Alta Growth Capital has agreed to invest in Grupo Turistore, a retail operator in Mexico. No financial terms were disclosed.
Mexico City, Mexico, October 31, 2018. – Alta Growth Capital (“AGC”) announced that it has entered into an agreement to invest in Grupo Turistore (“Turistore”), a leading retail operator focused on international tourists with 56 stores located at popular beach destinations throughout Mexico. With over 30 years in the market, Turistore offers a wide assortment of products, including local handicrafts, souvenirs, clothing, pharmacy and groceries, among others.
“Turistore operates in an industry with positive dynamics. International tourism in Mexico has grown double digits over the past five years and is expected to reach 55 million international arrivals by 2027,” said Javier Garcia-Teruel, Managing Director of AGC. “The Company has become a uniquely strong operator in the Mexican souvenir retail market, we are excited about bringing that expertise into the high potential airport market and other geographies.”
This is AGC’s first investment from its third fund, and its first co-investment together with Nexxus Capital, one of the leading alternative asset managers in Mexico.
About Grupo Turistore
Turistore is the leading souvenir retail chain in Mexico’s top tourist locations. It currently operates more than 16,000 m2 of retail floor space spread in 56 stores across the Riviera Maya, Puerto Vallarta, and Los Cabos. These stores operate under diverse brands and sell handicrafts, souvenirs, clothing, pharmacy, tequila and an additional 27,000 SKUs. The main stores are concentrated in tourist avenues, cruise docks, airports and shopping centers.
About Alta Growth Capital
Alta Growth Capital, based in Mexico City, manages private equity funds focused on growth equity and buyouts in middle market companies in Mexico and Latin America. AGC has been operating in Mexico since 2007.
For more information, please visit www.agcmexico.com.