Aureos Capital’s EMERGE fund invests in Costa Rican sustainable tourism operator
06/03/2008
Author:
Aureos Capital
Costa Rica
| Categories:
Private Equity |
Article:
Aureos Capital’s Emerge Central America Growth Fund (EMERGE) has acquired a 49% stake in a management buyout (MBO) of Horizontes, a Costa Rican sustainable tourism company. The EMERGE fund was set up by Aureos Capital Limited, one of the leading private equity fund management companies specialising in investing in small to mid-cap businesses in emerging markets.
Horizontes organizes sporting, rainforest, wildlife and family adventures that focus on promoting a meaningful interaction between travelers, the local people and nature. Tourist activity that is described as ‘sustainable’ is characterized by its commitment to make as low an impact on the natural environment and local culture as possible, whilst benefiting the local population by generating income and employment opportunities.
Horizontes is one of the pioneers of the sustainable tourism industry. Through its cooperation with major European and North American travel operators, it has been instrumental in establishing Costa Rica as a prime destination for adventure and family holidays.
Horizontes currently holds the highest possible rating in Costa Rica’s Sustainable Tourism Certification and was the first company to receive this rating. It has won several national and international awards for its work, such as the Corporate “Green Globe” award. It is also a member of several national and international organizations, such as the World Wildlife Federation (WWF) and The International Ecotourism Society (TIES).
Says José Ulate, Aureos’ Fund Manager in Costa Rica: “Costa Rica is already a very popular holiday destination and has great potential for growth. In addition, it is recognised globally as a true ecotourism destination and we believe that it is a niche area that will grow significantly in the coming years. Horizontes has a lot of experience in this niche market, and we are confident that we can position the company as the leader in the field.”
Says Wilfrid Aiello, Horizontes CEO: “We have been organising sustainable tourism holidays for nearly a quarter of a century. We believe our experience in the industry, coupled with Aureos’ involvement and expertise, will make for a productive and fruitful cooperation.”
“Our focus is on Costa Rica’s nature and people, and we will strive to strengthen the culture and philosophy developed over the years by Horizontes’ founding partners.”
Following the MBO the majority of the shares will be owned by the existing management including: Wilfrid Aiello Ramírez, CEO; Federico Calderón Ulloa, CFO; Patricia Forero Cabezas, Research and Development Director; and Luigi Quesada Arce, Commercial Director.
This is the second investment for the EMERGE fund and their first in Costa Rica. The EMERGE fund is one of three Aureos Latin American private equity funds and is targeted at the smaller end of the SME segment in the region. EMERGE can invest in Panama, Nicaragua, El Salvador, Guatemala, Honduras, Costa Rica, Belize and the Dominican Republic.
AUREOS CAPITAL LTD
Aureos Capital Ltd is a unique private equity fund management company, domiciled in Mauritius, which specialises in providing expansion and buy-out capital to unlisted mid-cap businesses across Asia, Africa and Latin America.
It was formed in July 2001 to assume management of a range of funds originally sponsored by CDC Group plc and to raise and manage a new generation of private equity funds under the Aureos brand.
Today, the Shareholders in Aureos comprise employees, along with CDC Group plc, Norfund and FMO which are, respectively, the British, Norwegian and Dutch development finance institutions.
Since 2001, Aureos has increased its funds under management to over US$710 million and extended its geographical footprint to over 50 emerging markets covering Asia, Africa and Latin America, by establishing 14 regional private equity funds.
Investors in Aureos funds include institutional investors, bilateral and multilateral development finance institutions, fund of funds, family offices and foundations and high net worth individuals.
Aureos is in the process of raising funds for the US$100 million Aureos Central Asia Fund, the US$300 million Aureos Latin America Fund and the US$400 million Aureos Africa Fund.
Press Contacts:
José Ulate
Fund Partner
FONDO EMERGE
Email: julate@aureos.co.cr
Tel: +506 2 201 9191
Bishakha Mukherjee
Aureos Advisers, London
Tel: +44 (0)20 7647 6804
Nick Mattison or Katerina Papadopoulou
Mattison Public Relations
Tel: +44 (0)20 7645 3636
Email: kp@mattison.co.uk