<SEC-DOCUMENT>0001213900-25-010225.txt : 20250204
<SEC-HEADER>0001213900-25-010225.hdr.sgml : 20250204
<ACCEPTANCE-DATETIME>20250204212814
ACCESSION NUMBER:		0001213900-25-010225
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250204

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86210
		FILM NUMBER:		25590532

	BUSINESS ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
		BUSINESS PHONE:		598 2626-3000

	MAIL ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calvo David Coppel
		CENTRAL INDEX KEY:			0001899421
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	MAIL ADDRESS:	
		STREET 1:		AV. KIKI MURILLO 101-20
		STREET 2:		COL LA PRIMAVERA - CULICAN
		CITY:			SINALOA
		STATE:			O5
		ZIP:			80300
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001213900-21-066088</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Calvo David Coppel -->
          <cik>0001899421</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


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  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Class A Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001508478</issuerCik>
        <issuerName>Arcos Dorados Holdings Inc.</issuerName>
        <issuerCusip>G0457F107</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>RIO NEGRO 1338, FIRST FLOOR</com:street1>
          <com:city>MONTEVIDEO</com:city>
          <com:stateOrCountry>X3</com:stateOrCountry>
          <com:zipCode>11300</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Fideicomiso de Administracion con Derecho de Reversion Identificado con el Numero F/3871</reportingPersonName>
      <citizenshipOrOrganization>O5</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8796607.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8796607.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8796607.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.73</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>All shares of Class A Common Stock of Arcos Dorados Holdings Inc. (the "Issuer") held by Fideicomiso de Administracion con Derecho de Reversion Identificado con el Numero F/3871 ("Trust F/3871") may be deemed to be beneficially owned by David Coppel Calvo as administrator of Trust F/3871.

Line 11 is based on the total number of shares of the Issuer's Class A Common Stock outstanding as of September 30, 2024, as reported in the Issuer's Form 6-K filed on November 13, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Contrato de Fideicomiso de Administracion con Derecho de Reversion Numero F/3989</reportingPersonName>
      <citizenshipOrOrganization>O5</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>686787.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>686787.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>686787.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.53</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>All shares of Class A Common Stock of the Issuer held by Contrato de Fideicomiso de Administracion con Derecho de Reversion Numero F/3989 ("Trust F/3989") may be deemed to be beneficially owned by David Coppel Calvo as he holds sole power to decide and give investment orders on Trust F/3989.

Line 11 is based on the total number of shares of the Issuer's Class A Common Stock outstanding as of September 30, 2024, as reported in the Issuer's Form 6-K filed on November 13, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>David Coppel Calvo</reportingPersonName>
      <citizenshipOrOrganization>O5</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>9483394.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>9483394.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>9483394.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.26</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>All Class A Common Stock of the Issuer held by Trust F/3871 and Trust F/3989 (the "Trusts") may be deemed to be beneficially owned by David Coppel Calvo as administrator of Trust F/3871 and as he holds sole power to decide and give investment orders on Trust F/3989.

Line 11 is based on the total number of shares of the Issuer's Class A Common Stock outstanding as of September 30, 2024, as reported in the Issuer's Form 6-K filed on November 13, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Arcos Dorados Holdings Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Rio Negro 1338, First Floor, Montevideo, Uruguay, 11100</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Fideicomiso de Administracion con Derecho de Reversion Identificado con el Numero F/3871 ("Trust F/3871"), Contrato de Fideicomiso de Administracion con Derecho de Reversion Numero F/3989 ("Trust F/3989") and David Coppel Calvo (together, "Reporting Persons")</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Trust F/3871 -- Banco Invex, S.A.
Blvd. Manuel Avila Camacho 40 - piso 9
Col. Lomas de Chapultepec III seccion
Del. Miguel Hidalgo, C.P. 11000
Ciudad de Mexico, Mexico

Trust F/3989 -- Banco Invex, S.A.
Blvd. Manuel Avila Camacho 40 - piso 9
Col. Lomas de Chapultepec III seccion
Del. Miguel Hidalgo, C.P. 11000
Ciudad de Mexico, Mexico

Mr. Coppel Calvo -- Av. Kiki Murillo 101 - 20
Col. La Primavera, C.P. 80300
Culiacan, Sinaloa, Mexico.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>The Trusts are organized under the laws of the United Mexican States.

Mr. Coppel Calvo is a citizen of the United Mexican States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See the responses to Item 9 on the attached cover pages.</amountBeneficiallyOwned>
        <classPercent>See the responses to Item 11 on the attached cover pages.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See the responses to Item 5 on the attached cover pages.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See the responses to Item 6 on the attached cover pages.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See the responses to Item 7 on the attached cover pages.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See the responses to Item 8 on the attached cover pages.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Joint Filing Agreement among the Reporting Persons, dated January 29, 2025</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Fideicomiso de Administracion con Derecho de Reversion Identificado con el Numero F/3871</reportingPersonName>
      <signatureDetails>
        <signature>/s/ INVEX S.A., as Trustee, Francisco Javier Martinez Garcia and Pedro Izquierdo Rueda</signature>
        <title>Trustee, Delegado Fiduciario and Delegado Fiduciario</title>
        <date>02/04/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Contrato de Fideicomiso de Administracion con Derecho de Reversion Numero F/3989</reportingPersonName>
      <signatureDetails>
        <signature>/s/ INVEX S.A., as Trustee, Francisco Javier Martinez Garcia and Pedro Izquierdo Rueda</signature>
        <title>Trustee, Delegado Fiduciario and Delegado Fiduciario</title>
        <date>02/04/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>David Coppel Calvo</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David Coppel Calvo</signature>
        <title>DAVID COPPEL CALVO</title>
        <date>02/04/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ea022967601ex1_calvo.htm
<DESCRIPTION>JOINT FILING AGREEMENT AMONG THE FILING PERSONS, DATED JANUARY 29, 2025
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, the signatories of the
statement to which this Joint Filing Agreement is attached, hereby agree that such statement is filed, and any amendments thereto filed
by any or all of us, will be filed, on behalf of each of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: <U>January 29, 2025</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIDEICOMISO DE ADMINISTRACI&Oacute;N CON DERECHO DE REVERSI&Oacute;N IDENTIFICADO CON EL N&Uacute;MERO F/3871</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVEX S.A., as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">/s/ Francisco Javier Mart&iacute;nez Garc&iacute;a</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Francisco Javier Mart&iacute;nez Garc&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">/s/ Pedro Izquierdo Rueda</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Pedro Izquierdo Rueda</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONTRATO DE FIDEICOMISO DE ADMINISTRACI&Oacute;N CON DERECHO DE REVERSI&Oacute;N
    N&Uacute;MERO F/3989</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVEX S.A., as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">/s/ Francisco Javier Mart&iacute;nez Garc&iacute;a</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Francisco Javier Mart&iacute;nez Garc&iacute;a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">/s/ Pedro Izquierdo Rueda</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Pedro Izquierdo Rueda</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Delegado Fiduciario</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DAVID COPPEL CALVO</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;/s/ David Coppel Calvo</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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