform based in Madrid, closed a funding round of USD $6.00 million led by Cometa VC. JME Venture Capital, Conexo Ventures, Neil Cunha-Gomes and Centro para el Desarrollo Tecnológico Industrial also participated in this round.

Uruguay's Vopero, operator of an online retail firm focused on fashion recirculation based in Montevideo, closed a funding round of USD $4.00 million led by Cencosud Ventures. Grupo Axo also participated in this round.

Spain's Piper AI, an operator of a sales CRM software based in Madrid, closed a funding round of EUR €3.00 million led by Shilling Group, Seaya Ventures and IGNIA Partners. Jobandtalent, Antai Ventures, Albert Armengol, MBA Ventures and ENISA, among others, also participated in this round.

U.S.-based Tía Lupita, a manufacturer of Mexican hot sauce based in Tiburón, California, closed a seed funding round of USD $2.60 million led by GBM Ventures and Santatera Capital. Other undisclosed investors also participated in this round.

U.S.-based Escalate, an operator of an employee-retention platform based in Silver Spring, Maryland, closed a pre-seed funding round of USD $1.26 million led by TEDCO, ECMC Foundation and Gurtin Ventures. Future State, Blue Zone Ventures, Brad Collins, Rock Creek Capital and Potencia Ventures also participated in this round.

Spain's Uelzpay, a developer of an online payment gateway for small businesses based in Valencia, closed a funding round of EUR €800,000.00 led by Uhaldia Investments, Wayra and COREangels. David Lozano, Alex Saiz and other undisclosed investors also participated in this round.

U.S.-based Beanvivo, an organic bean-based food producer based in San Diego, California, closed a funding round for an undisclosed amount with Santatera Capital.

India's Foccuz, a developer of a business-management platform based in Panruti, closed a funding round for an undisclosed amount with Carabela.

Argentina's Nubiral, a technology company specialized in innovation and digital transformation, announced an investment of USD $1.00 million in its Professional Center of Excellence specialized in generative Artificial Intelligence, which will operate in Mexico, Argentina, Colombia and Uruguay.

Chile's Magical, a digital-business accelerator based in Santiago, launched an investment fund of USD $5,000.00 million with the objective of supporting startups in Mexico, Chile, Brazil, Colombia and Argentina. Each startup will receive a budget of up to USD $100,000.00 to boost its development.

Mexico's Vitro (MEX: VITROA), a multinational company specializing in glass manufacturing, closed a Club Deal financing round for USD $490.00 million through Banorte, Scotiabank and BBVA.

Four small industrial warehouse projects based in Tijuana, Monterrey and Saltillo closed a financing round for MXN $400.00 million with Banco Inmobiliario Mexicano (BIM). By 2024, the firm expects to extend financing to this sector totaling MXN $1,200.00 million.

U.S.-based Azarus, a developer of a blockchain-based competitive gaming platform based in San Francisco, California, was acquired by Animoca Brands, via its financial sponsors Tess Ventures, 10T Holdings, ADIT Ventures, Albany Capital and Alpaca VC, among others, through an LBO for an undisclosed amount.

U.S.-based Multiverse Media, an international integrated media company based in Denver, Colorado, was acquired by SpaceNews, via its financial sponsor Pocket Ventures, through an LBO for an undisclosed amount.

Comisión Federal de Electricidad (CFE), the Mexican government company that generates, transmits, distributes and commercializes electric power, carried out the repurchase of a portion of its bond debt for USD $877.50 million, with the aim of improving the maturity profile of its liabilities.

Almacenadora Afirme (MEX: AFIRALM) completed the placement of short-term market securities for MXN $2,310.62 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Arrendadora Afirme (MEX: AFIRMAR) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $925.10 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 market securities (certificados bursátiles) in the amount of MXN $1,475.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander.

ConCrédito (MEX: FUTILCB) carried out the placement of trust market securities (certificados bursátiles fiduciarios) in the amount of MXN $600.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Banorte and Actinver Casa de Bolsa.

