Kinea Investimentos to Buy a 20 Percent Stake in Clothing Store Lojas Avenida (Latin America)
Source: Lojas Avenida, Valor Econômico | Author(s): Marina Falcão
Alternative investment management firm Kinea Investimentos has agreed to purchase a 20 percent stake in Brazil-based clothing store Lojas Avenida for BRL200 million (approximately US$84.5 million). Kinea has the option to double this stake within five years. Lojas Avenida operates 105 stores in various Brazilian cities and intends to use the capital injection to open 30 stores in 2014. The transaction is pending approval from Brazil's antitrust agency CADE and is subject to other closing conditions.