Fomento Economico Mexicano (FMX) Acquires Penn Jersey Paper Co

Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX) announced today that Envoy Solutions, FEMSA’s specialized distribution subsidiary in the United States, reached an agreement to acquire Penn Jersey Paper Co. (“PJP”), an independent specialized distribution company based in Philadelphia, Pennsylvania. PJP fits well with FEMSA’s distribution footprint along the East Coast, expanding its coverage to include the Philadelphia metro area and New York City. This transaction represents another important step in FEMSA’s strategic path to build a leading national distribution platform in the United States. Revenues of the acquired business for the last twelve months as of June 2021, were over US$ 200 million.

The transaction is subject to customary closing conditions and approvals and is expected to close during the third quarter of 2021.

BDO USA LLP acted as financial and tax advisor, and Munger, Tolles & Olson LLP acted as external legal counsel for FEMSA in connection with this transaction. Stifel Financial Corp. acted as exclusive financial advisor to Penn Jersey Paper Co.

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