Sodexo Acquires 100% of Puras do Brasil
In accordance with Sodexo's long term vision and strategy, this important move demonstrates the Group's confidence and commitment to local and international clients, as well as to the Brazilian economy.
Sep 7 2011 --- Founded 30 years ago, Puras do Brasil is the number two On-site Service solutions operator in Brazil, a fast-growing market. Puras do Brasil has revenues of around 0.5 billions euros and employs 22,000 persons across the country, operating across 1,300 sites.
Michel Landel, Sodexo Chief Executive Officer, said: “With this significant transaction, Sodexo is creating a leading actor in Brazil, one of the most important markets in the world. This is in line with our strategy to consolidate Sodexo's position in high-potential emerging economies by seizing the best opportunities. Puras do Brasil is a successful, well-managed business with strong values and high-calibre teams; I am pleased to welcome Puras' teams on board.” The current Chairman and CEO of Puras do Brasil, Hermes Gazzola, will be named Non-Executive Chairman of the Board of Sodexo's enlarged On-site Service solutions activities in Brazil and will help management continue to develop successfully the business in Brazil given the numerous market growth opportunities.
In accordance with Sodexo's long term vision and strategy, this important move demonstrates the Group's confidence and commitment to local and international clients, as well as to the Brazilian economy.
Financing of this transaction represents less than one year of Sodexo's consolidated operating cash flows.
Accordingly, on a pro-forma basis following this acquisition, Sodexo's consolidated net financial debt as of 28 February 2011 would represent just 46% of shareholders' equity.
