Mexico’s Femsa Offloads Refrigeration, Food Service Operations

By Kelsey Butler

Published: July 17, 2024 at 5:51PM EDT

A worker unloads pallets of salted cod from a truck in the refrigerated warehouse at the Sonae MC food logistics hub in Azambuja, Portugal, on Monday, May 17, 2022. Global food prices held near a record as crop trade is disrupted by the war in Ukraine, exacerbating tight supplies and stoking inflation. Photographer: Goncalo Fonseca/Bloomberg (Goncalo Fonseca/Bloomberg)

(Bloomberg) -- Mexican beverage and retail behemoth Fomento Economico Mexicano SAB de CV has agreed to sell its refrigeration and food service equipment operations for 8 billion pesos (about $452 million).

New York private equity firm Mill Point Capital LLC will acquire the Imbera commercial refrigeration business, which operates in Mexico, Colombia and Brazil, according to a Wednesday statement. Torrey, which makes and sells equipment for food processing and the Cooking Depot retailer, are also part of the deal.

The transaction is subject to regulatory approvals and is expected to close in the coming months. The move is part of a strategy announced by Femsa in February 2023 to focus its business on retail and beverages.

Femsa will report second-quarter earnings on July 24.