Advent International Corp. said May 18 it agreed to pay an undisclosed sum for Perrigo Co. plc’s (PRGO) Latin American operations in a carve-out deal aimed at boosting its presence in the generic pharmaceutical manufacturing business.

The acquisition includes Perrigo Mexico and Perrigo Brazil and is under review by Mexico’s Federal Economic Competition Commission, or COFECE. Advent International expected the transaction would close by year’s end.

Perrigo Mexico has been operating for 80 years and specializes in manufacturing and marketing generic pharmaceuticals and private-label products. Perrigo in its own statement said the Latin American businesses had $85 million in net sales in fiscal 2020 but noted it expected the sale would have no effect on its adjusted diluted earnings per share in fiscal 2021.

Advent International managing director Enrique Pani and Ariel Blumenkranc, director of Advent International in Mexico, led the deal for the firm.

“We believe that these segments continue to have enormous growth potential,” Blumenkranc said in a statement.

The Perrigo deal marks roughly the 65th investment for Advent International in Latin America.

Along with the Perrigo units, Advent International-backed businesses focused on the development and distribution of pharmaceutical products include Grupo Farmacéutico Somar, Grupo Biotoscana, Laboratorio LKM SA and Fada Pharma.