Advent to buy Brazilian restaurant chain

Advent International is following regional rival GP Investimentos into the Brazilian restaurant sector with its agreement to buy Viena for an undisclosed amount.

Advent International has agreed to buy Brazilian casual dining chain Viena for an undisclosed amount. The acquisition will be Advent’s third in the Latin American restaurant sector in the past year, and the second investment from Advent’s fourth Latin America fund, which closed on $1.3 billion (€915 million) in July.
Viena operates 60 restaurants in Sao Paulo and Rio de Janiero. The deal follows Advent’s acquisition of Mexican casual dining chain La Mansion in 2004 and airport restaurant concession operator Grupo RA this April. Advent plans to integrate several of the operational processes of Viena and Grupo RA, and expects to create synergies between the two companies’ brands. Advent will also grow Viena through new restaurant openings and acquisitions.

“The company has significant growth potential, especially since it focuses on shopping-mall locations, a booming sector in Brazil,” Advent partner Patrice Etlin said in a statement.

Advent’s Latin American Private Equity Fund IV has made one other investment to date, the buyout of the housing business subsidiaries of Corporativo Javer in Mexico. Though the firm did not disclose the size of that deal, Advent said it was its largest to date, trumping its $500 million buyout of Brazilian retailer Brasif in 2006.

GP Investimentos, which closed the region’s other $1 billion fund this summer, is also invested in the Brazilian restaurant sector. GPI paid $64 million for a 40 percent stake in barbecue chain Fogo de Chao last year.