FEMSA’s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States
08 September 2021 - 10:29PM
FEMSA’s Envoy Solutions to acquire Penn Jersey Paper Co., further
expanding its footprint in the Mid-Atlantic region of the United
States
Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the
“Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today that
Envoy Solutions, FEMSA’s specialized distribution subsidiary in the
United States, reached an agreement to acquire Penn Jersey Paper
Co. (“PJP”), an independent specialized distribution company based
in Philadelphia, Pennsylvania. PJP fits well with FEMSA’s
distribution footprint along the East Coast, expanding its coverage
to include the Philadelphia metro area and New York City. This
transaction represents another important step in FEMSA’s strategic
path to build a leading national distribution platform in the
United States. Revenues of the acquired business for the last
twelve months as of June 2021, were over US$ 200 million.
The transaction is subject to customary closing
conditions and approvals and is expected to close during the third
quarter of 2021.
BDO USA LLP acted as financial and tax advisor,
and Munger, Tolles & Olson LLP acted as external legal counsel
for FEMSA in connection with this transaction. Stifel Financial
Corp. acted as exclusive financial advisor to Penn Jersey Paper
Co.
About FEMSAFEMSA is a company
that creates economic and social value through companies and
institutions and strives to be the best employer and neighbor to
the communities in which it operates. It participates in the retail
industry through FEMSA Comercio, comprising a Proximity Division
operating OXXO, a small-format store chain, a Health Division,
which includes drugstores and related activities, and a Fuel
Division, which operates the OXXO Gas chain of retail service
stations. In the beverage industry, it participates through
Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola
products in the world by volume; and in the beer industry, as the
second largest shareholder of Heineken, one of the world’s leading
brewers with operations in over 70 countries. FEMSA also
participates in the logistics and distribution industry through its
Strategic Business Unit, which additionally provides point-of-sale
refrigeration and plastic solutions to its business units and
third-party clients. Across its business units, FEMSA has more than
320,000 employees in 13 countries. FEMSA is a member of the Dow
Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging
Index and the Mexican Stock Exchange Sustainability Index, among
other indexes that evaluate its sustainability performance.
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