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Brookfield $BAM to Acquire Brazilian Odebrecht Environmental for Reported $1.65B

Brookfield $BAM to Acquire Brazilian Odebrecht Environmental for Reported $1.65B

Reuters reported. The deal is said to be valued a 5.3 billion real ($1.65 billion), implying an 8.5x EBITDA multiple. The transaction is expected to be completed by the end of the year. Odebrecht Ambiental, also known as Odebrecht Environmental, serves more than 16 million people in over 180 Brazilian municipalities. Odebrecht Group is expected to retain the right to develop its water concession projects outside Brasil and Brookfield will re-brand Odebrecht Ambiental, which was named Foz until 2012. Brookfield, Canada’s largest alternative asset manager, has roughly $225 billion in assets under management. The firm invests in the property, power, and infrastructure sectors. The firm was formerly known as Brascan Corp. Brookfield is based in Toronto, Canada with additional offices across North America, South America, Europe, Asia, and Australia. The deal comes two months after Odebrecht Latinvest agreed to sell 57 percent of Peruvian road concession Rutas de Lima, also to Brookfield. At closing, Rutas de Lima will be owned by Brookfield and its institutional partners (57%), Odebrecht Latinvest (25%) and Sigma (18%), Odebrecht said. Odebrecht Group, Brazil’s fourth largest private group, is a global conglomerate consisting of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals. The company was founded in 1944 in Salvador da Bahia by Norberto Odebrecht, and is now present in South America, Central America, North America, the Caribbean, Africa, Europe and the Middle East. The group’s leading company is Construtora Norberto Odebrecht SA, the biggest engineering and contracting company in Latin America. Odebrecht’s Braskem SA is the largest petrochemicals producer in Latin America and one of Brazil’s five largest private-sector manufacturing companies. By revenue Braskem is the fourth largest petrochemical company in the Americas and the seventeenth in the world. In June 2015, Brazilian authorities arrested the group’s chief executive Marcelo Odebrecht, in connection with an ongoing probe into bribes paid by the Brazilian oil giant, Petrobras, which has seen the last two presidents of Brazil, Dilma Rouseff (suspended from office in March 2016 and subject to an upcoming impeachment trial) and her predecessor Luiz Inácio Lula da Silva, embroiled in the scandal. In March 2016, Marcelo Odebrecht was slapped with a 19-year prison sentence, for paying over $30 million in bribes to executives of Petrobras, in exchange for contracts and influence.]]>

Cott $COT to Acquire Eden Springs From Rhône Capital for $534M

Cott $COT to Acquire Eden Springs From Rhône Capital for $534M

Reimann family’s JAB Holding Co. closed the $13.9 billion acquisition of Vermont-based Keurig Green Mountain Inc., a leader in single-serve coffee and beverage technologies, in March 2016. “The Eden Springs acquisition is another great step in our stated strategy to pursue opportunities in the higher margin home and office water delivery, office coffee and tea services and filtration categories where we believe our platform, operating strength and synergies can be leveraged,” commented Jerry Fowden, Cott’s CEO. Raanan Zilberman, Eden’s CEO, commented, “Eden is a successful business and a natural fit with the wider Cott family. This transaction is an important step as we strengthen our international capability and develop our market-leading position.” The acquisition is expected to close in the third quarter of 2016, subject to customary closing conditions. Evercore acted as financial advisor to Cott along with Deutsche Bank Securities Inc., JP Morgan and Wells Fargo who also provided unsecured committed financing. Cott ultimately intends to finance the transaction through a combination of incremental borrowings under its ABL facility and a new debt issuance of unsecured notes. Cott has the largest volume-based national presence in the U.S. home and office delivery industry for bottled water and one of the five largest national market share positions in the U.S. office coffee services and filtration services industries. The company reaches over 1.5 million customers (approximately 60% commercial and 40% residential) through over 2,000 routes located across its national network supported by national sales and distribution facilities, as well as a fleet of over 2,000 vehicles. Cott was founded in 1955 and is based in Tampa, Florida. Cott’s broad portfolio allows it to offer on a direct-to-consumer basis a variety of bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers and filtration equipment. With the ability to cover approximately 90% of U.S. households, in terms of geography, Cott believes it has the broadest distribution network in the direct-to-consumer beverage services industry in the United States. Eden Springs is a leading provider of water and coffee solutions for offices in Europe. Headquartered in Switzerland, Eden provides a high-level service to over 800,000 offices and homes throughout 18 countries. Eden Springs offers a variety of integrated water and coffee solutions designed to cater to a wide range of tastes and requirements of a diverse customer base. Solutions include a broad range of bottle-fed water coolers, plumbed-in water coolers and small pack bottles as well as hot beverages solutions including coffee machines, high quality coffee, tea and other accessories. Eden has more than 3,200 employees and manages a distribution network across Europe, including production facilities, a fleet and local water sources. The scale of operations was achieved through a combination of business entrepreneurship, market expansion, operational excellence, and acquisitions of varying sizes. Rhône Group is a global private equity firm, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and trans-Atlantic investments. Rhone Capital LLC is the private equity arm of the firm, which also offers financial advisory services, strategic alliances, joint partnerships, and business valuation services. The firm tends to invest in energy, materials, industrials, retailing, consumer staples, healthcare, and financial sectors. Rhône is headquartered in New York City, with an additional office in London. Rhône was founded in 1995 by Robert Agostinelli and Steven Langman, who have been managing the firm since inception. Prior to Rhone, they both served in senior management positions at Lazard Frêres.]]>

Oaktree Capital closes acquisition of Veolia Israel

Oaktree Capital closes acquisition of Veolia Israel

Uri Starkman, founder and chairman, Veolia Israel[/caption] Oaktree managing director Oren Peleg added, “The deal with Veolia Israel is a harbinger of Oaktree investments in Israel. We’re excited that our first acquisition is the acquisition of a company that is one of the leaders in Israel and worldwide in the environment, energy, garbage, and water, and we believe that thanks to our capabilities and global experience, we’ll be able to improve Veolia Israel and move it forward to additional successes.” He further added, “The fruitful cooperation with the major banks in Israel is strategically important for Oaktree in advance of its next investments in the Israeli market.” Veolia Environment S.A. (Euronext: VIE, NYSE: VE), a French transnational company headquartered in Paris, is a global leader in optimized resource management. With over 179,000 employees worldwide, the group designs and provides water, waste and energy management solutions that contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. Between 2000 and 2003 Veolia was known as Vivendi Environment. Prior to 1998 it was known as Compagnie Générale des Eaux. In 2014, the Veolia group supplied 96 million people with drinking water and 60 million people with wastewater service, produced 52 million megawatt hours of energy and converted 31 million metric tons of waste into new materials and energy. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €24.4 billion in 2014 (based on 2014 pro-forma figures, including Dalkia International (100%) and excluding Dalkia France). Oaktree Capital Group, LLC operates as a global investment management firm that focuses on alternative markets. It manages investments in a number of strategies within six asset classes, including distressed debt; corporate debt, including high yield debt and senior loans; control investing; convertible securities; real estate; and listed equities. The company pursues these strategies through closed-end, open-end, and evergreen funds. Oaktree Capital Group, LLC was founded in 1995 and is headquartered in Los Angeles, California. Oaktree’s mission is to provide highly professional management with a primary emphasis on risk control in a limited number of sophisticated investment specialties. Oaktree specializes in less efficient markets and alternative investments, and has extensive experience, an enviable track record, broad product range and substantial assets under management.

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