Pegasus Capital Advisors has made its first investment into Peru by backing the management buyout of Pure Biofuels de Perú.
The firm said it had closed a ‘significant’ working capital facility as part of the deal which would allow PFP to increase sales of its ultra-low sulphur diesel and biodiesel products.
Between them Pegasus and the management team purchased the entire equity of the company, de-leveraged the balance sheet and provided growth capital for the expansion of PFP’s terminal and operations.
Pegasus partner Alec Machiels said, ‘Pegasus values its partnership with management to support the infrastructure needs of the fast growing Peruvian economy and to enable the supply of lower emission transportation fuels.
We are eager to contribute to and to benefit from the rapid progress of the economic developments in the region.’
PFP specialises in liquid fuels storage, distribution, marketing, and biodiesel production in Peru.
Its core assets include a 15-tank barrel liquid storage terminal with over 700,000 barrels of storage capacity, a private port facility, and two biodiesel production facilities located in Callao, greater Lima.
Pegasus has already invested in recycling, recovery and repowering company ReCommunity, which aims to turn some recycled goods into biofuels.
Pure Biofuels CEO Alberto Pinto said, ‘Pegasus’ extensive expertise in biofuels make it an ideal partner and its financial support allows the company to expand its terminal capacity and to provide access to the working capital necessary in order to grow our presence throughout the region.’
Earlier today Latin America-focused UCG Investments announced it had expanded its presence on the continent by opening an office in the Peruvian capital Lima.
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