The investment is designed to help the company expand its chain of stores across the country. With Carlyle’s support, Ri Happy expects to grow sales, customer service quality and improve relationships with partners, including suppliers, franchisees, shopping centers and employees.
According to Juan Carlos Felix, Managing Director for Carlyle in Brazil, the PE firm intends to invest BRL200m in the company over the next three years.
Founded in 1988 by Ricardo Sayon, who was joined by Roberto Saba a year later, Ri Happy currently operates a toy chain with 114 stores in 18 Brazilian states and employs around 2,300 employees.
Following the investment, which comes from the $1bn Carlyle South America Buyout Partners, Mr. Sayon will serve on the company’s Board of Directors alongside senior Carlyle executives. Héctor Núñez will become CEO having previously led Walmart in Brazil from 2006 to 2010.