Pepkor, a South African-based investment and holding company, agreed to acquire an 87% stake in Grupo Avenida, a Brazilian-based clothing retailer, from Kinea, a private equity firm, for $209m. "Off our strong base in Africa, we are excited about this next chapter for Pepkor to enter a new geography with enormous growth potential. Pepkor has proven to be successful in the international expansion of its business model in the past and we look forward to entering the Brazilian retail market in partnership with the Avenida management team. The combination of Avenida and Pepkor brings together the required capital, retail synergies and the collective know-how to bolster Avenida’s growth in the future. I believe that together we will be able to build and grow Avenida to become a significant player in Brazilian value retail," Leon Lourens, Pepkor CEO.