MEXICO CITY (S&P Global Ratings) Sept. 26, 2019--Fomento Económico Mexicano S.A.B. de C.V. (FEMSA; global scale: A-/Stable/--; national scale: mxAAA/Stable/mxA-1+) recently announced a minority stake investment, through a non-binding memorandum of understanding (MOU), in U.S.-based cash and carry foodservice supplier, Jetro Restaurant Depot (JRD). S&P Global Ratings believes the investment supports FEMSA's strategic and geographic expansion into complementary business without affecting its credit metrics. JRD currently operates more than 130 stores in the U.S. through two store formats--Jetro Cash and Carry, and Restaurant Depot--with revenues of about $10 billion in 2018. The investment will allow FEMSA to enter the U.S. wholesale business-to-business cash and carry retail foodservice segment, and to replicate JRD's business model into FEMSA's core markets through a
