October 2, 2008
Brazilian pharmacy chain Droga Raia has sold 30% of itself to two Brazilian
Brazilian pharmacy chain Droga Raia has sold 30% of itself to two Brazilian private equity (PE) funds. Gavea Investimentos’ GIF II fund and Praga Patrimonio will each take a 15% stake. Droga Raia, which declines to state terms, registered for an IPO in late 2007, but pulled back due to poor market conditions. Last year, the retailer received BRL829m in revenue. As LatAm asset prices come down, private equity money has become more active, offering companies an alternative to the shuttered bolsas.