ACON Investments Acquires Stake in Sapore S.A.

SAO PAULO, April 6, 2022 /PRNewswire/ -- ACON Investments, L.L.C. ("ACON") announced today that affiliates of ACON Latin America Opportunities Fund V, L.P. ("ALAOF V") and its co-investors have acquired an equity stake in Sapore S.A. ("Sapore" or the "Company"). Sapore is the largest privately-owned corporate foodservice business in Brazil, serving blue-chip clients and operating more than 1,100 facilities throughout the country.

Founded in 1992, Sapore is based in Campinas, São Paulo and serves more than 1 million meals daily to companies in the business and industry, healthcare, and education segments, with approximately 15,000 employees. In 2021, the Company had more than R$2.0 billion in gross revenue.

Through its investment, ACON will support the existing shareholders and management team, led by Daniel Mendez, the Chairman of the Board, and Elezir da Silva Júnior, the Chief Executive Officer, who will continue to implement their ongoing growth plan for Sapore. Proceeds from the investment will be used to fund the Company's expansion plans and technological innovations in preparation for a public market offering.

Daniel Mendez said, "The entire management team is excited about our partnership with ACON. We look forward to working with ACON to further strengthen Sapore's position in the corporate foodservices and facilities management segments, as well as to enhance its growth profile and offer the full outsourcing solution to our clients." Complementing Mr. Mendez, Elezir da Silva Júnior said, "ACON is aligned with Sapore to accelerate its growth plan and prepare Sapore for an IPO."

"Sapore has established itself as a leading player in the market for corporate foodservice businesses 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 services throughout Brazil," added Mr. Bhatia.

"ACON sees significant opportunity as more companies outsource food and facilities management services in Brazil. We believe Sapore is well positioned to benefit from this trend and from cross selling these services" remarked Rodrigo Galvão, ACON's Partner based in São Paulo.

Terms of the transaction were not disclosed.

About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. Founded in 1996, ACON has responsibility for managing approximately $6.2 billion of capital. ACON has professionals in Washington, DC, Los Angeles, São Paulo, Mexico City, Bogotá and Madrid. For more information, visit www.aconinvestments.com.

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SOURCE ACON Investments, L.L.C.

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