Éxito Takes The Stake

Following months of speculation, Colombia’s second-largest retail chain Carulla Vivero – controlled by US investment fund Newbridge Andean Partners – has finally selected a strategic partner. Much to the surprise of the market, Carulla has agreed to sell a 19.8% stake to its rival, the number one local chain Almacenes Éxito, controlled by Grupo Empresarial Antioqueño, for $110.5 million. Several weeks ago Carulla Vivero mandated Credit Suisse to search for a strategic partner for it. The most likely buyer was thought to be international and names put forward included French retailer Carrefour, Chilean retailers Ripley, Cencosud and Falabella and even US behemoth Wal-Mart.