M&A Newsletter — September 2022

Billpocket, a developer of a financial platform designed to enable card payments from mobile phones based in Guadalajara, Mexico, reached a definitive agreement to be acquired by Kushki for an undisclosed amount.

LIV Capital Acquisition II (NAS: LIVB), a SPAC based in Mexico City, reached a definitive agreement to be acquired by Covalto (formerly Credijusto) through a reverse merger, resulting in a new combined entity to be listed on the Nasdaq under the ticker CVTO.

Centrica Business Solutions México (a subsidiary of Centrica (LON: CNA)), a comprehensive energy-solutions provider for organizations based in Mexico City, was acquired by ReVolve Renewable Power (TSX: REVV) for MXN $29.07 million.

Mexico's Aplícate, an operator of a wellness application designed to create comprehensive and personalized health programs for employees based in Zapopan, Mexico, was acquired by Daisies for an undisclosed amount.

Mexico's Promaplast, a distributor of plastics and chemicals for the automotive, footwear, household, retail and industrial sectors, among others, based in Lerma de Villada, Mexico, reached a definitive agreement to be acquired by IMCD (AMS: IMCD) for an undisclosed amount.

Mexico's Risoul, a distributor of industrial-automation products for the Mexican and Latin American markets based in San Nicolás de los Garza, reached a definitive agreement to be acquired by RS Group (LON: RS1) for USD $275.00 million.

RNP México, a manufacturer of rock drills and related spare parts for mining and construction customers based in Matehuala, Mexico, was acquired by Epiroc (STO: EPI A) for an undisclosed amount.

Switzerland's ABB Group (SWX: ABBN), a multinational specializing in digital technologies for industry, reached a definitive agreement to acquire Siemens' low-voltage NEMA motors business unit based in Guadalajara, Mexico, for an undisclosed amount.

Ictineo, a financial-solutions provider based in Cuauhtémoc, Mexico, reached a definitive agreement to be acquired by Bradescard (a subsidiary of Bank Bradesco (BVMF: BBDC3)) for an undisclosed amount.

Minera Mexicana Rosario (a subsidiary of Great Panther Mining), a mining and exploration services provider based in Guanajuato, Mexico, was acquired by Guanajuato Silver (TSX: GSVR) for USD $16.70 million. The amount includes USD $8.00 million in cash and USD $6.70 million in GSilver shares, as well as contingent payments of USD $2.00 million upon completion of future performance milestones.

JuanFutbol, developer of a digital media platform that enables soccer fans to follow and access comprehensive information on global soccer events, based in Mexico City, was acquired by Playmaker (TSX: PMKR) for an undisclosed amount.

A stake in ADDIKA, developer of a digital financial software designed to integrate, protect and consolidate wealth information, based in Guadalajara, Mexico, was acquired by an undisclosed investor for an undisclosed amount.

Mexico's Yaydoo, specialized in accounts-payable process automation, cash-flow management and liquidity solutions, completed its merger with U.S.-based Paystand, a blockchain-based accounts-receivable and B2B payments company, reaching a valuation in excess of USD $1,000.00 million and attaining unicorn status.

A stake in Moons, a dental-services provider focused on helping patients straighten and whiten their teeth, based in Mexico City, was acquired by an undisclosed investor for an undisclosed amount.

Brazil's Nomah Tecnología (a subsidiary of Loft), a residential rental-apartment provider based in Sao Paulo, was acquired by Mexico's Casai for an undisclosed amount.

Dolphinaris, VenturaPark, Selvática and Selva Mágica, operators of entertainment parks based in Cancún, Riviera Maya and Guadalajara, Mexico, owned by Ventura Entertainment, were acquired by The Dolphin Company for an undisclosed amount.

Mexico's GLZ Abogados signed an alliance to join HLB International, a global network of professional accounting, legal and business advisory firms with a presence in 158 countries.

América Móvil (MEX: AMX) completed the spin-off of its tower business in Latin America, through which it will transfer its assets, liabilities and equity to a new company called Sitios Latinoamérica (Sitios Latam), which will have the objective of building, operating and commercializing towers and other structures for the installation of telecommunications equipment.

Mexico's Cuéntame, a developer of an online psychology platform designed to provide wellness and mental-health programs to employees and their families based in Mexico City, closed an angel financing round of USD $207,500.00 with undisclosed investors.

Belvo, a developer of an open-banking API platform designed to access and interpret end-user data in an easy and scalable manner based in Mexico City, closed a financing round for an undisclosed amount led by Visa Ventures, Citi Ventures and Maya Capital. Founders Fund, Kaszek, Future Positive, FJ Labs and Y Combinator, among other undisclosed investors, also participated in this round.

