Dendro Capital, a Search Fund, acquired a Tecnología en Cuentas por Cobrar S.A.P.I. de C.V., a Master Servicer and Bond Administrator of Structures.

Dendro Capital (“Dendro”) acquired an 80% stake in Tecnología en Cuentas por Cobrar (“TCxC”). IMAP Mexico advised on the sale. TCxC is the leading master servicing company in the Mexican public and private structured finance market. It also provides auditing services and valuations for trade receivables. By the end of 2017, TCxC managed a portfolio valued at over $1.8 billion, having managed over 425,000 individual transactions. Dendro is a private fund manager and pioneer among search funds in Mexico.

TCxC’s business model fit well with Dendro’s investment criteria, especially because of its interesting growth potential in the Mexican market. Dendro Capital was seeking to buy a company which was a leader in a niche market, with high growth potential, a strong EBITDA margin and low CAPEX requirements. TCxC was an ideal fit. This transaction will strengthen the Company’s growth potential and corporate governance, allowing it to consolidate its leadership position in the Mexican market.

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