Brazil Food Raises $100M From Private Placement

Sao Paulo, Brazil (Dow Jones, Wall Street Journal New York ) — Brazilian food company International Meal Company, or IMC, raised $100 million through a private placement with institutional investors to fund its growth plan, the company announced.

IMC will invest the proceeds in organic growth and merger and acquisition opportunities in Brazil and other regions where it operates. The company operates in Brazil, Mexico, Puerto Rico and the Dominican Republic.

Existing IMC shareholders investing in the private placement include Advent International and other current stakeholders of the company.

In addition, two new investors invested in the company. British Columbia Investment Management Corp. an investment manager for public-sector clients in British Columbia and a global investment management company based in Asia.

Last year, IMC tried to raise money from an initial public offering of shares on the Brazil’s Stock Exchange, BM&FBovespa, however, it suspended the operation due to unfavorable market conditions.
http://online.wsj.com/article/BT-CO-20100602-706646.html?mod=WSJ_World_MIDDLEHeadlinesAmericas

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