February 12, 2020 / 3:07 PM / 11 days ago

UPDATE 1-Advent-backed retailer Quero-Quero files for IPO in Brazil

(Adds banks managing IPO, context)

SAO PAULO, Feb 12 (Reuters) - Brazilian home improvement retailer Lojas Quero-Quero SA has filed for an initial public offering on the Brazilian stock exchange, according to a securities filing on Wednesday.

Controlled by private equity firm Advent International Corp since 2008, Quero-Quero has 346 stores in Brazil's southern region.

Both the company and Advent plan to raise money in the offering. Quero-Quero intends to use the proceeds to open new stores and distribution centers, according to the filing.

Investment banking units of Banco BTG Pactual SA, Bank of America, Itau Unibanco Holding SA, Banco Bradesco SA and Banco do Brasil SA will manage the offering.

Quero-Quero posted 1.7 billion reais ($392 million) in sales in 2019, and a net income of 30 million reais.

The company did not disclose the size of the offering in the filing.

Besides Quero-Quero, Advent intends to list another portfolio company from its Latin America funds this year - electronics distributor Allied Tecnologia SA.

$1 = 4.3362 reais Reporting by Carolina Mandl Editing by Chizu Nomiyama and Rosalba O'Brien

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