USD 1.1 billion hostile take-over acquisition of Chilean power Co. Gener S.A. Conducted valuation analysis of 11 subsidiaries across Latin America, established the hostile strategy and executed the acquisition of the Chilean common shares and ADR shares in New York.
A consortium was formed to bid for 100 percent stake in Central Piedra Buena S.A. ("CPB") a 620MW thermal unit located in Bahia Blanca, Argentina.
75% MatlinPatterson (private equity and distressed debt fund in NY)
25% Albanesi S.A. (largest natural gas broker in Argentina)
Market Situation
Thermal Plant
Investment Highlights
Involvement of partners of Aviemore Capital
Due-diligence, valuation, negotiation of the acquisition. Carlos Cellini was appointed CEO of Central Piedra Buena and was responsible for the complete restructuring. Santiago Born became an operational board member.
Return on Invested Capital
The consortium acquired 100% of the shares of CPB in 2004 for 1.6x EBITDA, and in 2007 sold 100% of shares with a ROIC of approx. 4.0x.
MatlinPatterson private equity acquired 100pct of the shares in Agrofina S.A., a distressed agrochemical business in Argentina www.agrofina.com.ar
Investment Highlights
Involvement by Aviemore Partners
Engaged in the due-diligence phase, valuation analysis, debt restructuring, and strategy re-direction. Carlos Cellini was appointed CEO of Agrofina to restructure the company and Santiago Born was nominated operational Board member.
Return on Invested Capital
Despite the political & macroeconomic situation in Argentina over the last two governments, Agrofina managed to continue growing in Sales and EBITDA while turning an insignificant player to one of the top 5 within the sector, and the largest non controlled by multinationals. MatlinPatterson decided to divest in June 2103 to Grupo Los Grobo SA, an Agribusiness conglomerate in Argentina.
The change in the macroeconomic conditions in 2015 has generated a significant appreciation of Agrofina.