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Abraaj Group acquires majority stake in Chile firm

Santiago, Chile, January 19, 2017

The Abraaj Group, a UAE-headquartered investor operating in growth markets, has acquired through its funds a majority stake in Casaideas, a leading home design and home decorations business with growing market presence in Chile, Peru and Bolivia.

The transaction represents the first direct investment in Chile for Abraaj, completing the group’s investment presence in the Pacific Alliance countries of Mexico, Peru, Colombia and Chile.

The company will continue to be managed by the current management team. Founding partners Mauricio Russo and Claudia Venegas will remain as shareholders of the company with key executive roles, a statement said.

Founded in Chile in 1993 with the aim of offering unique and affordable home design and home decorative products, Casaideas has since expanded its operations to 33 stores in Chile, 16 stores in Peru and seven additional franchise units in Bolivia. With over 3,500 Stock Keeping Units (SKUs), the company´s success is founded on a value proposition that centres on offering unique, creatively-designed products at competitive price-points and customised for local markets, it said.
 
Abraaj has invested in more than 20 companies in the retail sector across growth markets since 2003, including Capa de Ozono a leading fashion footwear retailer in Mexico and Iasacorp, a leading women accessories retail chain in Peru.

Leveraging on Abraaj’s deep sector experience, the group intends to support penetration and scaling to build Casaideas’ market position in Chile and Peru, as well as leverage its regional presence to explore expansion and channel development opportunities in Mexico, Colombia and the Central American countries, the statement said.

Hector Martínez, managing director for Peru and Chile, The Abraaj Group, said: “This is a landmark deal for Abraaj, marking our first direct investment in Chile and our 16th investment in Latin America. We are partnering with a company that has demonstrated impressive growth in recent years and that has been true to its mission of ‘democratizing’ design, in addition to customizing for local market tastes. With a highly innovative and skilled design team developing unique and well-designed products, the Company will grow its market share and is ready to expand into new cities and markets in the region. Through Abraaj´s consumer retail and channel expansion expertise, as well as proven geographic reach, we will ensure that Casaideas quickly attains market leadership in Latin America.”

The Abraaj Group has invested in the Pacific Alliance countries of Colombia, Mexico and Peru since 2008 across a range of sectors including retail, tourism, financial services, food and beverage and consumer goods. - TradeArabia News Service




Tags: Chile | Abraaj |

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