(Reuters) November 9, 2012 – GP Investments Ltd, the largest listed Latin American private equity firm, paid 450 million reais ($225 million) for a 30 percent stake in Brazil’s Grupo SBF, a holding company that controls all of Lojas Centauro, the country’s biggest sports retailer. In a securities filing late on Thursday, GP said that it will commit $150 million from its GP Capital Partners V LP fund, with the remainder of the funds coming from other, unnamed partners.

Fersen Lamas Lambranho, co-chief executive officer for the Hamilton, Bermuda-based private equity firm, said that the SBF stake purchase is a step towards investing in retailing ahead of Brazil hosting the World Cup in 2014 and the 2016 Olympics. The transaction is subject to board and regulatory approvals.