(Press Release) The Abraaj Group, a leading investor operating in global growth markets, today announced the successful exit of its investment in Iasacorp International, a prominent Peru-based retailer specializing in women’s accessories. Iasacorp operates store brands such as Do It!, Do It! Kids and Glitter.

Abraaj, through its first Latin American Fund, ALAF I, agreed to sell its entire stake in Iasacorp to Peru’s MCKPITAL, the family office of the Marsano family. This is Abraaj’s first exit in Peru and one of the first pure play private equity exits in the country.

Abraaj invested in Iasacorp in 2009 through its ALAF I Fund and worked closely with the company to expand its regional footprint and product lines, while introducing innovative new brands and developing a customized plan to enhance the company’s inventory management systems. The Group’s guidance also led to improved governance, reporting and audit standards at Iasacorp. As part of Abraaj’s commitment to embedding sustainability into its partner companies, the Group enabled Iasacorp to implement new supply chain management policies and related procedures in line with the Ethical Trading Initiative.

Over the course of Abraaj’s investment, Iasacorp grew fourfold from 120 points of sale (POS) across Peru and Chile to more than 480 POS in 2013 across Pacific Alliance member countries (Peru, Chile, Mexico and Colombia) as well as Ecuador, Venezuela and several Central American countries. As a result of this swift expansion, Iasacorp has become a top retailer in the region, today ranking number one in its industry segment in Peru and among the leading specialty retailers in Chile and Colombia.

Commenting on the exit, Hector Martinez, Managing Director of Abraaj’s Peru office said, “We invested in Iasacorp to help create a leader in a sector enjoying rapid growth thanks to increased consumer demand resulting from urbanization and a developing middle class across the region. The company is now well-positioned to lead a high-potential sector in Latin and Central America through its differentiated products and outstanding logistics capabilities, and we look forward to seeing its continued success.”

David Benavides, Founder and Executive President of lasacorp International, said, “Our partnership with Abraaj over the last five years created many opportunities for Iasacorp. Abraaj helped Iasacorp open hundreds of new locations, introduce new brands and access on-the-ground expertise to expand as far north as Mexico and position ourselves for continued international growth beyond Latin America.”

Miguel Olea, Partner and Regional Head of Latin America for Abraaj said, “The sale of our stake in Iasacorp marks the third successful exit from a Pacific Alliance-based company by Abraaj in the past two months. The growing middle class and consumption patterns in the Pacific Alliance continue to create some of the most attractive investment opportunities we are seeing today and our recent exits demonstrate the viability of the region for investors.”

Abraaj has an active portfolio in Latin America, with 10 holdings in the region across a wide range of industries, including consumer goods and services, travel and tourism, information technology, and leasing and financial services.