In April 2015, HSI High Yield Credit I acquired BRL 88.3 million in convertible debentures issued by Madero, the second-largest restaurant chain in Brazil at the time, with 42 outlets and net revenues of BRL 150 million.

Proceeds were used to finance expansion, construct a plant, and refinance debt. 

The investment and a corporate reorganization helped cut costs and significantly improve margins, while improving operational and fiscal efficiency and internal controls.

In July 2017, the Fund invested an additional BRL 50 million, financing the company’s continued expansion. By the end of 2017, Madero had reached a total of 111 restaurants and BRL 507 million in net revenues.

In April 2017, HSI Special Opportunities II acquired BRL 380 million in debentures issued by the company. Proceeds were used to refinance existing debt (including the position held by HSI High Yield Credit I), to finance continued expansion, to fund working capital, and to pay dividends, among other uses.

In 2019, the company reached 197 restaurants and over BRL 1 billion in net revenues. In March 2019, The Carlye Group acquired a 23.3% stake in the firm for BRL 700 million, the proceeds of which were used to entirely retire the debentures held by HSI, concluding the investment.