(peHUB) May 8, 2012 – Pure Biofuels del Perú, SAC (the “Company” or “Pure Biofuels”) management is pleased to announce the acquisition and recapitalization of Pure Biofuels in partnership with an investment fund affiliated with Pegasus Capital Advisors L.P. (“Pegasus”).
“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.”
Management and Pegasus together purchased the equity of Pure Biofuels, de-levered the balance sheet and provided growth capital for expansion of the terminal and operations. Simultaneously with the acquisition, Pure Biofuels closed on a significant working capital facility which will allow the Company to increase its sales of ultra-low sulfur diesel and biodiesel products throughout Peru. In addition to the financial flexibility and expansion opportunities that Pure Biofuels gains in the transaction, the Company will also benefit from Pegasus’ commercial and technical expertise in the commodities and energy sector through its extensive operating partner network.
“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,” said Alberto Pinto, Chief Executive Officer of Pure Biofuels.
“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,” said Alec Machiels, partner at Pegasus.
About Pure Biofuels del Perú, SAC
Pure Biofuels is committed to becoming a leader in Latin America’s rapidly emerging biofuels industry. Pure Biofuels currently has over 700,000 barrels of liquid fuels storage at the Port of Callao, the largest port on the Pacific Coast of South America. The Company markets and distributes biofuel in both the local and regional markets and also owns and operates a state-of-the-art biodiesel refinery co-located with the storage and dispatch terminal in Callao.
About Pegasus Capital Advisors, L.P.
Pegasus Capital Advisors, L.P. is a private equity fund manager that has been providing creative capital and strategic solutions to companies across a variety of industries since 1995. Pegasus partners with management teams of growth companies, with a focus on those that benefit from the business implications of global resource scarcity. Pegasus currently manages approximately $2.7 billion in assets.