Start Banregio (MEX: START) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $544.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Navistar Financial (MEX: NAVISTS) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $600.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

GM Financial de México (MEX: GMFIN) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $2,974.70 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Toyota Financial Services México (MEX: TOYOTA) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $673.49 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 (certificados bursátiles de corto plazo) in the amount of MXN $1,644.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Ford Credit de México (MEX: FORD) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $1,920.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Volkswagen Leasing (MEX: VWLEASE) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $3,700.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Arrendadora Actinver (MEX: ARREACT) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $480.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Financiera Bepensa (MEX: FINBE) carried out 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, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

La Compañía Minera Autlán (MEX: AUTLAN) carried out 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.

Fundación Dondé (MEX: DONDE) carried out the placement of long-term market securities (certificados bursátiles) in the amount of MXN $1,000.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Factoring Corporativo (MEX: FACTOR) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $216.00 million on the Bolsa Mexicana de Valores (BMV) through Vector Casa de Bolsa.

Elementia Materiales (MEX: ELEMAT) carried out the placement of long-term market securities (certificados bursátiles) in the amount of MXN $2,200.00 million on the Bolsa Mexicana de Valores (BMV) through Inbursa Casa de Bolsa and Casa de Bolsa Ve Por Más.

Banca Mifel (MEX: BMIFEL) completed the placement of long-term bank securities certificates (certificados bursátiles bancarios) in the amount of MXN $1,500.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Fideicomisos Instituidos en Relación con la Agricultura (FIRA) (MEX: FONDO) completed the placement of short-term fiduciary securities certificates (certificados bursátiles fiduciarios) in the amount of MXN $600.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México, Scotia Inverlat Casa de Bolsa and Actinver Casa de Bolsa.

Organización Soriana (MEX: SORIANA) completed the placement of long-term securities certificates (certificados bursátiles) in the amount of MXN $3,000.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Santander and Scotia Inverlat Casa de Bolsa.

Grupo Minsa (MEX: MINSA) completed the placement of short-term securities certificates (certificados bursátiles) in the amount of MXN $100.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

Grupo Hyc (MEX: HYCSA) completed the placement of short-term securities certificates (certificados bursátiles) in the amount of MXN $100.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Banorte and Actinver Casa de Bolsa.

América Móvil (MEX: AMX) completed the placement of securities certificates (certificados bursátiles) in the amount of MXN $3,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Inbursa Casa de Bolsa.

Banco Actinver (MEX: BACTIN) completed the placement of bank securities certificates (certificados bursátiles bancarios) in the amount of MXN $1,800.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Grupo Traxión (BIVA: TRAXION) completed the placement of short-term securities certificates (certificados bursátiles) in the amount of MXN $100.00 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa.

Lock Capital Solutions (BIVA: FANVIPI) carried out the placement of investment-project trust securities (CERPIs) for USD $400.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Banorte.

La Corporación Interamericana de Inversiones (BIVA: BIDINV) carried out the placement of securities (certificados bursátiles) for MXN $3,500.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa BBVA México and HSBC Casa de Bolsa.

Walmart de México (a subsidiary of Walmart Inc. (NYS: WMT)), an operator of a retail merchandising chain, carried out the opening of its first Medical Services Center located outside the premises of its Walmart Plaza Oriente store in Mexico City.

Mexico's Grupo México Transportes (MEX: GMXT), a company specialized in general freight and intermodal rail services, announced an investment of MXN $10,600.00 million, to be allocated to capital expenditures and infrastructure maintenance.

Bayer de México (a subsidiary of Bayer AG (XETRA: BAYN)), a global company focused on health sciences and agriculture, announced an investment of MXN $700.00 million for the expansion of its plant based in Tlaxcala, with the objective of doubling the production of its biofungicides.

Uber México (a subsidiary of Uber Technologies (NYS: UBER)), an operator of a mobility-services platform, signed an agreement with Chinese automaker Jac so that its driver-partners in Mexico may acquire electric vehicles at a preferential price.

France's Sephora (a subsidiary of LVMH (PAR: MC)), a Paris-based cosmetics chain, announced a series of investments in Mexico totaling approximately MXN $350.00 million for the expansion of its physical stores and omnichannel infrastructure.