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MERGERS &
ACQUISITIONS
MEXICO
MONTHLY ISSUE
2020SEPTEMBER
Seale & AssociatesCreative Solutions. Trusted Advice.
$8.6
$11.4
$8.6
$15.4
$7.6
$0.8
2016
2017
2018
2019
Sep YTD '19
Sep YTD '20
240
132
In September 2020, 9 transactions were announced in Mexico, representing an increase of 1 in
terms of volume versus the prior month. Compared to September 2019 YTD, September 2020
YTD volume of transactions decreased 30.3%.
Mexico M&A September 2020 1
210
212
169
Seale & AssociatesCreative Solutions. Trusted Advice.
92
SUMMARY OF MERGERS & ACQUISITIONS IN MEXICO
Deal Volume in
Mexico
# of Transactions
per Month
Deal Volume
and Value in
Mexico
Annual
Transactions
(US$ billion)
Sources: Capital IQ, Companies Press Releases
Disclaimer: the presented data is comprised of transactions of mature-stage companies, and it is poised to exclude
venture capital and capital raises
9 10
16
119
14 13
6
9
12 12
8 9
Sep
19'
Oct
19'
Nov
19'
Dec
19'
Jan
20'
Feb
20'
Mar
20'
Apr
20'
May
20'
Jun
20'
Jul
20'
Aug
20'
Sep
20'
$9.6
$8.9
$5.2
$3.8
$2.5
$1.5
2016
2017
2018
2019
Sep YTD '19
Sep YTD '20
In September 2020, 1 transaction outside of Mexico was announced, representing a decrease
of 1 in terms of volume versus the prior month. Compared to September 2019 YTD,
September 2020 YTD volume of transactions decreased by 50.0%.
2
SUMMARY OF MERGERS & ACQUISITIONS BY
MEXICAN COMPANIES ABROAD
Seale & AssociatesCreative Solutions. Trusted Advice.
49
39
32
47
33
16
Deal Volume
# of
Transactions
per Month
Deal Volume
and Value
Annual
Transactions
(US$ billion)
Mexico M&A September 2020
Sources: Capital IQ, Companies Press Releases
3
0
2
6
2
6
1
0
1
3
0
2
1
Sep
19'
Oct
19'
Nov
19'
Dec
19'
Jan
20'
Feb
20'
Mar
20'
Apr
20'
May
20'
Jun
20'
Jul
20'
Aug
20'
Sep
20'
Disclaimer: the presented data is comprised of transactions of mature-stage companies, and it is poised to exclude
venture capital and capital raises
24
22
10
9
7
7
6
5
2
Others
Mining
IT
Industrial
Financial
Consumer
Real Estate
Health
Infrastructure
1
The Industrial sector remains the leader in M&A activity by Mexican companies abroad, with
6 transactions as of September YTD 2020, representing 37.5% of the total announced
transactions in the period.
YTD September 2020
Transactions: 92
*Energy, Oil & Gas, and others
3
The Mining sector remains the leader in domestic M&A activity in Mexico, with 22
announced transactions as of September YTD 2020, representing 23.9% of the total
announced transactions in the period.
YTD September 2020 Transactions: 16
Seale & AssociatesCreative Solutions. Trusted Advice.
