With partner Cultura doubles rhythm of expansion
Valor Econômico - 01/19/2009
Livraria Cultura bookstore announced a new partner on Friday: Capital Mezanino, a participations investment fund, managed by Neo Investimentos, with the consulting of Itaú bank. The President of the Council, Pedro Herz, does not reveal the amount of the capital or the participation of the fund in the company. He only says the arrival of the new partner will give sufficient energy for Cultura to double its pace of expansion. The chain currently has eight stores. Founded in 1947 by Herz`s mother, Eva, Cultura currently has 1.3 thousand employees and sold R$ 230 million (US$ 104.5 million) in 2008, an increase of 50% compared to the sales of 2007. With the new partner, the goal of the bookstore is to get stronger in the next years, aiming at going public. The entrepreneur does not rule out the possible acquisition of smaller bookstores or even the sale of Cultura. "We are not closed to every negotiation but, at this moment, I have no offers under analysis", he affirms. Another idea to be examined is the opening of stores with smaller dimensions, out of the concept of megastore. "I hate the name ‘mega'", says Herz, whose two of the main rivals are precisely exploring this model - Saraiva and Fnac.