C2 Private Capital defends itself against DIA

Venture capital firm C2 Private Capital on Wednesday defended that it had met the terms of its acquisition of DIA’s Clarel stores, contrary to what the supermarket chain said it had suspended the sale on the grounds that the fund did not comply with the clauses .

by a declaration, C2 Private Capital stated that on July 28 it notified DIA that it had met the terms of the acquisition, which included the 1,015 Clarel-branded stores and three distribution centers, and subpoenaed the company.

C2 Private Capital has reported that it has agreed with DIA to purchase drugstore and beauty chain Clarel in December 2022, and that the transaction was subject to a number of conditions that had to be met before June 30 this year: National Securities approval Market Commission (CNMV) and the acceptance by the buyer of some measures to insure Clarel goods.

The Fund has indicated that it received the approval of the CNMV last May and that, with respect to the second condition, it has accepted the clause of the contract under which a 30-day extension to comply can be requested and that it will do so on past July 28, prior to the end of that period, as indicated.

“Without any communication and unilaterally, DIA reported yesterday (Tuesday)” that “it broke the agreement because the fund failed to meet the conditions for the purchase, which does not reflect reality,” the company said. Spanish venture capital company.

DIA informed the fund before the CNMV

On the other hand, sources at supermarket company Efeagro have assured that they had already duly informed the fund before the notification was sent through the National Securities Market Commission.

“Until yesterday (Tuesday) we were able to confirm with great pleasure that we had honored the agreement and could proceed with the operation,” said C2 Private Capital Administrator Carlos Galindo.

The company’s representative has indicated that the fund is evaluating legal action it can take on the matter, which it is currently trying to understand.

DIA stated in its notice to the CNMV that C2 Private Capital had not complied with all the “conditions precedent” of the purchase and sale agreement signed by both companies and therefore suspended the agreement to “review other strategic options for the sale of Clarel”. test “.

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