FEMSA completes divestiture of its refrigeration and foodservice equipment operations to Mill Point Capital
Rhea-AI Summary
FEMSA (NYSE: FMX) has successfully completed the previously announced divestiture of its refrigeration and foodservice equipment operations, Imbera and Torrey, to Mill Point Capital The transaction, which was initially disclosed on July 17, 2024, has been concluded for a total amount of 8,000 million pesos on a cash-free, debt-free basis.
Positive
- Sale of Imbera and Torrey operations for 8,000 million pesos
- Strategic divestment strengthens balance sheet through cash inflow
- Successful completion of previously announced transaction
Negative
- Loss of revenue stream from refrigeration and foodservice equipment operations
News Market Reaction
On the day this news was published, FMX gained 0.90%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MONTERREY, Mexico, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today the successful closing of its previously disclosed divestiture on July 17, 2024, with Mill Point Capital LLC, of its refrigeration and foodservice equipment operations, Imbera and Torrey, for a total amount of
About FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies across the Business Services, Industrials and IT Services sectors throughout North America. Mill Point’s experienced team of investors, Executive Partners and Functional Experts seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
FAQ
How much did FEMSA sell Imbera and Torrey operations for?
When did FEMSA complete the sale of Imbera and Torrey?
Who acquired FEMSA's refrigeration and foodservice equipment operations?
When was the Imbera and Torrey sale initially announced by FEMSA?
