(Press Release) Advent International, one of the largest and most experienced global private equity investors, today announced that it has agreed to acquire a stake, through a capital injection, in Grupo Financiero Mifel (“Mifel”), a leading Mexican bank serving the mass-affluent retail segment. The transaction, subject to regulatory approval and certain closing conditions, is expected to be completed in the first half of 2015.
With this investment of MXN 800 million (approximately US$53 million), Advent will acquire a relevant minority stake in Mifel. The capital injection will strengthen the bank’s capital structure and support its goal of achieving continued growth in Mexico. Mifel will continue to focus on providing excellent service to the mass-affluent retail segment and seek to expand its footprint by doubling its branch network in the next five years.
This investment is consistent with Advent’s strategy of investing in financial services businesses with strong growth potential to ultimately create value for their clients and shareholders.
“We are excited to welcome a leading global investor such as Advent,” said Daniel Becker, Chief Executive Officer of Mifel. “Advent’s investment will strengthen our capital position, allowing us to continue supporting the growth of our clients while maintaining our personalized service.”
“We are pleased to partner with Mifel’s exceptional management team and to support the continued growth of not only the company but also small and medium-sized Mexican enterprises,” said Luis Solórzano, a Managing Director at Advent International and Head of its Mexico City office. “We look forward to working with Mifel to capture the opportunities created by the recent structural reforms by supporting Mexican companies through the various lending products and services that Mifel offers.”