Plerk, a developer of an employee-benefits management platform designed to schedule and manage business travel based in Guadalajara, Mexico, closed a financing round of USD $12.00 million led by Upload Ventures. Magma Partners, 500 Global, MGV Capital Group, Mustafa Zaffer and Juan Pablo Gasser, among others, also participated in this round.

Kontempo, a provider of embedded-payment solutions designed to increase B2B e-commerce sales based in Mexico City, closed a seed financing round of USD $30.00 million led by Portage. SCOR P&C Ventures, IGNIA Partners, Tectonic Ventures, Asymmetric Capital Partners and Upper90 Capital Management also participated in this round.

Syntage, a developer of a business-information API designed for the extraction of financial information from the SAT based in Mexico City, closed a seed financing round of USD $4.30 million led by Nazca and Costanoa Ventures. Norte Ventures, QED Investors, Rally Cap Ventures, Latitud and Adrián Mendoza, among other undisclosed investors, also participated in this round.

Miferia, an operator of a wholesale e-commerce platform designed to connect retail stores in Mexico with domestic brands based in Mexico City, closed a seed financing round of USD $7.00 million led by Tiger Global Management and Bain Capital Ventures. Canary Ventures, Asymmetric Capital Partners and Latitud also participated in this round.

Mexico's MEDU, a developer of reusable personal protective clothing designed to protect healthcare workers around the world based in Mexico City, closed a seed financing round of USD $4.00 million with MaC Venture Capital, Halcyon Incubator, Ryan Shea and other undisclosed investors.

Mudafy, an operator of a real-estate brokerage platform designed to improve the rental and purchase process based in Mexico City, closed a financing round of USD $10.00 million led by Founders Fund. IDC Ventures and other undisclosed investors also participated in this round.

Mexico's DD360, a developer of a financial-technology and real-estate platform designed to facilitate financing and management of the residential real-estate sector in Mexico, closed a funding round of USD $91.00 million with Creation Investments Capital Management and other undisclosed investors.

U.S.-based Rubicon (NYS: RBT), a developer of a software platform designed to provide waste-management and recycling technology solutions based in Kentucky, closed a funding round of USD $196.80 million with Palantir Technologies, Rodina and New Zealand Superannuation Fund through a private placement.

U.S.-based Superblocks, a developer of an all-in-one programmable platform for developers based in New York, closed a funding round of USD $37.00 million led by Kleiner Perkins, Greenoaks Capital Partners and Spark Capital, reaching a pre-money valuation of USD $200.00 million. Howie Liu, Andrew Ofstad, Jeff Lawson, Javier Molinar and Jason Warner, among others, also participated in this round.

Argentina's Koibanx, a developer of a financial platform providing infrastructure for asset tokenization and payment processing based in Buenos Aires, closed a funding round of USD $22.00 million led by Algorand. Innogen Capital Ventures, G2 Momentum Capital, Kalonia Venture Partners and Borderless Capital also participated in this round.

Brazil's Quaddro, a developer of an all-in-one application designed to help small businesses grow their home-service businesses based in Sao Paulo, closed a funding round of BRL R$17.00 million led by Valor Capital Group. Grão, NXTP Ventures and Anjos do Brasil also participated in this round.

Peru's Aimo, a developer of a multi-channel order management system designed to improve sales channels and logistics based in San Isidro, closed an undisclosed funding round with Lotux.vc and Newtopia VC.

Puerto Rico's Raincoat, a parametric-insurance startup, closed a seed funding round of USD $4.50 million led by Anthemis with the backing of SoftBank Group's SB Opportunity Fund. Puerto Rico's Banco Popular, Consorcio, 305 Ventures and Divergent Capital also participated in this round.

Mexico's HARO, an operator of an on-demand earned-wage financial application based in Monterrey, closed a funding round of USD $1.00 million with undisclosed investors.

Sweden's H&M, operator of a multinational clothing retail chain, announced an investment of an undisclosed amount in Mexico's Vestuá, a e-commerce company that enables its customers to buy and sell second-hand clothing.

Mexico's Biossman, an integrated anesthesia services and equipment provider based in Mexico City, closed a debt financing round of MXN $770.40 million in the form of a term loan with BBVA Bancomer.

Mexico's Clara, a developer of a comprehensive corporate expense-management solution designed for high-growth companies in Latin America based in Mexico City, closed a debt financing round of USD $150.00 million led by The Goldman Sachs Group.

Nelo, a developer of a digital payment-management platform designed to track financial transactions based in Mexico City, closed a debt financing round of USD $100.00 million in the form of a senior secured loan with Victory Park Capital and other undisclosed lenders.

