Advent International acquired auto parts retailer Rondobras in an add-on acquisition. Rondobras will be absorbed by Fortbras, an auto parts maker Advent acquired in 2016. Financial details of the transaction were undisclosed.
(Reuters) Private equity firm Advent International Corp said on Tuesday it had bought Brazilian auto parts retailer Rondobras, with 54 stores, its latest such acquisition in Latin America’s largest economy.
Advent did not disclose the purchase price, but said it had already invested 1.2 billion reais ($285.96 million) in acquisitions, distribution centers and new stores since its 2016 purchase of unlisted FortBras, its initial Brazilian auto parts takeover.
Rondobras’ outlets will be incorporated into Fortbras, making it Brazil’s largest such retailer with about 130 stores, but still a small segment of the country’s 35,000 auto parts stores.
FortBras’ revenue is expected to reach 2.2 billion reais in 2020. That compares with estimated revenue of 28 billion reais for Brazil’s auto parts makers, according to the sector’s main union.