BROOKS BROTHERS CELEBRATES 200TH ANNIVERSARY WITH FIRST-EVER SHOW AT PALAZZO VECCHIO
Brooks Brothers Show Pays Tribute to Founder, Henry Sands Brooks Florence, 10 January 2018 –…
Mexico City, Mexico – May 30, 2017 – Grupo Axo, a leading multi-brand retailer in Mexico, announced today that General Atlantic, a leading global growth equity firm, has agreed to make a strategic investment in the Company. As part of this transaction, Alsea, a leading Mexican multi-brand restaurant operator, will be fully exiting its position in the Company. The transaction is subject to customary closing conditions and authorization by the Mexican Antitrust Commission.
Grupo Axo is one of the largest and fastest growing retailers in Mexico, operating over 500 retail points of sale and more than 3,100 wholesale points of sale in department stores. The Company owns the exclusive rights to commercialize more than 20 leading international brands in Mexico, under licensing agreements and joint ventures. Grupo Axo owns and operate Promoda, the leading off-price retailer in Mexico with 140 stores.
“Partnering with the General Atlantic team and delaying our previously planned initial public offering is undoubtedly the right strategic decision for our business at this time,” said Andres Gómez Co CEO of Grupo Axo. “We are thrilled to welcome General Atlantic as our new investment partner as we move into this next phase of the Company's growth. The firm’s investment marks a substantial step forward in Grupo Axo´s expansion into the Latin American market and will further enable us to capitalize on a broad array of new growth opportunities.”
“We are excited to embark on this strategic alliance with General Atlantic as it represents a significant milestone for Grupo Axo. We are grateful for Alsea’s support in accelerating our long-term growth plan over the past few years, and for being a key player in our partnership,” said Alberto Fasja Co CEO of Grupo Axo.
Bill Ford, CEO of General Atlantic said, “We remain positive on the Mexican economy and the opportunity for attractive grow equity investments. As the middle class expands, we see significant opportunity to serve the Mexican consumer and Grupo Axo is incredibly well-positioned to capitalize on this opportunity. Grupo Axo is a world-class multi-brand retailer and just the type of innovative and entrepreneur-led organization that we are committed to supporting in Mexico and around the world. We look forward to partnering with Andres, Alberto, and their entire team to help Grupo Axo achieve even greater success.”
“Grupo Axo has been successful in winning market share and increasing its sales growth over the past few years, and continues to have a thoughtful and strategic business plan to build on its track record,” Alfredo Castellanos, Managing Partner of Glisco Partners. “We remain committed to supporting Grupo Axo as the Company seeks to expand its business and its leadership position in the multi-brand retail space.”
“We have been privileged to support Grupo Axo in its early years of growth and thank the entire management team for its passion and dedication. The growth and maturity of the company during our investment period has been remarkable, and we know that the company will be in good hands with General Atlantic as the firm seeks to help take Grupo Axo’s business to new heights,” said Alberto Torrado, Chairman of the Board of Directors of Alsea.
Grupo Axo intends to drive its next phase of growth by enhancing its retail footprint through its licensed brands, bringing more internationally prominent brands to the region, and continuing to expand its off-price business’s, Promoda’s, reach to consumers. In conjunction with General Atlantic’s investment, Luis Cervantes, Martin Escobari and Andrew Ferrer will be joining Grupo Axo’s Board of Directors. General Atlantic has deep regional expertise across Latin America, with current regional investments in Clip, Despagar.com, Ourofino, Pague Menos, SAS, Sanfer, and XP Investimentos.
Casa de Bolsa Credit Suisse (México), S.A. de C.V., Grupo Financiero Credit Suisse (México) acted as exclusive financial advisor to Grupo Axo.
About Grupo Axo
Grupo Axo is a leading multi-brand company in Mexico for apparel, footwear, beauty, accessories and home furniture. Today the company is a reference and a reliable resource for brands that want to build a successful platform within Latin America. With a solid retail and wholesale experience for over 23 years, its expertise comes from representing, elevating equity, distributing and operating brands through a multi-channel approach. As of 2017, Grupo Axo operates more than 3,100 points of sale within major department stores and over 500 retail points of sale in both Mexico and Chile, and solid and successful e-commerce platforms in both mono-brand and multi-brand formats. Within its portfolio, Grupo Axo proudly represents Abercrombie & Fitch, Bath & Body Works (with operations in México and in Chile), Brooks Brothers, Brunello Cucinelli, Calvin Klein, Chaps, Coach, Crate & Barrel, Emporio Armani, Express, Guess, Hollister, Loft, Kate Spade, Olga, Promoda (Mexico’s leading off price multi-brand outlet), Rapsodia, Reduced, Rewind, Speedo, Thomas Pink, Tommy Hilfiger, Urban Store, Victoria´s Secret Beauty & Accessories (with operations in México and Chile),Victoria´sSecret and Warners. www.grupoaxo.com
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. In addition, the firm has significant experience partnering with leading consumer brands such as Airbnb, House 3 of Anita Dongre, Snapchat, Tory Burch, Uber, and ZIMMERMANN. General Atlantic has more than 100 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, and Singapore. www.generalatlantic.com.
Alsea is the leading restaurant operator in Latin America and Spain of global brands in the quick service, coffee shop, casual and family dining segments. It has a diversified portfolio, with brands such as Domino’s Pizza, Starbucks, Burger King, Chili’s, California Pizza Kitchen, P.F. Chang’s, Italianni’s, The Cheesecake Factory, Vips, El Portón, Archie’s, Foster’s Hollywood, LAVACA and Cañas y Tapas. The company operates more than 3,000 units and has more than 67,000 employees in Mexico, Argentina, Chile, Colombia, Brazil and Spain. Alsea's business model includes support for its brands through a Shared Services Center that provides all of the Administrative and Development Processes, as well as the Supply Chain. For more information, visit: www.alsea.com.mx
Glisco Partners is a leading private equity firm focused on the Mexican middle market. Formerly a part of Evercore Partners, until 2016 when it spun-out and became an independent firm. Having raised three Mexico-dedicated funds, it has a long, established track record of executing and exiting high-quality transactions. Providing significant financial and intellectual resources to develop its portfolio companies, Glisco Partners has a track record of boosting financial performance through steadfast commitment and extensive hands-on involvement, regardless of prevailing economic conditions. www.gliscopartners.com