GP Investments to Exit Sascar Participações (Latin America)
Source: GP Investments
Latin America-focused alternative investment company GP Investments has agreed to sell its stake in Brazil-based fleet management and cargo tracking services provider Sascar Participações to Compagnie Financiere du Groupe Michelin, a company that holds Groupe Michelin’s industrial and commercial companies outside of France, as part of Groupe Michelin’s acquisition of 100 percent of Sascar. GP Investments’ exit will be structured through GP Capital Partners V. Based on Sascar’s enterprise value of BRL1.6 billion (approximately US$714 million), GP Investments will receive approximately US$260 million for its 46 percent stake, which will reportedly generate a cash-on-cash multiple of 2.6x in USD. The transaction is subject to the approval of CADE, the Brazilian antitrust agency.