News Uruguay.

IDB Invest makes investment in Ta-Ta S.A., an Uruguayan retail company

Ta-Ta S.A., an Uruguayan supermarket, wholesale, home appliance, textile, and e-commerce chain established in 1956, will receive a capital injection of more than US$14 million, of which IDB Invest will provide approximately US$10 million and the rest will be contributed by the company's current shareholders.

In addition, IDB Invest will provide financing for up to the equivalent of US$35 million in Uruguayan pesos. The contributions and financing will be allocated to Ta-Ta's capital investment plan for the period 2021-2025 for store openings, investments in logistics, systems, and technology, as well as the modernization of stores in order to continue the company's omnichannel expansion in Uruguay. This will allow Ta-Ta to implement its strategic plan for the next five years and also to carry out its goal of Lowering Uruguay's Cost of Living. They will increase the volume of business transactions with suppliers, many of which are SMEs, generate more employment, have a positive impact on communities throughout the country, and also continue with genuine sustainable development. The alignment of values between Ta-Ta and IDB Invest has strengthened this agreement, thereby enabling them to jointly develop the defined policies and complement each other's activities. This announcement ratifies the commitment of Ta-Ta and its founders to continue investing in Uruguay with the highest operational standards in order to be the best place to shop, work, and invest, as well as its long-standing determination to have a positive impact on the communities where it has a presence. This investment by IDB Invest is part of its mission to promote the economic development in member countries in both Latin America and the Caribbean through the private sector. IDB Invest finances sustainable businesses and projects to achieve financial results and maximize economic, social, and environmental development in the region. This contribution will allow Ta-Ta to continue developing projects for the future, generating more direct and indirect jobs, fostering the country's economic growth, developing inclusion programs, investing in talent training, and carrying out gender and diversity programs, as well as continuing to innovate in infrastructure and technology. 'We are very pleased to announce this new alliance. For us, it is an honor to have been chosen by IDB Invest to jointly promote the expansion plan of the Ta-Ta ecosystem, which we have been developing since 1956, and to fulfill our purpose of lowering the cost of living in Uruguay, generating more employment, and becoming an even more sustainable company,' said Christopher Jones, CEO of Ta-Ta. 'We are proud of teaming up with Ta-Ta, with whom we seek to drive the creation of employment and the promotion of inclusive and sustainable development in Uruguay,' added James Scriven, CEO of IDB Invest. Ta-Ta has a culture of encouraging the development of local suppliers for different categories of its own brands, and an example of this is the 'Uruguay First' program being implemented by Ta-Ta. In line with the announcement made in 2019 by Francisco de Narváez, President of the Company, this investment confirms the Company's intention to continue expanding in Uruguay.