March 2024
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  1. Public sector transactions in Mexico
  2. Private sector transactions in Mexico
  3. Private Equity fund transactions
  4. Venture Capital fund 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
Relevant Activity
In March, we highlight the two acquisitions of Rotoplas, a Mexican water and sanitation services provider; i) of the 20% it did not yet control of Sytesa, a Mexican company engaged in the design, construction, financing, operation and maintenance of water treatment and recycling plants, and ii) of 51% of IrriVan, a Mexican company specializing in irrigation systems for agriculture.
 
During March 2024, 21 M&A transactions were registered in Mexico, 10.5% higher than the 19 registered in the same month of the previous year. The amount disclosed increased from USD $200 million to USD $435 million, an increase of 117.5%.
1.- Public sector transactions in Mexico
Grupo Bimbo, a Mexican producer and marketer of bread and bread products, acquired the Spanish company Amaritta Food, a producer of gluten-free baked goods.
Rotoplas, a Mexican water and sanitation services provider, made two acquisitions:
 
  • The 20% it did not already control of Sytesa, a Mexican company engaged in the design, construction, financing, operation and maintenance of water treatment and recycling plants.

  • 51% of IrriVan, a Mexican company specializing in irrigation systems for agriculture.

Grupo Televisa announced the acquisition of the equity interest held by U.S.-based AT&T in Sky Mexico, which will make the company the holder of 100% of Sky's capital stock.
Grupo Axo, a Mexican distributor and marketer of clothing and accessories, cosmetics, and household products, through its subsidiaries Komax and Komax Peru, acquired the Guess brand in Chile and Peru from Chile-based Rambrands. 
Fibra Mty, a Mexican REIT, raised USD $467.9 million with the subsequent issuance of real estate trust certificates (CBFIs) on the Mexican Stock Exchange. 
2.- Private sector transactions in Mexico
Saavi Energia, a Mexican company dedicated to generating and commercializing electricity, acquired the Mexican facility La Lucha, with the capacity to generate 130 megawatts of solar energy, for USD $151.2 million from Canada's Northland Power.
ZIFF, a Mexican company that provides liquidity options to entrepreneurs, acquired Arrenda, a Mexico-based platform that offers digital financial services to landlords and tenants. 
Samara, a U.S.-based modular housing company, acquired a modular housing factory in Mexico. The amount and the identity of the selling party were not disclosed. 
AISG, a Mexican company that provides maintenance services for the commercial aviation industry, acquired AIRSITE, a Colombia-based company that provides maintenance services for the commercial, military, and corporate aviation industry.
EC Rubio, a Mexican law firm, agreed to merge with its Mexican peer Fegamo & Vasaf. 
A group of Mexican investors acquired a minority stake in Mexico-based Kings League Americas from Spain-based Kings League, which manages a 7-a-side soccer league broadcast on digital platforms.
Supply Chain Solutions, a U.S.-based company that combines a process-based approach with action plans to deliver measurable business value, acquired Transport Accion, a Mexican company specializing in freight forwarding and logistics solutions. 
Atlas Copco Group, a Sweden-based producer and distributor of compressed air and gas equipment and rental machinery, acquired MEISA, a Mexican manufacturer of vacuum pumps.
Murano Global Investments PLC, a Mexico-based real estate company that owns, develops, and invests in hotels, resorts, and commercial properties throughout Mexico, acquired U.S.-based HCM Acquisition through a reverse merger and will now be listed on the NASDAQ market.
3.- Private Equity Fund Transactions
Oaktree Capital Management, a U.S.-based private equity firm, acquired Mexico-based Manufacturera Federal Electrica, a subsidiary of Electro-Mechanical, a manufacturer of technologies for storing and distributing energy, from U.S.-based Graycliff Partners.
Monomoy Capital Partners, a U.S.-based private equity fund, acquired Waupaca Foundry Mexico, a producer of cast iron and machined castings, from Japan-based Proterial.
Platinum Equity, a U.S.-based private equity firm, acquired Augusta Sportswear Mexico, Athletic Sewing and TAA de Mexico, Mexican subsidiaries of Augusta Sportswear Brands and Founder Sport Group, manufacturers and distributors of sports apparel and uniforms, as part of the acquisition of the parent companies Augusta Sportswear Brands and Founder Sport Group.
4.- Venture Capital Fund Transactions
LEASY, operator of a Peru-based vehicle credit platform, closed a USD $28 million Series A investment round led by Magma Partners, in which Entangle, DeBa Ventures, NOA Capital (Mexico) and Grupo CAPEM (Mexico), among others, also participated.
Grupago, a Mexican fintech that offers solidarity guarantees for small businesses and merchants, raised USD $4.3 million in an investment round in which the funds Deciens Capital and Clocktower Technology Ventures, Precursor Ventures, Twine Ventures and other investors.
BusUp Technologies, a Spain-based startup and creator of a bus sharing application, closed a USD $4.3 million investment round underwritten by Grupo Finaccess (Mexico), Autotech Ventures, Endra, Proeza Ventures (Mexico) and Finaves. 
Pulpos, a Mexican operator of a comprehensive retail platform that includes point of sale, stock control and purchase registration, among other functions, closed a USD $4 million seed round, led by Andreessen Horowitz, H20 Capital, Latitude Ventures and Newtopia VC and others.  
Taxo, a Mexico-based operator of a tax automation platform for accountants and professionals, closed a USD $1.2 million pre-seed round, in which Seedstars International, 500 Global, BuenTrip Ventures and Newlin Ventures, among other investors, participated. 
Tally, a Mexico-based startup that offers legal services for incorporation and accounting management for companies, raised an undisclosed amount of investment from Calm Company Fund and BDev Ventures.
Palenca, a Mexico-based developer and owner of a payroll API that allows companies to verify employment and identity data, received a capital injection from Serasa Experian. 
Chica Chida, a Mexico-based producer of peanut butter tequila, secured an undisclosed amount of investment from Litquidity Capital.
Prescrypto, a Mexican company that developed an electronic medical prescription platform, raised an undisclosed amount of investment from StartUp Health.
5.- Purchase of Assets
Fibra Mty, a Mexican REIT dedicated to real estate management, acquired for USD $206.6 million a portfolio of eight industrial buildings with a gross rentable area of 186,105 m2, located in Monterrey.
Cojaswinvest, a Mexico-based real estate leasing group, acquired three shopping centers in Spain, El Mirador, Alzamora, and Odeon de Naron, for USD $75.8 million from Eurofund and Patron Capital.
Fibra Storage, a Mexican REIT for the operation of mini warehouses, acquired a property in Mexico City for USD $1.2 million.
Holcim Mexico, the Mexican subsidiary of one of the world's largest producers of building materials, acquired two ready-mix concrete plants from Grupo Comosa.
6.- Other International News
Liberty Media, the U.S.-based company behind Formula 1, announced the acquisition of Dorna, the parent company of MotoGP, the world's premier motorcycle racing championship, for USD $4.5 billion.
Alcoa, a U.S.-based company and one of the world's largest producers of bauxite and alumina, acquired the Australian company Alumina for US$2.2 billion.  
AstraZeneca agreed to acquire France-based Amolyt Pharma, which specializes in endocrine diseases, for USD $1 billion.
Independence Pet Holdings, Inc. agreed to acquire Pets Best Insurance Services, LLC from Synchrony Financial for USD $750 million.
Repsol, a Spanish company specialized in oil and gas exploration and production, acquired 40% of Bunge Iberica, owner of three industrial facilities dedicated to the production of oils and biofuels for USD $300 million.
Oakley Capital Origin Fund I acquired a majority stake in Spanish company Horizons Optical, a provider of medical software used to manufacture premium eyewear lenses from Sherpa Capital.
Accenture, an Irish consulting, technology services management and outsourcing company, acquired Udacity, the U.S.-based digital education platform and pioneer of digital education.
7.- Analysis of Mergers and Acquisitions in Mexico
Volume and Value of Transactions 2022 - 2023
During March 2024, 21 M&A transactions were registered in Mexico, a figure 10.5% higher than the 19 registered in the same month of the previous year. The amount disclosed increased from USD $200 million to USD $435 million, an increase of 117.5%.

