(Press Release) Mexico Development Partners announced today that it has completed an investment in Te Creemos Holding, S.A.P.I., the parent company of Te Creemos, S.A. de C.V. Sociedad Financiera Popular (“Te Creemos” or the “Company”). With over 1,600 employees and a loan portfolio exceeding $1 billion pesos, Te Creemos is one of Mexico’s leading micro-finance institutions. The Company has over 120,000 active loans that benefit micro and small businesses focused on the C- and D segments of the population.
Together with Creation Investments, a US based private equity manager, Mexico Development Partner’s led a funding round to provide working capital and finance Te Creemos Holding’s acquisition of Finclusión, a micro-finance institution with over 50 branches and an active loan portfolio in excess of $300 million pesos. The acquisition allowed the Company to grow over 40% in terms of revenues and loan portfolio and position itself as the third largest micro-finance institution focused on working capital or “productive” loans in the country.
“We are very excited to have completed this transaction and to have had the chance to participate in an investment that will have such a positive impact in Mexico’s rural communities and achieve both the financial and impact investment objectives of our firm”, said Pablo Coballasi, Managing Director, of Mexico Development Partners.
“We are pleased to welcome Mexico Development Partners and Creation Investments into our company’s shareholder roster. The investment represents an opportunity to consolidate our leadership position in the Mexican market and realize substantial synergies in 2016 and beyond” said Jorge Kleinberg, CEO of Te Creemos.