2
6INDUSTRIAL
3INFRASTRUCTURE
2 CONSUMER
1 OTHERS
Deals in Mexico by Industry
SUMMARY OF MERGERS & ACQUISITIONS BY INDUSTRY
Representative Acquisitions by Mexican Companies Abroad
REAL ESTATE
1OIL & GAS
*
Mexico M&A September 2020Sources: Capital IQ, Companies Press Releases
HEALTH
Transaction Summary Buyer Target
Grupo Bimbo, S.A.B. de C.V., a Mexican
company that produces, distributes and sells
various bakery products, announced the
acquisition of the remaining 47.6% stake of
Blue Label México (Qiubo), a fintech
company that operates through POS services,
for US$11.5 million
CT Internacional del Noroeste, S.A. de C.V.,
a Mexican wholesale information
technologies company, announced the
acquisition of a minority stake in Lanix
Internacional, S.A. de C.V., a Mexican
company that manufactures computer
equipment and mobile phones
Glisco Partners Inc., a Mexican private equity
firm, announced the acquisition of a 30.1%
stake in Mezcal de Amor S.A.P.I. de C.V., a
Mexican distillery that specializes in the
production of mezcal
2ndsite, Inc. (Freshbooks, Inc.), a Canadian
company that develops a cloud accounting
software for small businesses, announced the
acquisition of Facturama, a Mexican
company that develops and operates an
electronic billing software
FreightCar America, Inc., an American railcar
manufacturer, announced the acquisition of
the remaining 50.0% stake of the Castaños
Plant, a railcar manufacturing facility in
Mexico, from Fabricaciones y Servicios de
México, S.A. de C.V.,
4
REPRESENTATIVE TRANSACTIONS IN MEXICO IN
SEPTEMBER 2020
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A September 2020
Sources: Capital IQ, Companies Press Release
a subsidiary of
Castaños Plant
from
Transaction Summary Buyer Target
Invekra S.A.P.I de C.V., a Mexican
pharmaceutical conglomerate and holding
company for Laboratorios Sanfer, among
others, announced the acquisition of a
majority stake in Laboratorio Pasteur S.A., a
Chilean pharmaceutical company that
manufactures generic and clinical drugs
4
REPRESENTATIVE TRANSACTIONS BY
MEXICAN COMPANIES ABROAD IN SEPTEMBER 2020
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A September 2020
Sources: Capital IQ, Companies Press Release
SEPTEMBER 2020 – DEAL OF THE MONTH
GRUPO BIMBO
ACQUIRED
QIUBO
BUYER
“This is in line with Blue Label’s strategy to refocus its
efforts on its South African Distribution businesses and
to deleverage the business in order to ensure a more
robust and liquid balance sheet going forward”,
Blue Label Telecoms Limited
via its Press Release
TARGET
Blue Label México (Qiubo), is a fintech
company that operates through POS services,
and provides payment solutions for the popular
retail sector
Seale & AssociatesCreative Solutions. Trusted Advice.
Grupo Bimbo, S.A.B de C.V. is a Mexican
company that, along with its subsidiaries,
produces, distributes and sells various bakery
products in Mexico and worldwide
6
FOUNDED IN
1945
PRESSENCE IN
+30
COUNTRIES
+100,000
EMPLOYEES
FOUNDED IN
2008
PRESSENCE IN
+2,000
MUNICIPALITIES
+500
EMPLOYEES
On September 17th, Grupo
Bimbo, S.A.B. de C.V. announced
the acquisition of the remaining
47.6% of Qiubo, from its co-
shareholder, Blue Label Telecoms
Limited, for US$11.5 million
Mexico M&A September 2020
Sources: Capital IQ, Company Press Release
a subsidiary of
REPRESENTATIVE MEXICO ENGAGEMENTS
to
Holding company of
merged its
beverage division
with
has merged with
a business of
has partnered with
a subsidiary of
has sold
to
its sanitaryware business
and
a business unit of
has sold
Cosmocel Química
to
intelectiva®
has acquired
KFC Costa Rica
from
sold
to
sold
to
Grupo Galaz, S.A de C.V.
