SANTIAGO, Jan 19 (Reuters) - Middle Eastern private equity investor Abraaj Group has bought a majority stake in Chile’s private home furnishings retailer Casaideas in its first foray into the country, Abraaj said on Thursday.
Casaideas runs more than 50 stores in South America, including 33 in Chile and 16 in Peru. Abraaj said it would consider expanding in those countries, as well as possibly entering Mexico, Colombia and central America.
It did not give financial details of the deal.
Abraaj has made a number of investments in other countries of Latin America’s pro-free trade bloc, the Pacific Alliance. The Dubai-based group manages $10 billion worldwide, with a focus on economies with growing middle classes.
Despite a commodities-led slowdown, Chile’s economy has continued to grow and is expected to expand between 1.5 and 2.5 percent this year, according to its central bank.
A number of regional retailers, including Falabella and Cencosud, are headquartered in Santiago.
Reporting by Rosalba O'Brien; Editing by Daniel Wallis