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Analyst Research Report Snapshot


Laep Investments Ltd. (MILK11-Bovespa): Equity Invest. in Brazil




Crystal Research Associates


24 Jan 2011





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Laep Investments Ltd. ("Laep" or "the Company") was founded to acquire private equity investments with a focus on Brazil, which is ranked as one of the most attractive emerging markets for investors. The Company is opportunity driven and also considers investments in other countries. Laep assumes an active role in the corporate governance of its assets, seeking to increase their value by implementing strict management and restructuring companies before ultimately divesting them. While primarily focusing on assets that are distressed or that operate in unconsolidated industries, Laep also targets companies that it believes are in solid financial standing to provide a competitive advantage and are synergistic with its existing portfolio, or that represent a solid opportunity. In 2006, Laep's subsidiary Lácteos do Brasil S.A. acquired a widely known Brazilian dairy company, Parmalat Brasil S.A. Indústria de Alimentos, following the bankruptcy of Parmalat Italia, its parent company. As well, the Company has acquired several other Brazilian dairy companies. In line with a goal of consolidating the Brazilian dairy industry and following a corporate restructuring and debt realignment strategy, Laep entered into a joint venture with Monticiano Participações S.A. Monticiano is also partially owned by GP Investments Ltd., a Latin American private equity firm. Laep holds a 60% minority interest in Monticiano. In late 2010, Monticiano entered into an agreement to acquire its largest competitor, merging its operations and creating a new subsidiary called Lacteos Brasil S.A. ("LBR"), potentially a leading Brazilian dairy company. The merged entities have combined annual revenues of roughly R$3 billion. Laep's Brazilian depositary receipts (BDRs) are traded on the São Paulo Stock Exchange (Bovespa) under the ticker "MILK11." As well, the Company is listed on the Euro MTF market of the Luxembourg Stock Exchange.

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