Equity International Buys GuardeAqui

Chicago-based PE firm Equity International (EI) is acquiring a controlling stake in storage company GuardeAqui for $58m in cash. This is its first Brazil investment in about a year, says a company spokeswoman. The spokeswoman declines to say how large the stake is or which of EI’s funds is making the acquisition, citing SEC restrictions. This is EI’s first investment in a storage company. EI usually invests in logistics or real estate companies in Brazil. Founded in 2006, GuardeAqui is Brazil’s leading self-storage operating company with 23,000 square meters of leasable space, according to the buyer. EI’s Christopher Fiegen and Gustavo Browne will join the GuardeAqui’s board. The self-storage sector in Brazil is small and characterized by limited competition consisting largely of single-store operators with mixed-quality properties and insufficient capital for meaningful growth, EI says. EI has invested over $1bn since its founding in 1999.