The Glitter is Gone

The Glitter is Gone

Argentina

The year was 1996, during the glory days of private equity in Argentina, and a veritable feeding frenzy had broken out in which even the most humble, family-run businesses could have three or more funds fighting over them. While many a deal would be struck, one man would out joust his fellow suitors to win the hand of Penelope and the bragging rights that came with her. His name was Juan Navarro, head of Buenos Aires-based the Exxel Group, and the deal that cemented his image as the Henry Kravis of Latin America was his acquisition of Supermercados Norte. In what was Latin America's largest leveraged buyout ever, Navarro acquired the Buenos Aires-based retailer for $440 million. Two ye

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