The ACON Latin America Opportunities Fund IV (ALAOF IV) has acquired an equity stake in Dori Alimentos, a top Brazilian manufacturer and distributor of snack and candy products which had nearly $200 million in revenues over the last year.
ALAOF IV is Washington, DC-based private equity investment firm ACON Investments’ fourth pool of capital making equity and “quasi-equity” investments in Latin America companies, according to a company announcement.
Dori’s existing management team – led by Vitor Barion, the executive chairman of the board, and CEO Pedro Lobo – will stay on board and the proceeds from the investment will be used to fund ongoing expansion plans and reduce short-term debt financing.
“Dori has established itself as a leading player in the market for snack and candy products in Brazil,” said Andre Bhatia, a managing partner of ACON, in a statement. “We have been very impressed by the executive team, the strength of the brand and the positioning of its products throughout Brazil.”
Marília, São Paulo-based Dori operates three manufacturing plants totaling approximately 2,100 employees, selling its products nationwide and exporting to more than 60 countries. In the twelve months ending October 2016, the company had more than 650 million reais ($190 million; €180.2 million) in revenues.
ACON manages private equity funds and special purpose partnerships investing in the US and Latin America. Its principals are responsible for managing over $4.8 billion of capital across 60 investments, according to the company website.
ACON declined to comment further on the terms of the transaction.