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Abraaj exits Peru accessory company after five years

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hat-556263-mThe Abraaj Group has sold its stake in accessory import and export business Iasacorp International to Peruvian family office MCKPITAL.

Abraaj invested in Iasacorp in 2009 tapping its first Latin American Fund for the deal. Since then Iasacorp grew four-fold from 120 points of sale across Peru and Chile to more than 480 in 2013 in countries across South and Central America.

The firm said it has worked closely with the company to expand its regional footprint and product lines, while introducing new brands and developing a customised plan to improve the company’s inventory management systems.

Abraaj regional head of Latin America Miguel Olea said, “The sale of our stake in Iasacorp marks the third successful exit from a Pacific Alliance-based company by Abraaj in the past two months.

“The growing middle class and consumption patterns in the Pacific Alliance continue to create some of the most attractive investment opportunities we are seeing today and our recent exits demonstrate the viability of the region for investors.”

Last month Abraaj announced it had sold its investment in Mexican leasing company Analistas de Recursos Globales to Liquid Capital’s Mexican franchisee Docuformas.

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