November 2022
  1. Public Company Transactions in Mexico
  2. Private Company Transactions in Mexico
  3. Private Equity Transactions
  4. Venture Capital Transactions
  5. Asset Purchases
  6. Other International News
  7. Analysis of Mergers and Acquisitions in Mexico
  8. Analysis of Venture Capital Transactions in Mexico
  9. Subscription
Highlights of the month
  • During November 2022, 18 M&A transactions were registered, 4 fewer than those registered in November 2021 (22).

  • In November 2022, we highlight the transaction of Grupo AXO that acquired the Chilean retailer Komax, consolidating its presence in South America.
1.- Public Company Transactions in Mexico
Sancus Hoteles, a subsidiary of Sancus Capital, a Spanish company dedicated to asset management, acquired a 51% stake in Nilaya Properties, owner of the luxury hotels Rosewood Villa Magna and Bless Hotel Madrid, from RLH Properties Mexico.
Protexa, a Mexican infrastructure developer, has acquired Voltrak, a provider of electrical engineering and power generation solutions, from the Mexican conglomerate Xignux.
FEMSA (Fomento Economico Mexicano), a Mexican company that distributes and markets goods and services in the beverage, consumer, and health segments, carried out two transactions:
  • It acquired the shareholding percentage that it did not own in NetPay, a company that offers means of payment services for electronic commerce.
  • Through its subsidiary, Digital@FEMSA, it acquired the diiki platform, a mobile application that allows restaurants to receive online orders for home delivery, from Wii Latin America.
2.- Private Company Transactions in Mexico
TekniPlex Consumer Products, an American company specialized in materials science solutions, acquired the Mexican EMATEC, which is dedicated to manufacturing packaging solutions for the food industry.
Bupa Global, a British insurer that provides health services, acquired Hospital Bite Medica, a hospital located in Mexico City, for USD $18.1 million. The identity of the selling party has not been disclosed.
SEC Newgate, the Italian communication agency, acquired a majority stake in the Mexican agency another.
Palace Resorts, a Mexican company dedicated to hotel management, acquired a 75% stake in the Italian company Cogeta, which owns the luxury hotel chain Baglioni Hotels & Resorts.
Vemo, a Mexican company specialized in clean mobility solutions, acquired the fleet of vehicles that belonged to Beat in Colombia and Mexico.
Tribal, an American company that offers financial services for startups, has acquired the Mexican bill payment platform Paykii.
Saavi Energia, a Mexican company specialized in the generation and sale of electricity, acquired an 874 MW combined cycle plant called Tierra Mojada, located in Zapotlanejo, Mexico.
Premier Healthcare Professionals, a US provider of home care nurses, has been acquired by the Mexican conglomerate Grupo Proeza.
Grupo Axo, a Mexican company specializing in the marketing of clothing and related goods, acquired its Chilean counterpart Komax, including its subsidiaries Komax Peru and Komax Uruguay. The transaction is subject to regulatory approval.
The English insurer Aon Corporation (Global), through its subsidiary AON Mexico Business Support, acquired Evaluacion de Riesgos Naturales (ERN), a Mexican company specialized in generating models to assess risks of natural phenomena. The amount of the transaction has not been disclosed.
3.- Private Equity Transactions
Mexican PE firm Discovery Americas (Global) made an investment in Servimsa, a Mexican provider of supply chain and industrial logistics services. The amount of the transaction has not been disclosed.
4.- Venture Capital Transactions
Mendel, a Mexican fintech platform focused on companies, raised a USD $60 million series B investment round, co-led by Infinity Ventures, Industry Ventures Fund and Victory Park Capital Advisors, and in which ALLVP (Mexico) and Better Tomorrow Ventures also participated. The round has included equity and debt.
Quinio, an aggregator platform for e-commerce brands of Mexican origin, raised a USD $40 million investment round with a combination of debt and equity, led by Northgate Capital (Mexico) and in which Dila Capital (Mexico), AlleyCorp, WTI - Western Technology Investment, Cometa, Alchimia Investments and other investors have participated.
Bright, a Mexican platform specialized in financing and services for the solar energy industry, raised USD $35 million in Series C funding round in which the MGM Innova Group fund participated along with other investors.
GoTrendier, a platform for the online sale of second-hand clothing and articles, obtained a USD $14.6 million investment round, subscribed by the funds Cresa Impacto, IDB Invest, IDC Ventures, and by existing investors Ignia (Mexico) JME Venture Capital, Bonsai Partners, and Pedralbes Partners (Mexico).
Cicada, an American platform for exchanging emerging market bonds, closed a USD $7.6 million investment round, led by Kaszek Ventures and Dila Capital (Mexico).
Yave, a Mexican platform to grant mortgage loans digitally, raised a USD $7.5 million seed round, co-led by Better Tomorrow Ventures and Metaprop NYC, and in which Goodwater Capital, Activant Capital, Moore Capital, The Fintech Fund, Cross River, the Mexican developer Vinte, Magma Partners, Dila Capital (Mexico) and Wollef (Mexico) also participated.
Keyo, a US-based biometric identification software developer, raised USD$7 million from funds Liil Ventures (Mexico), Hard Yaka and Fairhill Ventures. Also participating in the round were Iluminar Ventures and SquareOne Capital.
