The $431.7 billion Canada Pension Plan Investment Board has made its first foray into the Colombian private equity market with an $334 million investment in discount grocery store D1, according to a report by chief investment officer.
Canada Pension plan has acquired 19.3% stake in the business, which was previously known as D1 having first begun trading in 2009, and is now Colombia’s main food retailer.
D1 is reported to have had a 9.7% share in the Colombian retail market and a 74% share in the so-called “hard discount” sector at the end of 2021. D1 has over 2,000 stores and reported 2021 operating income of more than $10.9 billion, which was a 32% increase from 2020.
