Cleary Gottlieb represented Newbridge Latin America and other shareholders in the sale of the entire share capital of Controlodora Milano, S.A. de C.V to a syndicate of investors led by Advent International. The acquisition was funded with $110 million in equity and $90 million in debt and was hailed by the Financial Times as a “landmark deal” due to its status as Mexico’s first middle market private equity-backed deal in the to use significant borrowing against cash flow.
Founded over 70 years ago, Milano is the largest apparel retailer of its kind in Mexico, with 257 stores in 120 cities nationwide. Cleary Gottlieb represented Newbridge in its initial purchase of Milano, which has been a portfolio company of Newbridge since November 1997.