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PE buys minority stake in Cosan lubricant producer

Por: Latin LawyerImprimirVisualizar em PDF

Clifford Chance LLP in New York and London and in São Paulo have helped UK private equity firm CVC Capital Partners buy a 30% stake in Brazilian car lubricant producer Cosan Lubes in a deal worth up to US$143 million.

Freshfields Bruckhaus Deringer LLP in London and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo assisted Cosan Lubes. The target remains majority controlled by the seller, Brazilian bioethanol and sugar producer Cosan.

The deal was signed on 21 December and is subject to antitrust approval and a corporate governance reorganisation. The private equity firm will buy US$112 million in shares, which represents a 30% stake in the company. CVC may also pay a further US$31 million by 2021 if certain targets are met by the company.

Cosan Lubes operates under the brand Moove. It produces 400 million litres of lubricant in its plants in Rio de Janeiro and Kent, England. It distributes the product in Africa, Europe and South America. Moove's most known products are the oil lubricants Mobil and Comma.

Counsel to CVC Capital Partners

Clifford Chance LLP
Partners Thais Garcia in New York and Christopher Sullivan in London

Pinheiro Neto Advogados
Partner Fernando Meira, and associates Camila Carvalho Gomes, Ricardo Busana Galvão and Luiz Fernando Lockmann e Souza in São Paulo

Counsel to Cosan and Cosan Lubes

Freshfields Bruckhaus Deringer LLP
Partners Charles Hayes and David Brook in London

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
Partners Marcelo Sampaio Ricupero and Manoela de Barros Pimentel Penteado de Almeida, and associates Anderson Jardim D'Avila and Raphael Portella Chamma in São Paulo

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