References

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Brazil's International Meal Company (IMC) raise $100 million to fund its growth and expansion plans


The Brazilian food company, International Meal Company (IMC), said that it had raised $100 million via private placement with institutional investors to fund its growth plans. The company is expected to invest the proceeds in organic growth, merger and acquisitions opportunities in Brazil and other areas from where it has its operations.

 

Currently, the company has operations in Brazil, Mexico, Puerto Rico and the Dominican Republic. Some of the company’s shareholders expected to invest in the private placement include Advent International, a global private equity firm that retains a controlling interest in IMC, and other current stakeholders of the company. Other than these investors, there are an additional two new investors in IMC, British Columbia Investment Management Corp, an investment manager for public-sector clients in the British Columbia, and a world wide investment management company that is headquartered in Asia.

 

In 2009, the IMC had sought to raise funds from an initial public offering on the Brazil Stock Exchange, BM & FBOVESPA, but was unsuccessful after it had to suspend the offer due to a bad market situation.

 

International Meal Company is the largest retail food concessionaire and multi-brand casual dining chain in Brazil with international operations in different countries. Headquartered in Sao Paolo state, IMC runs around 200 stores and restaurants in high-traffic, captive markets that include motorway plazas, airports and shopping malls. It has a renowned history for marked growth rates that are mainly driven by organic development and strategic acquisitions.

 

Last year alone, IMC generated net revenues of about US$367 million in sales and currently has over 7,000 employees. During the announcement, IMC CEO, Gavilian Javier said that this new acquisition would broaden the company’s shareholder base to include two world class institutional investors and facilitate the company to fund its expansion plans that focus on attractive organic growth and M&A opportunities.

 

Advent International director, Antonio Moya-Angeler, speaking on behalf of the investor group, said that the company was satisfied with the investment deal with the two highly regarded institutions as new investors in the dynamic company. He admitted that the company saw many exciting, growth opportunities for IMC in the motorway-plaza, airport and shopping mall segments.

 

Additionally, he said that IMC has an extensive pipeline of acquisition-potential companies that would auger well with the business. IMC began its Brazilian operations in 2006 after acquiring La Mansion, a renowned restaurant chain in Mexico. Currently, IMC has an estimated 200 stores and restaurants, shopping malls, restaurants and plazas across Brazil, Mexico and the Caribbean.

 

June 6, 2010.