September 10, 2013: Alsea, S.A.B. de C.V, operator of Quick Service Restaurants in Latin America has agreed to buy the restaurant division – VIPS from Wal-Mart de México for approximately $627 million ($8,200 million pesos). The acquisition is financed through a 5 year Term Loan for $3,000 million pesos and 12 month bridge loan facility of $5,200 million pesos. The transaction is subject to shareholders and regulatory approvals.
The purchasing assets includes a total of 362 restaurants of which 262 operate under the “VIPs” brand, 90 units operate under the “El Portón”, 7 units operate under the “Ragazzi” serving Italian foods, and 2 units under “La Finca”. Alsea will also buy related brand and intellectual property; 18 outlets, 214 buildings as well as the food processing plants. VIPS restaurant chain covers 65 cities across all Mexican states, has a market share of 11.7%, and 99% brand awareness for serving affordable, quality foods.