(Press Release) H.I.G. Capital, a leading global private equity investment firm with more than US$17b of equity capital under management, is pleased to announce that its portfolio company Creme Mel Sorvetes (“Creme Mel”), the largest ice cream company in the Midwest, has acquired Zeca’s Sorvetes (“Zeca’s”), the largest Brazilian ice cream company in the Northeast.
This transaction further solidifies Creme Mel’s position as the largest independent Brazilian ice cream company with a presence in 17 states and more than R$300 million in sales. Operating in 8 Northeastern states, Zeca’s footprint is highly complementary to Creme Mel’s presence in the Midwest, North and Southeast regions. The acquisition will allow both companies to benefit from operational, logistical and administrative synergies.
The founder and CEO of Creme Mel, Antonio Benedito dos Santos believes the acquisition of Zeca’s will accelerate the development and strengthen the brands of both companies. “Creme Mel and Zeca’s share a very similar history and passion in producing the best ice cream. The two businesses complement one another in many respects, and the combination will further add to our national leadership position in this attractive and growing market”. He added: “The institutional support of H.I.G. Capital was key to make this transaction happen. We are thankful for the closing of this new union.”
Fernando Marques Oliveira, Head of H.I.G. Brazil and H.I.G. Latin America, commented, “We are very pleased with the opportunity of investing in such a recognized brand as Zeca’s. This transaction will consolidate Creme Mel’s presence in the Northeastern states and will perpetuate the strong growth of recent years. With such an experienced and highly skilled team, we will work together to continue expanding our products’ presence throughout the entire country”.