Brazilian Patria's unit buys Colombian firm as part of $750 mln expansion plan
BOGOTA, Oct 5 (Reuters) -
Chilean cold logistics company IceStar, owned by Brazilian private equity manager Patria Investments, on Thursday said it has acquired Colombian company Megafin as part of a five-year investment plan worth $750 million to expand in Latin America.
IceStar's purchase of Megafin, another cold-foods logistics company, represents part of a $100 million investment in Colombia alone during its expansion plan.
The company did not say how much it paid for Megafin.
"The transaction lays the foundations for IceStar's entry into Colombia and constitutes its first step to build a cold chain network in the main food producing and consuming regions of the country," IceStar said in a statement.
Patria last year acquired IceStar, which was founded in 1999 and is the main cold logistics company in the region around Santiago, the capital of Chile.
Megafin is located near Medellin, Colombia's second largest city.
"The company plans to enter Mexico, Peru and other countries in the region in the coming months, in addition to growing in Colombia and Chile," IceStar added. (Reporting by Nelson Bocanegra Writing by Oliver Griffin Editing by Marguerita Choy)