Trully, a software platform for the prevention of digital fraud, obtained a USD $4.1 million seed investment round, led by Costanoa Venture.
Flourish Fi, a fintech financial well-being platform of US origin, raised a USD $2.3 million seed round, led by Magma Partners and in which Lightspeed, Canary, Seedstars International, Kadmotek Ventures, Potencia Ventures, Cap Table Coalition, Amplifica Capital (Mexico), I Am The Fund and Remarkable Ventures also participated.
BioEsol, a software company of Mexican origin for the generation, storage, and efficient use of energy, raised a USD $1.5 million investment round, in which the accelerator Katapult Accelerator participated.
Perfekto, a Mexican platform that offers a subscription to receive at home, on a regular basis, a grocery box with fresh perishable products, but with non-ideal physical characteristics (shape, color, size, etc.), which aims to combat the waste, obtained a USD $1.1 million investment round.
Deepomatic, a French company dedicated to developing a platform that allows to automate tasks, closed a USD $10 million series B investment round, co-led by the private equity arm of Orbia (formerly Mexichem) Orbia Ventures, and EnBW New Ventures and in which existing investors such as Alven, Hi-Inov Dentressangle and Swisscom Ventures also participated.
Cobee, a Spanish startup dedicated to automating the necessary procedures to retain talent, obtained a USD $40 million investment round, led by Octopus Ventures and Notion Capital, and in which Balderton, Speedinvest, and Dila Capital (Mexico) have also participated.
Mexican cybersecurity platform Metabase Q has raised an undisclosed amount of capital from funds GBM Ventures and SYN Ventures.
5.- Asset Purchases
Fibra Prologis, a Mexican REIT, acquired two industrial properties in Tijuana for USD $56.5 million, with a total area of 49,766 sq. mts.
YThe Mexican private equity firm MRP sold 3 properties in two states of the Mexican Republic. The buying party was not disclosed.
Citigroup, a New York-based financial institution, has agreed to acquire Deutsche Bank's banking license in Mexico for an undisclosed amount. With the acquisition, Citigroup seeks to continue its corporate and investment banking operations in Mexico. The transaction is subject to regulatory approval.
6.- Other International News
Alternative Asset Manager Blackstone announced the acquisition of a majority stake in Emerson's climate technology unit in a transaction valued at USD $14 billion.
The US pharmaceutical company Johnson & Johnson has acquired the medical device manufacturer Abiomed for USD 16.6 billion.
The Canadian bank RBC (Royal Bank of Canada) announced the acquisition of the Canadian business of HSBC for USD $10,000 million in cash. The transaction includes 130 branches and more than 780,000 customers.
A health consortium made up of Village MD, primary care provider backed by the Walgreens Boots Alliance pharmacy chain, and the health services company Evernorth, has acquired for USD $8.9 billion Summit Health-CityMD, provider of primary, specialty and urgent care in the United States. After the transaction, the group will have more than 680 clinics.
The American manufacturer of cosmetics and beauty products Estée Lauder announced the acquisition of the brand Tom Ford for USD 2,800 million, in which it represents the largest agreement in its history.
7.- Analysis of Mergers and Acquisitions in Mexico
Accumulated Volume and Value of Transactions 2021 - 2022
During November 2022, 18 M&A transactions were registered in Mexico, compared to the 22 observed during the same month of 2021. The disclosed amount went from USD $20 million to USD $242 million.
On the other hand, the volume of accumulated transactions as of November of this year was 1% higher than the same period of the previous year, going from 213 to 215 operations. Regarding the total accumulated value, a decrease of 13.1% was registered (USD $11,748 vs. USD $10,210).
Transactions in Mexico according to Sector
During the eleventh month of 2022, the most active sector was Financial Services, registering 4 transactions or 22% of the total operations reported.
In terms of accumulated volume, the activity of companies in the Industry/Manufacturing and Engineering sector dominates with 56 transactions, followed by Real Estate and Construction with 31 transactions, which represent 26% and 14% of the total activity, respectively.
Transactions in Mexico according to the Origin of the Buyer and the Seller
In November 2022, in terms of number of transactions, Mexican entities investing locally predominated with 8 operations, representing 44% of the total. Regarding the amount revealed, foreign companies investing in Mexico stood out with USD $167 million, 69% of the total.
Regarding the accumulated number of transactions, the operations of foreign companies investing in Mexico stand out, with 79, representing 36% of the total. In the same way, in terms of disclosed amount, foreign companies acquiring in Mexico predominate, with a sum of USD $5,235 million (51% of the total).
8.- Analysis of Venture Capital Transactions in Mexico
During November 2022, 15 transactions were registered with the participation of Venture Capital funds, either Mexican companies receiving resources or Mexican funds investing in companies abroad, an increase of 25% compared to those observed a year earlier. In addition, the revealed invested amount in Mexican Startups decreased by 56.5%.
Year-to-date, there have been 149 transactions while a year earlier there have been 127, an increase of 17%. Regarding the accumulated amount, there has been a 51% decrease, going from USD $3,193 to USD $1,565 million.
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