PE firm MXO Management acquired a 1% stake in Grupo Axo, a Mexico-based multi-brand retail platform backed by General Atlantic, for an undisclosed amount. BlackRock invested in the multi-brand retailer in May 2021. 

(Latin Finance) Mexican retailer Grupo Axo has sold a 1% stake to private equity firm MXO Management for an undisclosed amount, just over a month after a similar deal with US investor BlackRock, according to a securities filing. Grupo Axo has called off two planned acquisitions during the COVID-19 pandemic, but it has turned to sales of small equity stakes to invest in digital sales channels across Latin America.

Read more at Latin Finance.