M&A Deal Summary

Scotia Bank Acquires Colfondos S.A. Pensiones y Cesantias

On August 14, 2012, Scotia Bank acquired financial services company Colfondos S.A. Pensiones y Cesantias from Linzor Capital Partners and Palmfund Management

Acquisition Highlights
  • This is Scotia Bank’s 4th transaction in the Financial Services sector.
  • This is Scotia Bank’s 1st transaction in Colombia.

M&A Deal Summary

Date 2012-08-14
Target Colfondos S.A. Pensiones y Cesantias
Sector Financial Services
Buyer(s) Scotia Bank
Sellers(s) Linzor Capital Partners
Palmfund Management
Deal Type Add-on Acquisition

Target

Colfondos S.A. Pensiones y Cesantias

Bogota, Colombia
Colfondos S.A. Pensiones y Cesantias is the fourth largest regulated pension fund administrator in Colombia.

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Buyer(S) 1

Buyer

Scotia Bank

Toronto, Ontario, Canada

Category Company
Founded 1832
Sector Financial Services
Employees89,090
Revenue 31.8B CAD (2023)
DESCRIPTION
Scotiabank branch in London, Ontario.
Scotiabank branch in London, Ontario.

Scotia Bank offers personal, commercial, corporate and investment banking products and services through global team of more than 75,000 Scotiabankers. Scotia Bank was incorporated in 1832 and is based in Toronto, Canada.


DEAL STATS #
Overall 5 of 7
Sector: Financial Services M&A 4 of 6
Type: Add-on Acquisition M&A Deals 3 of 3
Country: Colombia M&A 1 of 1
Year: 2012 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-04 Pronto

Uruguay

Pronto a consumer credit companies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-15 ING Bank of Canada

Toronto,, Ontario, Canada

ING Bank of Canada, operates as a direct bank that provides banking products and services to Canadians.

Buy CA$3.1B

Seller(S) 2

SELLER

Linzor Capital Partners

Santiago, Chile

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Linzor Capital Partners is an asset management and private equity firm focused on Latin America. Linzor targets control investments in mid-sized businesses in need of operational improvement. The Firm's looks to invest between $20 and $85 million in companies valued up to $400 million. Linzor does not have any sector preferences. Linzor Capital Partners was formed in 2006 and has offices in Santiago, Chile; Buenos Aires; Mexico City; and Bogota.


DEAL STATS #
Overall 3 of 6
Sector: Financial Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 5
Country: Colombia M&A 1 of 1
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-31 TIP de Mexico

Cuautitlan Izcalli, Mexico

TIP de Mexico is a provider of trailer (dry vans) leasing, rental, maintenance and remarketing services. TIP de Mexico is based in Cuautitlan Izcalli, Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-21 Tiendas Efe

Chiclayo, Peru

Tiendas Efe is a specialty retailer of home appliances. Tiendas Efe is based in Chiclayo, Peru.

Buy -
SELLER

Palmfund Management

Bogota, Colombia

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Palmfund Management is a private investment firm focused on acquiring interests in family-owned Latin American companies. Palmfund will invest across the capital structure (equity/mezzanine) and targets control investments of $15 to $50 million in transactions valued at least $30 million. The Firm generally pursues mature businesses, with proven business models, sustainable competitive advantages, and the ability to maintain profitability during recessions. Target geographies include Mexico, Peru, and Columbia. Palmfund has offices in Bogota, Mexico City, and White Plains, New York.


DEAL STATS #
Overall 3 of 3
Sector: Financial Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 3 of 3
Country: Colombia M&A 1 of 1
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-27 Proseguros S.A.

Santo Domingo, Dominican Republic

Proseguros is a mid-sized leading insurance player in the Dominican Republic. It is mostly the casualty insurer focusing on the corporate market.

Sell -