Private Equity Fund Acquires Construmart

Carey is helping Chilean financial services provider Larraín Vial purchase construction materials maker Construmart from supermarket operator SMU on behalf of a Chilean private equity fund.

The supermarket giant has hired Morales & Besa for the sale.

Larraín Vial signed a binding agreement to purchase Construmart on 9 November. The deal is valued at 54 billion Chilean pesos (US$85 million). It has been locally reported that the deal could reach a value of up to US$100 million.

Negotiations are still underway, as the deal is subject to a confirmatory due diligence and a final stock purchase agreement.

Larraín Vial is acting as sponsor on behalf of a group of investors organised as a private equity fund which are collectively purchasing the shares of Construmart. Carey is advising Larraín Vial on negotiations with SMU, as well as helping it structure the investment vehicle which will acquire the shares.