Advent International L.P. v. Servicios Funerarios GG S.A. DE C.V.

CourtCourt of Chancery of Delaware
DecidedMay 12, 2026
Docket2023-0647-LWW
StatusPublished

This text of Advent International L.P. v. Servicios Funerarios GG S.A. DE C.V. (Advent International L.P. v. Servicios Funerarios GG S.A. DE C.V.) is published on Counsel Stack Legal Research, covering Court of Chancery of Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Advent International L.P. v. Servicios Funerarios GG S.A. DE C.V., (Del. Ct. App. 2026).

Opinion

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

ADVENT INTERNATIONAL L.P., ) f/k/a ADVENT INTERNATIONAL ) CORPORATION, ADVENT ) INTERNATIONAL PE ADVISORS, ) S.C., ADVENT LATIN AMERICAN ) PRIVATE EQUITY FUND III ) LIMITED PARTNERSHIP, ADVENT ) LATIN AMERICAN PRIVATE ) EQUITY FUND III-A LIMITED ) PARTNERSHIP, ADVENT LATIN ) AMERICAN PRIVATE EQUITY ) FUND III-B LIMITED PARTNERSHIP, ) ADVENT LATIN AMERICAN ) PRIVATE EQUITY FUND III-C ) LIMITED PARTNERSHIP, ADVENT ) LATIN AMERICAN PRIVATE ) EQUITY FUND III-D LIMITED ) C.A. No. 2023-0647-LWW PARTNERSHIP, ADVENT LATIN ) AMERICAN PRIVATE EQUITY ) FUND III-E LIMITED PARTNERSHIP, ) ADVENT LATIN AMERICAN ) PRIVATE EQUITY FUND III-F ) LIMITED PARTNERSHIP, ADVENT ) LATIN AMERICAN PRIVATE ) EQUITY FUND III-G LIMITED ) PARTNERSHIP, ADVENT ) PARTNERS LAPEF III LIMITED ) PARTNERSHIP, ADVENT LATIN ) AMERICAN PRIVATE EQUITY ) FUND IV LIMITED PARTNERSHIP, ) ADVENT LATIN AMERICAN ) PRIVATE EQUITY FUND IV-A ) LIMITED PARTNERSHIP, ADVENT ) LATIN AMERICAN PRIVATE ) EQUITY FUND IV-B LIMITED ) PARTNERSHIP, ADVENT LATIN ) AMERICAN PRIVATE EQUITY ) FUND IV-C LIMITED PARTNERSHIP, ) ADVENT LATIN AMERICAN ) PRIVATE EQUITY FUND IV-D ) LIMITED PARTNERSHIP, ADVENT ) LATIN AMERICAN PRIVATE ) EQUITY FUND IV-E LIMITED ) PARTNERSHIP, ADVENT LATIN ) AMERICAN PRIVATE EQUITY ) FUND IV-F LIMITED PARTNERSHIP, ) ADVENT LATIN AMERICAN ) PRIVATE EQUITY FUND IV-G ) LIMITED PARTNERSHIP, ADVENT ) PARTNERS LAPEF IV LIMITED ) PARTNERSHIP, ADVENT ) PARTNERS III LIMITED ) PARTNERSHIP, CARLOS ALFREDO ) PAZ PEREZ, ENRIQUE PANI BANO, ) JAMES WESTRA ) ) Plaintiffs, ) ) v. ) ) SERVICIOS FUNERARIOS GG S.A. ) DE C.V., ) ) Defendant. )

MEMORANDUM OPINION

Date Submitted: February 3, 2026 Date Decided: May 12, 2026

William M. Lafferty, Kevin M. Coen & Alex F. Hoeschel, MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; Peter L. Welsh & Daniel V. Ward, ROPES & GRAY LLP, Boston, Massachusetts; Andrew J. Rossman & Nicholas A.S. Hoy, QUINN EMANUEL URQUHART & SULLIVAN, LLP, New York, New York; Joseph Margolies, QUINN EMANUEL URQUHART & SULLIVAN, LLP, Chicago, Illinois; Gabriel F. Soledad, QUINN EMANUEL URQUHART & SULLIVAN, LLP, Washington, D.C.; Counsel for Plaintiffs

Peter J. Walsh, Jr., Aaron R. Sims & Megan R. Thomas, POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; David Boies & Marc Ayala, BOIES SCHILLER FLEXNER LLP, Armonk, New York; Carlos M. Sires & Ana Carolina Varela, BOIES SCHILLER FLEXNER LLP, Fort Lauderdale, Florida; Michael Aleo, LESSER NEWMAN ALEO & NASSER, LLP, Northampton, Massachusetts; Counsel for Defendant

WILL, Vice Chancellor This is the third decision issued in a complex contract dispute. I previously

entered an anti-suit injunction after holding that the defendant’s filing of litigation

in Mexico breached the Delaware forum selection clause in a guarantee. I then held

that the defendant’s breaches of covenants not to sue and non-recourse provisions

caused the guarantee to terminate by its terms. Now, the plaintiffs move for

summary judgment on their entitlement to damages corresponding to defense costs

incurred in Mexico and enforcement costs incurred in this court.

