Colombia’s Cementos Argos (“Argos”), the fifth largest producer of cement in Latin America, and the second largest in the southeast of the United States with operations in Colombia, Central America, the US and the Caribbean, announced the acquisition of one of the main terminals for the reception, storage and distribution of cement in Puerto Rico along with Putney Capital Management, LLC. The terminal, purchased for $34 million USD, has a 250,000 metric ton per year capacity and 20% market share in Puerto Rico.
“We are delighted to be partnering with Putney on this investment. With this transaction, we are entering a new market that is closely tied to the US economy, that currently consumes close to 650,000 tons of cement per year and whose growth prospects are being driven by the latent recovery and the new programs aimed at stimulating investment in Puerto Rico. The acquisition strengthens our position as leader in the region,” said Jorge Mario Velasquez, CEO of Argos.
“We are thrilled to partner with Cementos Argos,” said Rafael Velez, Managing Partner of Putney. “Argos is an exceptional company, with a demonstrated track record of sustained operational excellence, financial strength and strong corporate governance. Putney looks forward to a long and successful partnership with Argos and will continue to explore joint opportunities in the future.”
Cobaltum Partners acted as exclusive financial advisor, while Foley & Lardner, OMG and Fiddler, Gonzalez & Rodriguez acted as legal advisors to Putney.