WASHINGTON — ACON Latin America Opportunities Fund IV, L.P., a subsidiary of ACON Investments, has acquired an equity stake in Dori Alimentos S.A., a Brazil-based manufacturer of snacks and candy products. Financial terms of the transaction were not disclosed, but proceeds from the investment are expected to be used to reduce short-term debt financing and to fund the company’s working capital and expansion plans.
Founded in 1967, Dori is based in Marília, São Paulo, and operates three manufacturing plants with 2,100 employees. The company sells its products nationwide and also exports to more than 60 countries, with its major operating markets the United States, Canada, Venezuela, Angola, Uruguay, Cuba and Yemen. Its product line includes bubble gum, chewy and hard filled candies, chocolate lentils, chocolate sprinkles, jelly beans, peanuts, lollipops and milk caramels.
In the twelve months ended Oct. 31, the company had more than R$650 million ($190 million) in revenues.
Dori Alimentos will continue to be led by Vitor Barion, executive chairman of the board, and Pedro Lobo, chief executive officer.
“The entire management team is excited about our partnership with ACON,” Mr. Barion said. “We appreciate their support and look forward to working with ACON to further strengthen Dori’s position in the Brazilian snack and candy market as well as in the export markets it serves.”
Andre Bhatia, managing partner of ACON, added, “Dori has established itself as a leading player in the market for snack and candy products in Brazil. We have been very impressed by the executive team, the strength of the brand and the positioning of its products throughout Brazil.”
Based in Washington, ACON Investments, L.L.C. is an international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON and its principals have managed more than $4.8 billion of capital.
