Land project. This is the name of the operation launched by the investment fund Southern Cross, linked to Raúl Sotomayor and Norberto Morita, with whom it seeks to sell 100% of Esmax, the parent company of Petrobras Chile, the country’s third largest fuels and lubricants chain.
The information was advanced by the newspaper La Tercera, where it was stated that the operation could reach 900 million dollars.
During the presentation to potential stakeholders, it was pointed out that Petrobras is the third largest gas station network in the country, with 294 locations.
Diario Financiero has had access to the presentation which has already been delivered to potential stakeholders. “BofA Securities (BofA) and The Bank of Nova Scotia (Scotiabank) have been hired as financial advisors to Private Equity I (the client) in connection with a potential transaction (Project Lando) involving the sale of 100% of Esmax Distribución SpA,” the document states.
Some $460 million is what the Southern Cross investment fund disbursed to take over ownership of Brazilian Petrobras in Chile in early 2017.
Previously, Petrobras entered the Chilean market with the purchase of ExxonMobil’s assets, for which it paid $400 million.
During the presentation to potential stakeholders, it was pointed out that Petrobras is the third largest gas station network in the country, with 294 locations. “These are strategic locations and a consolidated business,” he said.
The company also runs the Spacio 1 convenience store chain, which has 129 locations nationwide, including two outside gas stations. “A high-margin segment with significant growth opportunities,” the company said.
At the same time, the company operates in the industrial and aeronautical field with the Esmax brand and in lubricants with the Lubrax and Chevron licenses.
In the presentation, it was pointed out that the company recorded consolidated sales of US$1,840 million in the past year, compared to US$1,305 the previous year.
The company recorded an Ebitda of US$76 million in the past year. “It has healthy debt levels reflected in net leverage of 0.5X, with a balance recently refinanced at a historically low interest rate through long-term government bonds,” said the society.
Finally, he adhered to the growth plan managed by the company. “Aiming for sustainable growth and value creation across all Esmax business lines,” the company said.
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