MEXICO’S MILANO SOLD: Global private equity firm Advent International said Monday that it led the $200 million leveraged buyout of Controladora Milano S.A. de C.V., Mexico’s largest discount clothing retailer. Advent said the landmark buyout, funded with $110 million in equity and $90 million in debt, is Mexico’s first private equity-backed transaction in the middle market to use significant leverage based mainly on cash flow. The Advent-led syndicate includes funds managed by Capital International, BBVA Proyectos Empresariales and the Netherlands Development Finance Co., the private equity firm said. Milano was owned by an investor group led by Newbridge Latin America, according to Advent.
SADOVE HONOR: Stephen I. Sadove, chief executive officer of Saks Inc. and its Saks Fifth Avenue division, will receive the corporate leadership award from A Better Chance at a luncheon June 7 at the Waldorf-Astoria. “Stephen Sadove brings that keen sensibility and awareness to A Better Chance, where he has enriched our organization and the relationships with our scholars and the academic and business partners we serve,” said Sandra E. Timmons, president of A Better Chance. The organization was founded in 1963 by private schools wishing to diversify their student populations. It has a network of 250 affiliated college preparatory schools and works to recruit academically talented students of color and guide them toward educational opportunities.
This story first appeared in the June 2, 2006 issue of WWD. Subscribe Today.