dealers of
has partnered with
workshop and store in
Mexico City from
Acquisition
Advisory
Services
has formed a partnership in
the casting tools business
between
and
has acquired
has acquired
has been acquired by
has been acquired by
has acquired
has acquired
has been acquired by
has been acquired by
merged its
beverage division
with
has carved out and sold
its concrete pumping
assets in Mexico
has formed a
partnership to market
and develop oil storage
and distribution in
Mexico with
Corporate
Finance
Advisory
Services
Corporate
Finance
Advisory
Services
acquired a majority
stake in
Acquisition
Advisory
Services
Washington, D.C. | Miami | Mexico City | Monterrey
has been acquired by
has been acquired by
has been acquired by
Grupo Educativo
IEJV
acquired
The Zinc Recycling
Business
of
Since 1999, Seale & Associates has been the trusted advisor
to respected public and private companies from around the
world. Seale is a global investment bank with extensive
experience in mergers and acquisitions (M&A), corporate
finance advisory, and enterprise level strategy consulting with
a track record of success in a diverse range of industries. Our
experienced team of professionals are committed to serving
clients with excellence and integrity, while offering innovative
ideas and solutions to address complex transactions.
ADVISOR TO LEADING COMPANIES WORLDWIDE
CONTACT INFORMATION
Please contact us if you would like further information about M&A trends and/or
specific transaction multiples for your industry
Contact Information
James A. Seale
President
Brett M. Carmel
Senior Managing Director
Felipe Bueno Viesca
Senior Director
Sergio Garcia del Bosque
Managing Director
Adan Sierra
Managing Director
Carlos Hernandez
Managing Director
Alejandro Montemayor
Senior Associate
Armando Rios
Associate
Aaron Garcia
Analyst
Sofia Felix
Business Development
Miguel Leal
Business Development
Alejandro Salinas
Junior Analyst
Andre Leroy
Junior Analyst
Daniela Aldasoro
Junior Analyst
Jose Pablo Arronte
Junior Analyst
Regina Labardini
Junior Analyst
www.sealeassociates.com
Seale & AssociatesCreative Solutions. Trusted Advice.
Washington, D.C. | Miami | Mexico City | Monterrey
Headquarters
901 N. Glebe Road
Suite 500
Arlington, Virginia
+1 (703) 294 6770
Latin America Office
Av. Ejército Nacional 769
2nd floor
Mexico City
+52 (55) 8000 7463
APPENDIX
DEALS IN MEXICO IN SEPTEMBER 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A September 2020
Sources: Capital IQ, Companies Press Releases
DEALS ABROAD IN SEPTEMBER 2020
Name Industry Description Name CountrySize
($USDMM)
%
Acquired
EV /
EBITDA
EV /
Revenue
Mineral Property in Colima, Mexico Mineral property Asia Metals, Inc. USA - 100.0% - -
Mezcal de Amor S.A.P.I de C.V. Mezcal distillery Glisco Partners, Inc. MEX - 30.1% - -
Lanix Internacional, S.A. de C.V.Computer equipment
manufacturing
CT Internacional del Noroeste, S.A.
de C.V.MEX - - - -
Facturama Electronic billing software 2ndsite, Inc. CAN - 100.0% - -
Bio Pappel, S.A.B. de C.V. Paper and paper products Enverlis, S.A. de C.V. MEX $58.0 17.0% 3.1x 0.6x
MVZ Silver-Gold Mine Property in
Chihuahua Mexico of Grupo Minero Diflor
S.A. de C.V.
Silver and gold mining property Global Li-Ion Graphite Corp. CAN - 100.0% - -
Neximo Holding SAS Digital real estate SAS I@D International FRA - - - -
Blue Label Mexico Payment solutions Grupo Bimbo, S.A.B. de C.V. MEX $11.5 47.6% - -
Castaños Plant in Mexico of
Fabricaciones y Servicios de México, S.A.
de C.V.
Railcar manufacturing facility FreightCar America, Inc. USA - 50.0% - -
Target Buyer Financial Information
Buyer
Name Industry Country Description NameSize
($USDMM)
%
Acquired
EV /
EBITDA
EV /
Revenue
Laboratorio Pasteur S.A. CHL Generic and clinical drugs Invekra S.A.P.I. de C.V. - - - -
Financial InformationTarget