U.S. private-equity firm General Atlantic acquired a 17% stake in Empreendimentos Pague Menos SA, Brazil’s No. 3 drugstore chain, for 600 million reais ($150 million).

This is the latest deal involving an industry yet to feel the pinch of Brazil’s steepest recession in a quarter century, according to Reuters.

Pague Menos said it will issue 440 million reais worth of new stock that will be subscribed by General Atlantic. General Atlantic will buy the equivalent of 160 million reais worth of shares in Pague Menos from the drugstore chain’s shareholders.

Fortaleza-based Pague Menos is controlled by the family of Francisco Deusmar Queiroz. The company has 799 stores, based mainly in the northeastern region of Brazil, and made an attempt three years to go public. Adverse market conditions, however, derailed the plan, said Reuters.

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 100 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo and Singapore. General Atlantic has over $17.4 billion in assets under management.



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