CLI announces the acquisition of a controlling stake at Rumo’s grains and sugar terminals in Santos Port
The agreement brings CLI’s culture of innovation and operational excellence to two of the largest solid bulk terminals (T16 and T19)
July, 15h, 2022. CLI, one of four companies operating the Maranhão Grain Terminal (TEGRAM), announced the acquisition of a controlling stake in two of the largest grains and sugar terminals in the Port of Santos. The transaction includes 80% stake in the terminals to CLI (Corredor Logística e Infraestrutura), which will, in partnership with Rumo, operate Elevações Portuárias S/A (EPSA). The company overseeing terminals 16 and 19 in the Port of Santos.
The contract includes R$ 600 million in additional investments over the next years, supporting more than 20% growth to the grains volume handled by the terminals today. As part of the acquisition, CLI which is currently 100% owned by funds managed by IG4 Capital (IG4) will undertake a capital increase. The capital increase, of over R$500 million, will be fully subscribed to by Macquarie Infrastructure Partners V (MIP V), an infrastructure fund with a mandate to invest in infrastructure assets across the Americas. MIP V is managed by Macquarie Asset Management, the world’s largest institutional infrastructure investor.
Following the investment, IG4 and MIP V will jointly control CLI which will in turn control EPSA via its 80% stake, alongside Rumo which will remain as a 20% shareholder.
According to IG4: “Both the association with Macquarie and the partnership with Rumo strengthen CLI, which with this acquisition will become the largest independent operator in infrastructure and port logistics for agribusiness in Brazil. We are confident that we will be able expand CLI’s operations as an infrastructure platform attending the sector and in taking part in a robust and strategic management of the EPSA terminals at the largest port complex in the country”.
Following the signing of binding transaction documentation, the closing of the operation is subject to the approval of the National Agency for Waterway Transport (ANTAQ) and the Brazilian antitrust regulator (CADE), among other conditions precedent typical for a transaction of this nature.
About IG4 Capital
Founded in 2016, IG4 Capital is a fund manager with offices in Sao Paulo, London, Santiago, Lima and Madrid. IG4 Capital has been investing, through its first two funds, in companies backed by hard assets but which require financial and or operational restructuring (known as “special opportunities”) and seeks to improve its portfolio companies via implementing best-in-class ESG standards. For more information, visit www.ig4capital.com