CantuStore, an omnichannel aftermarket tire retailer and distributor in Brazil, announced that IFC, a global development institution focused on the private sector in emerging markets, has joined L Catterton, a global consumer-focused investment firm, as a co-investor in CantuStore. Terms of IFC’s investment were not disclosed.
In November 2022, L Catterton announced an investment in CantuStore. Since then, the Company has continued to grow organically and opened an office in Luxembourg to support its international presence. CantuStore has also successfully executed on M&A, with the acquisitions of technology company Verum, U.S.-based cargo tire specialist DigiTire, and Off-The-Road tire company, Gripmaster.
With IFC’s investment, CantuStore expects to build on its continued success in disrupting Brazil’s aftermarket tire sector through further expansion as well as increase access to modern and affordable quality tires for all Brazilians, including those in remote and underserved regions. IFC’s investment provides CantuStore with significant growth capital and the ability to leverage additional resources to support the company’s continued investments in people, technology, and processes, while improving and promoting sustainable business practices.
“Since L Catterton’s initial investment last year, we have developed a collaborative partnership and made significant progress on our growth efforts,” said Beto Cantu, Founder and Chief Executive Officer of CantuStore. “We appreciate L Catterton’s support in identifying IFC as a co-investor. Their co-investment validates our commitment to continue developing and investing in actions with environmental, social, and governance impact, which will help us pave the way to build our business in an increasingly sustainable and safe way.”
“We are incredibly proud of CantuStore’s progress across all channels, capitalizing on a number of exciting opportunities within Brazil’s aftermarket tire category. We are confident that IFC’s support will be crucial in our effort to continue growing the company in a more sustainable and socially responsible manner,” said Julio Babecki, a Partner in the Latin America Fund of L Catterton.
“IFC shares our conviction in CantuStore’s growth potential and recognizes the company’s strong sustainable operations. We are pleased to partner with them as we continue to support the company’s vision and success across the transportation industry in Brazil and around the world,” said Farah Khan, a Managing Partner in the Latin America Fund of L Catterton.
“We are excited about the opportunity to join forces with L Catterton as a co-investor in CantuStore,” said Mohan Krishna Chimalakonda, Investment Professional at IFC. “We have long admired CantuStore because of its firm commitment to driving sustainability in the tire sector and improving the value chain. CantuStore’s sustainability goals are well aligned with our mission to transform ideas into investments for green growth, inclusive jobs, and impactful projects, and we look forward to supporting the company in building on its success for years to come.”