Discount Retail Chain Tiendas Neto, a Grupo Salinas company, announced a strategic expansion agreement to new markets, including the United States, with OEL, SàRL through Consumer & Leasing Investments, based in Luxembourg.
So far, the amount of the settlement has not been disclosed; However, a statement said the partnership is a "significant achievement" for both parties. The agreement will help Tiendas Neto expand its presence and service offering, with increased investments.
The agreement reflects the confidence of foreign investors in the growth potential of Mexican companies and their support for the country's entrepreneurs, and reinforces Tiendas Neto's financial position, allowing it to carry out its expansion vision in a solid and efficient manner
The transaction, whose terms and conditions are subject to the approval of the authorities, represents a boost in Tiendas Neto's ability to contribute to the economic and social development of the markets it targets.
Both companies expressed their enthusiasm for the collaboration and assured that they are committed to working together to achieve a successful expansion for the benefit of the collaboration.
Learn about the presence of Tiendas Neto in Mexico
Tiendas Neto began operations in 2009, under the command and direction of its founder and president Hugo Salinas Sada, son of businessman Ricardo Salinas Pliego.
The company, part of the Grupo Salinas conglomerate, has an influx of 6 million customers a week, through its more than 1,600 points of sale in 21 states of the country.
Tiendas Neto records an average of 15 million transactions per month, the conglomerate said. In addition, it mentions that in the 13 years it has operated, it has generated more than 10,000 jobs in the country.
One of the biggest moves in the short history of Tiendas Neto was the purchase of the Super Precio chain of stores in 2012 from Grupo Gigante. With this transaction, the company added 427 branches to its network.
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