Sporting Goods Conglomerate Netshoes Receives $45M Investment For Expansion

Brazilian sporting goods conglomerate Netshoes announced Tuesday a down payment of a $45M investment from American private equity firm Riverwood Capital and finance and asset management company Int'l Finance Corp., according to Adalberto Leister Filho of MAQUINA DO ESPORTE. Riverwood Capital Owner Francisco Alvarez-Demalde said, "We're enthusiastic about being part of the Netshoes family and contributing to its continued growth." Bother Riverwood and IFC "will have seats on Netshoes' board of administration." The new partnership will be to "support the expansion" of Netshoes throughout Latin America, Brazil, Argentina and Mexico and "the development of new platforms," like its recently launched virtual store, Zattini. Netshoes CEO Márcio Kunrujan said, "The arrival of the funds is going to give continuity to the execution of our sustainable growth plan, incentive to innovate and strength to new investments" (MAQUINA DO ESPORTE, 3/24).