(WAMEX) November 9, 2010 – Mexican private equity manager WAMEX announced a minority equity purchase in City Express S.A. de C.V., Mexico’s leading budget hotel chain. The amount invested was US$ 10.4 million. This is the first investment of fund MIF II, a vehicle for institutional investors focused in privately arranged transactions in mid-sized companies established in Mexico.
City Express was founded in 2002 and is the leader in the business traveler segment in the Mexican travel market. It has 48 hotels throughout Mexico under the following brands: City Express, City Junior and City Suites.
WAMEX Private Equity was founded in 1999 and manages the funds MIF I and MIF II. Last year WAMEX was the first PE manager to raise funds from local institutional investors.