Mexico's Genomma Lab sells stake in distributor unit for $88 mln

lunes 22 de junio de 2015 08:58 GYT

MEXICO CITY, June 22 (Reuters) - Mexico's personal care product maker Genomma Lab said on Monday it had reached a deal to sell a controlling stake in distributor unit Grupo Marzam to a private fund for 1.35 billion Mexican pesos ($88 million).

Genomma said in a statement to the Mexican stock exchange that it had sold the stake, with an option to purchase more stock, to private equity fund Moench Cooperatief and that it could use the funds to pay down debt and repurchase stock. ($1 = 15.3063 Mexican pesos) (Reporting by Michael O'Boyle)