IG4 Capital’s $56 Million Acquisition of Adelco

Barros & Errázuriz advised IG4 Capital.
Carey advised Grupo Gibraltar on the transaction

Asset management firm IG4 Capital executed an agreement with Inversiones Gibraltar SpA through which it has acquired a 50% stake in Abastecedora del Comercio (Adelco). The operation, which involves an investment of US$57 million on behalf of IG4, is the culmination of a process that began in 2020.

Moving forward, IG4 Capital will contribute its expertise to the transformation of Adelco’s operations. Adelco has been in business for 45 years and today is the largest distributor of consumer products in Chile – supplying about 30,000 clients – while also maintaining a presence in Bolivia, Argentina and Perú. Adelco operates and owns a dozen distribution centers in Chile and also distributes cleaning articles through Memo.

The transaction marks IG4 Capital’s first direct investment in Chile, adding to another relevant milestone for IG4 Capital in the region in addition to its investment in the Peruvian infrastructure company Aenza this year.

With regards to next steps, Adelco announced that it would embark upon a capital restructuring in addition to modernizing its systems, analyzing and improving its processes, and hiring new executives. Additionally, the company finds itself at the beginning of a new phase where it will endeavor to strengthen its digitalization capabilities and create its own digital platform.

Barros & Errázuriz advised IG4 Capital on the deal with a team including Sergio Eguiguren (Picture),  Fernanda Becker, María Teresa Diez, Carolina Carrillo, Francisca Ossa, Francisca Astudillo, Josefa Campero and Cristóbal Morandé Fontaine.

Carey advised Grupo Gibraltar on the transaction with a team including Jaime Carey, Jorge Ugarte, Manuel Alcalde, Alejandra Risso, Pamela Morales, Gonzalo Lucero, Domingo Russi, Pablo Bauer and Nicole Magendzo.

Involved fees earner: Francisca Astudillo Soto – Barros & Errázuriz Abogados; Maria Fernanda Becker – Barros & Errázuriz Abogados; Josefa Campero – Barros & Errázuriz Abogados; Carolina Carrillo Cottenie – Barros & Errázuriz Abogados; María Teresa Diez Lempereur de Saint Pierre – Barros & Errázuriz Abogados; Sergio Eguiguren – Barros & Errázuriz Abogados; Cristóbal Morandé Fontaine – Barros & Errázuriz Abogados; Francisca Ossa – Barros & Errázuriz Abogados; Manuel Alcalde – Carey; Pablo Bauer – Carey; Jaime Carey – Carey; Gonzalo Lucero – Carey; Nicole Magendzo – Carey; Pamela Morales – Carey; Alejandra Risso – Carey; Domingo Russi – Carey; Jorge Ugarte – Carey;

Law Firms: Barros & Errázuriz Abogados; Carey;

Clients: Abastecedora del Comercio Ltd (Adelco); IG4 Capital;


Author: Ambrogio Visconti