(PR Newswire) Acon Investments has acquired an equity stake in Dori Alimentos, a candy and snack distributor based in São Paulo.
ACON Investments (“ACON“) announced today that its affiliate, ACON Latin America Opportunities Fund IV, L.P. (“ALAOF IV“), has acquired an equity stake in Dori Alimentos S.A. (“Dori” or the “Company“). Dori is one of Brazil’s leading manufacturers and distributors of snack and candy products. ALAOF IV is ACON’s fourth pool of capital dedicated to making equity and quasi-equity investments in companies in Latin America.
Founded in 1967, Dori is based in Marília, São Paulo and operates three manufacturing plants with a total of approximately 2,100 employees. The Company sells its products nationwide and also exports to more than 60 countries. In the twelve months ending October 2016, the Company had more than R$650 million (US$190 million) in revenues.
Through its investment, ACON will support the existing shareholders and management team, led by Vitor Barion, the Executive Chairman of the Board, and Pedro Lobo, the Chief Executive Officer, who will continue to implement their ongoing growth plan for Dori. Proceeds from the investment will be used to reduce short-term debt financing and to fund the Company’s working capital and expansion plans.
Vitor Barion said, “The entire management team is excited about our partnership with ACON. We appreciate their support and look forward to working with ACON to further strengthen Dori’s position in the Brazilian snack and candy market as well as in the export markets it serves.”
“Dori has established itself as a leading player in the market for snack and candy products in Brazil,” said Andre Bhatia, a Managing Partner of ACON. “We have been very impressed by the executive team, the strength of the brand and the positioning of its products throughout Brazil,” added Bhatia.
“ACON’s investment supports Dori’s expansion plan, focused on further increasing its distribution footprint and on enhancing its product portfolio,” remarked Rodrigo Galvão, ACON’s Managing Director based in São Paulo.