The plaintiffs’ motion is granted in part and denied in part. The plaintiffs are

awarded the costs incurred in defending the unauthorized Mexican suit as

expectation damages. Because the record lacks a methodological baseline to

evaluate the plaintiffs’ proposed allocation of certain fees, the final quantum of

damages is stayed pending targeted discovery. Their request for fees incurred in

prosecuting this action, however, is contrary to the American Rule.

I. BACKGROUND

The following background is drawn from undisputed facts in the pleadings

and this court’s June 7, 2024 Memorandum Opinion (the “June Opinion”) and

October 29, 2024 Memorandum Opinion (the “October Opinion”).1

1 See Advent Int’l Corp. v. Servicios Funerarios GG S.A. de C.V., 2024 WL 3580934 (Del. Ch. June 7, 2024); Advent Int’l, L.P. v. Servicios Funerarios GG S.A. de C.V., 2024 WL 4598884 (Del. Ch. Oct. 29, 2024). 1 A. The Gayosso Transaction and Guarantee

In 2021, Servicios Funerarios GG S.A. de C.V. purchased Mexican funeral

company Grupo Gayosso S.A. de C.V. from Advent International Corporation.2

Advent International owned substantially all of Gayosso’s capital stock through

various affiliated funds (the “Guarantors”), which in turn held their controlling

interest through seven special purpose vehicles (the “Sellers”).3

On January 27, 2021, the Sellers and Servicios Funerarios executed a Share

Purchase Agreement (“SPA”) that capped the Sellers’ indemnification obligations to

Servicios Funerarios at Gayosso’s enterprise value.4

Concurrent with the SPA, the Guarantors executed a financial guarantee (the

“Guarantee”) backstopping the Sellers’ indemnification obligations.5 In exchange,

Servicios Funerarios agreed to release all claims related to the Gayosso transaction

except for certain permitted “Claims” against the Guarantors for breach of the

Guarantee (enforceable in Delaware) and the Sellers for breach of the SPA

(enforceable in Mexico).6

2 Advent, 2024 WL 3580934, at *1; Advent, 2024 WL 4598884, at *1. 3 Advent, 2024 WL 3580934, at *1; Advent, 2024 WL 4598884, at *1. 4 Advent, 2024 WL 3580934, at *2; Advent, 2024 WL 4598884, at *1; see also Verified Second Am. Compl. for Inj. Relief (Dkt. 68) (“Compl.”) Ex. B. 5 Advent, 2024 WL 3580934, at *2; Advent, 2024 WL 4598884, at *2; see also Compl. Ex. A (“Guarantee”). 6 Advent, 2024 WL 3580934, at *2; Advent, 2024 WL 4598884, at *2.

2 Servicios Funerarios covenanted not to sue any “Non-Party,” including

Advent International, with respect to such “Claims.”7 The Guarantee effectuated

this waiver through two covenants not to sue, a non-recourse clause, and a release

and anti-reliance provision.8

B. Foreign and Delaware Litigation

In March 2022, Servicios Funerarios sued Advent International, Advent

International PE Advisors, S.C. (“Advent Mexico”), and various affiliated funds in

Mexican federal court (the “Mexican Civil Action”).9 It alleged that it had been

fraudulently induced into entering the Gayosso transaction.10 A few months later, it

filed a criminal proceeding in Mexico against Advent International, Advent Mexico,

and employees of those entities.11 The next year, in March 2023, it sued Advent

International in the United States District Court for the District of Massachusetts

based on the same allegations.12

In June 2023, Advent International and affiliated funds (together, “Advent”)

sued Servicios Funerarios in this court for breach of the Guarantee (the “Delaware

7 Advent, 2024 WL 3580934, at *2; Advent, 2024 WL 4598884, at *2. 8 Advent, 2024 WL 4598884, at *2-3. 9 Advent, 2024 WL 3580934, at *3; Advent, 2024 WL 4598884, at *3. 10 Advent, 2024 WL 3580934, at *3; Advent, 2024 WL 4598884, at *3. 11 Advent, 2024 WL 3580934, at *3; Advent, 2024 WL 4598884, at *3. 12 Advent, 2024 WL 3580934, at *3; Advent, 2024 WL 4598884, at *3.

3 Action”).13 I resolved the parties’ ensuing cross-motions for summary judgment in

two memorandum opinions.

In the June Opinion, I held that the Mexican Civil Action breached the

Guarantee’s forum selection clause and enjoined Servicios Funerarios from

prosecuting that suit against Advent International.14 The parties then jointly agreed

to stay the Mexican Civil Action.15

The October Opinion resolved the remainder of Advent’s motion for summary

judgment on liability. I held that Servicios Funerarios breached the Guarantee’s

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Advent International L.P. v. Servicios Funerarios GG S.A. DE C.V., Counsel Stack Legal Research, https://law.counselstack.com/opinion/advent-international-lp-v-servicios-funerarios-gg-sa-de-cv-delch-2026.