Analysis & Comment

Brazilian asset manager IG4 Capital agrees to buy 50% of Chilean logistics operator Adelco

SAO PAULO (Reuters) – Brazilian asset manager IG4 Capital has agreed to buy 50% of Chile’s logistics operator Adelco for $57 million, it said in a statement on Wednesday.

Adelco, formally known as Abastecedora del Comercio, is Chile’s largest distributor of consumer products.

Adelco delivers to around 30,000 retailers in Chile and also has operations in Bolivia, Argentina and Peru. Proceeds will be used to strengthen Adelco’s digital presence, the statement added.

The group also owns distributors specialized in cleaning goods, alcoholic beverages and one food packaging company. The acquisition of the stake in Adelco is the first IG4 investment in Chile.

IG4 concluded in August the acquisition of Peruvian conglomerate Aenza, formerly known as Grana y Montero..

The asset manager has focused on infrastructure investments in Latin America. It has recently tried to acquire a stake in Brazilian transportation company CCR SA , but the deal didn’t close after disagreements with other shareholders.

IG4 controls sanitation company Igua Saneamento, in which Canadian pension fund CPPIB has a 45% stake. The company acquired part of the licenses to operate water and sewage services in the state of Rio de Janeiro in an auction in April.

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