June 5, 2018 / 9:34 PM / 5 months ago

Advent plans conversion, not expansion of Walmart's Brazil ops

SAO PAULO, June 5 (Reuters) - Advent International, the buyout firm acquiring 80 percent of Walmart Inc’s Brazilian operations, plans to invest in converting store formats instead of opening new ones, an executive said on Tuesday.

Patrice Etlin, a managing partner at Advent International in Brazil, told journalists at an industry event in Sao Paulo that the firm would invest billions of reais over the next two years in the operations and expects to convert unprofitable hypermarkets into cash-and-carry wholesale stores. (Reporting by Carolina Mandl Editing by Leslie Adler)

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