Private equity firm Actis has invested US$58m in Companhia Sulamericana de Distribuicao (CSD), the operator of Brazilian supermarket chains Sao Francisco and Cidade Cancao.
With the new capital injection, CSD will implement an expansion plan based on the opening of new stores in the states of Parana, and Mato Grosso do Sul, the firm said today (4 September). Actis will hold a significant minority stake.
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CSD chairman, Jefferson Nogaroli said: “Actis’ emerging market focus, experience in the food retail sector, and long term investment approach were essential factors in our decision to partner with them. Our goal with this partnership is to drive CSD to the front line of innovation in food retail in Brazil, offering the best to our customers, with new stores, products and services.”
The objective, the firm said, is to double CSD’s store footprint over the next three to five years. The accelerated growth is expected to create more than 3,000 jobs in the region.
Two new stores will be inaugurated by the end of 2010 in the cities of Arapongas and Umuarama.
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