Acon Investments has acquired an equity stake in Brazil-based privately-owned corporate foodservice business Sapore.

The size of the stake and financial terms of the deal were not disclosed.

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Founded in 1992, São Paulo-based Sapore operates more than 1,100 facilities across the country, with around 15,000 employees.

Led by chairman Daniel Mendez and CEO Elezir Júnior, the firm caters to companies across the business, industry, healthcare and education segments.

Last year, it registered more than $424m (R$2bn) in gross revenue.

Acon’s investment will help Sapore accelerate its ongoing growth strategy. The company intends to leverage the fresh capital to fund its expansion plans and technological advancement as it readies for a public market offering.

Mendez said: “The entire management team is excited about our partnership with Acon. We look forward to working with Acon to further strengthen Sapore’s position in the corporate foodservices and facilities management segments, as well as to enhance its growth profile and offer the full outsourcing solution to our clients.”

Acon managing director Andre Bhatia added: “Sapore has established itself as a leading player in the market for corporate foodservice businesses in Brazil.

“We have been very impressed by the executive team, the strength of the brand and the positioning of its services throughout Brazil.”

In January, ride-hailing company Uber decided to stop its restaurant delivery service Uber Eats in Brazil.