Pellerano & Herrera counselled Servicios Digitales Popular, affiliate of Grupo Popular, in their acquisition of Avance Capital ComercialPublished on:
Servicios Digitales Popular, acquired Avance Capital Comercial, widely recognized for its brand AvanzaMe, a local financial company which provides cash advance services to small and medium-sized businesses in the Dominican Republic. Through this operation, Servicios Digitales Popular will be expanding their product portfolio in offering their clients complementary services to their credit and debit card payment processing platform, Azul.
Through this new product, they will facilitate the growth of SME’s in the country, which can quickly and easily access working capital, backing up the advanced capital with future business credit card sales.
Partner Ricardo Pellerano led the deal which was recently closed in September 2016. Partner Mariangela Pellerano and senior associate Alessandra Di Carlo also advised on this transaction. The team’s work included the legal due diligence of Avance Capital Comercial’s local operation, structuring of the deal, legal assistance during the negotiations, and drafting all agreements required for the perfection of the transaction.
Through this acquisition, Grupo Popular, through Servicios Digitales Popular, will be the first to introduce this service in the Dominican banking industry and will reinforce their strategic positioning as digital services provider. This deal is expected to become trend-setting in the Dominican financial sector. Grupo Popular is the largest private financial group in the Dominican Republic.