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M&A Deal Summary

Southern Cross Group Acquires Esmax

On May 4, 2016, private equity firm Southern Cross Group acquired distribution company Esmax from Petroleo Brasileiro for 490M USD

Acquisition Highlights
  • This is Southern Cross Group’s 1st transaction in the Distribution sector.
  • This is Southern Cross Group’s largest (disclosed) transaction.
  • This is Southern Cross Group’s 10th transaction in Chile.
Investment Fate
  • Esmax was sold to a publicly-traded strategic buyer in 2024.

M&A Deal Summary
Date 2016-05-04
Target Esmax
Sector Distribution
Buyer(s) Southern Cross Group
Sellers(s) Petroleo Brasileiro
Deal Type Divestiture
Deal Value 490M USD

Target

Esmax

Las Condes, Chile
Esmax is a fuel distribution company in Chile. Esmax operates in the retail segment under the Petrobras Distribucion brand. Esmax manages 279 service stations, 130 with convenience stores. In addition, Esmax operates in the industrial, aviation and lubricants businesses, with a competitive infrastructure network across the entire country. Esmax is based in Las Condes, Chile.

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Buyer(S) 1

Buyer

Southern Cross Group

Category Private Equity Firm
Founded 1998
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Southern Cross Group is a private equity firm that seeks investment opportunities in Latin and South America. Southern Cross only invests in control situations and does not focus on any specific industry. Southern Cross Group was formed in 1998 and is based in Greenwich, Connecticut with additional offices in Argentina, Chile, Mexico, and Brazil.

DEAL STATS #
Overall 24 of 31
Sector (Distribution) 1 of 1
Type (Divestiture) 3 of 4
Country (Chile) 10 of 11
Year (2016) 4 of 6
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-12 Javer

Monterrey, Mexico

Javer is a homebuilder in Mexico and a supplier of Infonavit homes. The company develops close to 20,000 thousand houses per year in key states such as Nuevo Leon (Monterrey), Jalisco (Guadalajara), Queretaro, Aguascalientes and the state of Mexico. Javer was established in 1973 and is based in Monterrey, Mexico.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-18 Intellego

Santa Fe, Mexico

Intellego is a Latin American company in the development of information management solutions and services. Intellego was founded in 1999 and is based in Santa Fe, Mexico.

Buy -

Seller(S) 1

SELLER

Petroleo Brasileiro

Rio de Janeiro, Brazil
Category Company
Founded 1953
Sector Oil/Gas Exploration
Employees46,730
Revenue 102.4B BRL (2023)
DESCRIPTION

Petroleo Brasileiro is an entity which through its subsidiaries, engages in the exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks. Petroleo Brasileiro was founded in 1953 and is based in Rio de Janeiro, Brazil.

DEAL STATS #
Overall 2 of 2
Sector (Distribution) 1 of 1
Type (Divestiture) 1 of 1
Country (Chile) 1 of 1
Year (2016) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-04 Petrobras Energía - Argentina Assets

Argentina

Petrobras Energía - Argentina Assets include some 30 upstream contracts, a network of service stations, the 30,500 b/d Bahia Blanca refinery in Buenos Aires province, a petrochemical plant in Santa Fe province. The company also holds interests in the power sector, operating the 825MW Genelba combined-cycle plant in Marcos Paz, Buenos Aires province and the 245MW Pichi Picun Leufu hydroelectric plant in Neuquen province, and holds minority stakes in thermal plants.

Sell -
Mergr

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