Private equity-backed Brazilian travel agency CVC Brasil Operadora e Agência de Viagens is reportedly eyeing a BRL1bn ($458m) IPO.
The owners of the business including Carlyle, which acquired a 63.6 per cent stake for BRL700m in 2009, are looking to earn BRL1bn from the sale of shares, said the Wall Street Journal, citing a person involved in the transaction.
CVC will sell its shares via a secondary offering, which means its owners will receive all of the IPO proceeds.
Last year the company saw its profits decline to BRL20m from BRL110m in the previous year despite an increase in revenues to BRL623.4m from BRL596m.
Other Brazilian companies backed by Carlyle include the country’s largest specialty furniture retailer by sales Tok&Stok. Last year the firm bought a 60 per cent stake in the business.
Carlyle entered Brazil in 2008 and has since invested in a number of companies in the country, including health plan broker Qualicorp, lingerie maker Scalina, toy retailer Ri-Happy and equipment rental company Grupo Orguel.
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