JOHANNESBURG, Feb 3 (Reuters) – South African clothing and furniture retailer Pepkor PPHJ.J has acquired a majority stake in Brazilian retailer Grupo Avenida S.A. from its private equity and family owners, marking its first foray outside of its home continent.
Pepkor, majority owned by Steinhoff International SNHJ.J, did not disclose a price for the transaction, but said Grupo Avenida was “easily digestible” for Pepkor. Grupo Avenida had a preliminary turnover of 773 million reais ($146.90 million) for the year ended Dec. 31.
($1 = 5.2620 reais)
(Reporting by Emma Rumney)
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