Costa Rica's Teledolar, the operator of a fintech platform designed to digitize payments, withdrawals, remittances and other electronic transactions based in San José, was acquired by TransNetwork through its financial sponsors Flexpoint Ford, GCP Capital Partners and Nexxus Capital, via an LBO for an undisclosed amount.

Arrendadora Afirme (MEX: AFIRMAR) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) for MXN $621.34 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Almacenadora Afirme (MEX: AFIRALM) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) for MXN $4,008.73 million and USD $500,000.00 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 (certificados bursátiles de corto plazo) for MXN $187.87 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 (certificados bursátiles de corto plazo) for MXN $722.90 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 (certificados bursátiles) in the amount of MSN $2,624.33 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) in the amount of MXN $598.54 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) in the amount of MXN $1,080.51 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Financiera Bepensa (MEX: FINBE) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $668.17 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and Casa de Bolsa Banorte.

The Instituto del Fondo Nacional para el Consumo de los Trabajadores (MEX: FNCOT) carried out the placement of market securities (certificados bursátiles) in the amount of MXN $4,000.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Volkswagen Leasing (MEX: VWLEASE) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $3,519.64 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Industrias Bachoco (MEX: BACHOCO) carried out the placement of long-term market securities (certificados bursátiles) in the amount of MXN $3,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander and Scotia Inverlat Casa de Bolsa.

Mercader Financial (MEX: MERCFIN) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $86.55 million on the Bolsa Mexicana de Valores (BMV) through Intercam Casa de Bolsa, Casa de Bolsa Banorte and Scotia Inverlat Casa de Bolsa.

Autovía Necaxa – Tihuatlán (MEX: AUNETCB) completed the placement of fiduciary securities certificates for MXN $1,001.77 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander.

Minera Frisco (MEX: MFRISCO) completed the placement of short-term securities certificates for MXN $5,000.00 million on the Bolsa Mexicana de Valores (BMV) through Inbursa Casa de Bolsa.

Arrendadora Actinver (MEX: ARREACT) completed the placement of short-term securities certificates for MXN $771.75 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

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

Banco Latinoamericano de Comercio Exterior (MEX: BLADEX) completed the placement of securities certificates for MXN $5,493.36 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander and Casa de Bolsa BBVA México.

Navistar Financial (MEX: NAVISTS) completed the placement of short-term securities certificates for MXN $285.01 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Factoring Corporativo (MEX: FACTOR) completed the placement of short-term securities certificates for MXN $165.00 million on the Bolsa Mexicana de Valores (BMV) through Vector Casa de Bolsa.

Banco Compartamos (MEX: COMPART) completed the placement of long-term bank securities certificates for MXN $2,500.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Casa de Bolsa BBVA México.

Mexarrend (BIVA: MEXAMX) completed the placement of short-term market securities for MXN $221.00 million on the Bolsa Institucional de Valores (BIVA) through Vector Casa de Bolsa.

Consubanco (BIVA: CSBANCO) completed the placement of bank market securities for MXN $1,000.00 million on the Bolsa Institucional de Valores (BIVA) through Bursamétrica Casa de Bolsa.

Grupo Neolpharma presented its investment project for the construction of a Distribution Center (Cedis) and a new manufacturing plant for ampoules, both based in the State of Mexico, with a projected investment of USD $123.00 million.

Fundación PepsiCo México announced an investment of MXN $10.00 million to support high-impact organizations that are part of the Nacional Monte de Piedad network, with the objective of advancing food security in vulnerable communities across the country.

Honeywell Technologies Solutions (HTS), a multinational company specializing in technology solutions for the industrial sector, inaugurated its engineering center based in Azcapotzalco, Mexico City, with an investment of more than MXN $160.00 million.

Mexico's Grupo Gigante, a holding company operating businesses in the self-service, cafeteria and specialty retail sectors, launched Petco's online store in Chile, specializing in the sale of pet products.

Canada's Torex Gold Resources, a mining company, announced an investment of USD $40.00 million in Mexico during this year as part of its MXN $17,000.00 million investment plan for the construction of the Media Luna project based in Guerrero.

U.S.-based PPG Industries, a global provider of paints, coatings and specialty materials and owner of the Comex brand, announced an investment of USD $11.00 million in its plant in San Juan del Río, Querétaro.

Le Bélier (a subsidiary of Wencan Group), a global aluminum supplier, carried out the opening of a molded aluminum components plant based in San Miguel de Allende, Guanajuato, with an investment of USD $102.00 million.

Nestlé México, a food-and-beverage company based in Mexico City, announced an investment of MXN $2,500.00 million in the modernization of two plants — one producing evaporated milk and another producing children's food — with the aim of saving water and energy, reducing emissions and introducing new technologies.