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Advent Fully Exits IMC through Secondary Market Offering (em português)

July 29, 2019

Global private equity firm, Advent International, sold its 10% stake in International Meal Company (IMC), a Brazilian fast food operator. Advent sold its 10% stake in a secondary market offering on the BOVESPA after the share price increased following the announcement of a merger between IMC and MultiQSR the franchisor of Pizza Hut and KFC in Brazil.

(Brazil Journal) A Advent pegou carona na valorização da IMC depois do acordo fechado com Carlos Wizard e vendeu os 10% que ainda detinha na companhia hoje à tarde na Bolsa.

O papel saiu a R$ 9,20, com desconto de 3% em relação ao fechamento de sexta-feira. A operação movimentou R$ 152 milhões.

Mesmo com o caminhão de 16 milhões de ações vendidas pela Advent, o papel cedeu apenas 2,95% no pregão de hoje.

“O mercado todo já sabia que a Advent era vendedora e o leilão de hoje eliminou o risco de overhang [excesso de ações no mercado]”, diz um gestor comprado na ação.

A Advent já havia tentado desembarcar completamente da IMC no fim de 2017, quando vendeu o grosso de sua participação de 43%, mas não encontrou demanda para todo o lote a preço satisfatório. Desde então, é tida
como vendedora.

O investimento na dona do Frango Assado e do Viena foi feito por meio do fundo IV da Advent para a América Latina, cujo prazo de desinvestimento, em teoria, terminaria em 2014. É o mesmo fundo que concentra a participação na varejista Quero-Quero.

O anúncio da fusão com a MultiQSR, de Wizard, franqueadora da Pizza Hut e do KFC no Brasil fez a ação disparar 8% na sexta-feira, quando fechou a R$9,48.

Agora, os Wizard se tornam o acionista de referência da IMC, com 15% da companhia combinada.

A experiência da família no setor de franquias é vista como uma avenida de crescimento para a IMC, tanto nas marcas Pizza Hut e KFC, como para o próprio Frango Assado.

A Yum Brands – dona das marcas Pizza Hut e KFC – também entrou no negócio, com uma fatia quase simbólica de 2% da IMC. O sonho de todo investidor comprado no papel é que este investimento seja só o começo.

No board da IMC, a Yum vai instalar Joseph Call, um executivo que está há 17 anos na Yum e foi responsável por levar o KFC para o Canadá e países africanos. Hoje ele é responsável pela área de desenvolvimento global da Pizza Hut e é um dos executivos mais importantes da marca. (Curiosidade: ele já morou na Bahia e fala português).

A história da IMC foi um caso contraintuitivo de consolidação em que a soma terminou menor que as partes. Com o dinheiro do IPO, a empresa fez uma série de aquisições em diversos países – o que deu origem a uma companhia complexa e com muito menos sinergias que o esperado.

Em 2015, viu-se obrigada a fazer um aumento de capital na bacia das almas, quando a ação beliscava a mínima de R$ 4.

Nos últimos dois anos, o CEO Newton Maia – um ex-executivo da Advent – vem conduzindo um processo de turnaround que envolveu a venda de diversos negócios fora do Brasil e a simplificação da companhia.

Advent Fully Exits IMC through Secondary Market Offering (em português) was last modified: July 30th, 2019 by csantos
AdventIMCMEAL3Private Equity
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