Private equity fund Advent International is buying Brazilian home-improvement retailer Lojas Quero-Quero.
 
The deal, whose value has not been disclosed, was agreed on 5 September, and includes Quero-Quero's credit card and consumerfinance arms, Crédito, Financiamento e Investimento and VerdeCard.
 
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados advised Advent while Machado, Meyer, Sendacz e Opice Advogados assisted the selling shareholders, who will retain a minority stake in the company.
 
Advent's LAPEF IV fund, which funded the acquisition, is the largest private equity fund in Latin America. Advent plans to open over 200 new Quero-Quero stores in the south of Brazil over the next four years, as well as to expand the credit card business.
 
Quero-Quero's forecast sales for 2008 are US$450 million from its existing 170 stores and finance operations.
 
Brazil's Central Bank has yet to approve the acquisition of Crédito, Financiamento e Investimento.
 
Counsel to Advent International
 
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
 
Associates Rodrigo Nascimento and Ubirajara Cardoso
Counsel to Lojas Quero-Quero
 
Machado, Meyer, Sendacz e Opice Advogados
 
Partner Nei Schilling Zelmanovits and associates Larissa Lancha Alves de Oliveira and André Esposito Politi
 
 
(Latin Lawyer 02.10.2008)