Likewise, with respect to the cumulative volume of transactions during the three months, there have been 6 more operations than a year ago, an increase of 11.8%. Similarly, the cumulative amount increased by 49.1%, from USD $607 million to USD $905 million.
Transactions in Mexico by Sector
During the third month of 2024, the most active sector in terms of mergers and acquisitions was Industry / Manufacturing & Engineering with a total of 6 transactions, equivalent to 29% of the total number of reported deals.

The Real Estate and Construction sector stands out with 12 transactions, representing 21% of the total number of transactions reported, followed by the Consumer sector with 11, equivalent to 19%.
Transactions by Origin of Buyer and Seller
In March 2024, in terms of number of transactions, Mexican entities acquiring Mexican companies predominated, as well as Mexican entities with foreign counterparties, which amounted to 7 each, representing 66% of the total. In terms of the amount disclosed, transactions involving Mexican companies investing in Mexican companies stood out with a total of USD $208 million, 48% of the total amount disclosed.
 
In terms of accumulated volume, Mexican companies acquiring peers in our country also stand out with 21 transactions, 37% of the total. Regarding the amount disclosed, Mexican entities investing in the country stand out, with a total of USD $485 million, representing 54%.
8.- Analysis of Venture Capital Transactions in Mexico
During March 2024, 9 Venture Capital transactions were registered in Mexico, the same number as those observed a year earlier. As for the published number of investments in startups in the country, this amounted to USD $10 million compared to the USD $69 million reported in the same month of the previous year. This represents a decrease of 85%.

In terms of the volume of accumulated transactions, one more was reported with respect to those existing at this point in the previous year, going from 25 to 26. In terms of the accumulated amount, there was a decrease of 33.3%, from USD $136 million in 2023 to USD $90 million in 2024. 
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The editor is not responsible for the damages caused by the use of the information included. The information included in this newsletter was gathered from public sources (América Economía, Bloomberg, El Economista, El Financiero, El Excelsior, El Universal, Sentido Comun, Reforma, El Norte, The Wall Street Journal, Mergermarket, Business Week, New York Times, Expansión y CNN / Expansion, DealWatch, LatinLawyer, among others) and direct sources of RIoN M&A and it is subject to the accuracy and truthfulness of them. 
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