Latin Finance - November/December 2009 - 30

best boutique investment banks BBA banker Pércio de Souza, since a 2004 restructuring. The shop’s focus, according to Souza, is identifying companies where ownership and control can be restructured to boost shareholder value. Since founding, Estáter has advised on some of Brazil’s most high profile mergers. That includes a four-stage, four year process to restructure and consolidate Brazil’s petrochemicals industry into two main entities, advising Petrobras, Braskem, Ultra and Ipiranga throughout the process. In the last 12 months, Estáter also advised Grupo Votorantim in its purchase of Aracruz, to create one of the world’s largest pulp and paper producers. Perhaps the biggest move in the Brazilian M&A specialist space comes from a shop that has yet to fully launch operations. BTG, fresh from its repurchase of the Pactual business from UBS, has been adding top talent in several business areas. Estáter and top competitors like G5 Advisors and Corretora Planner will have to keep on their toes. Restructurings, of course, have dominated Mexico’s market in the last 16 months. Protego says it provided “financial diagnosis services” for Cemex this year, and also advised tile and auto parts maker Grupo Industrial Saltillo in negotiations with creditors following a derivativesrelated writedown. “We expect fewer restructuring players entering. Competition in Mexico for middle market clients comes from established shops like Serficor, backed by IMAP, and Fausto García Asociados, as well as a few recent start-ups. Fimecap, founded by ex-ABN AMRO banker Leopoldo Burillo and former-Lehman Mexico head José Manuel Gonzalez Sordo set up in early 2009, and has formed a partnership with Finamex to gain access to brokerage services. Colombia’s boutique market features many new ventures and several older specialists, the largest of which compete with the likes of Bancolombia. Massive public and private infrastructure spending is expected to drive heavy competition. Project finance and M&A specialist Nexus Banca de Inversión, founded by Peter Grossich and Juan Felipe Castro, merged in 2008 with Diligo, run by former Hacienda official Julio Torres. Working under the Nexus name, it was recently picked by ISA to advise on a new venture in toll roads, Autopista de la Montaña. The length of the concession awarded by government has not yet been defined, though Torres says it will likely be 20-40 years. He adds that the investment could reach $2 billion. “[ISA] wasn’t looking for money, but for intellectual capital,” Torres tells LatinFinance. “Our model worked pretty well.” He explains his shop is looking to do similar business to Lazard. Nexus Capital Partners launched in September what Torres claims is the first purely local Colombian PE fund. The approximately $56 million-equivalent Nexus Infrastructure Fund I is focused on infrastructure and funded by Colombian pension funds. A second round should bring the total to $100 million. The past 12 months have also brought Nexus roles in structuring and obtaining a $70 million equvalent loan for the Los Comuneros road concession, and a $100 million equivalent loan for the Concessionaria San Rafael. It also structured a seven-year $58 million equivalent syndicated loan for Cartagena paying the DTF benchmark plus 3.5%, a price reached through an auction process usually seen in the bond markets. LF Colombia: Nexus of Opportunity Mexico: to Protego and to Serve Mexico’s boutique landscape is also growing, despite the storm that has ripped through that economy. Though not regularly found on larger deals to the same extent as Brazilian counterparts, domestic specialists are taking advantage of new opportunities. These come from the middle market as family owned companies choose to sell, and also from states and municipal governments looking for creative ways to raise funds. “Boutiques are largely capturing market share from large banks, especially in pure advisory roles,” Pedro Carlos Aspe, CEO and founder of Protego Asesores, tells LatinFinance, noting that most shops are small and niche-oriented. “Innovation is essential in tough market conditions. We are working on several transactions that involve new transaction structures and could impact entire industries in Mexico.” Since 2006, Protego, an M&A and project and public finance specialist, has partnered with US-based Evercore Partners. It launched in 2008 a second private equity fund, Evercore Mexico Capital Partners II and has operated a wealth management business since 2005. Intellectual capital: Nexus’ Torres transactions going forward and we are already beginning to see traces of life in several very strategic M&A transactions,” says Aspe. He adds that conditions remain volatile, with several industries continuing to struggle that might create more distressed sale or restructuring opportunities. Aspe adds that Mexico is experiencing regional consolidation in several industries – notably consumer products and food – which could bring about very attractive transactions. Funding for M&A is still tough to get, he explains, so transactions that require less external financing are likelier to succeed. Public entities may also provide business, Aspe says, as some states and municipalities are having difficulty paying expenses. Protego’s recent deals in this space include a $189 million aqueduct build to own bidding process for the State of San Luis Potosí, and $125 million road project for the State of Mexico. Aspe adds that the Mexican boutique market is expanding, with several new 30 LatinFinance November/December 2009

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
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