Putney Capital Management Announces the Acquisition of a Leading Cement Terminal in Puerto Rico in Partnership with Cementos Argos
SAN JUAN, Puerto Rico, May 12, 2015 /PRNewswire/ -- Putney Capital Management, LLC ("Putney") announced the acquisition of one of the main terminals for the reception, storage and distribution of cement in Puerto Rico. This strategic investment was made in partnership with 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. The terminal, acquired for total consideration of approx. $34.0 million, has a 250,000 metric ton/year capacity and approximately 20% market share in Puerto Rico.
"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."
Jorge Mario Velasquez, CEO of Argos, added, "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."
Cobaltum Partners acted as exclusive financial advisor to Putney. Foley & Lardner, OMG and Fiddler, Gonzalez & Rodriguez acted as legal advisors to Putney.
About Putney
Putney is an asset management firm, affiliated partner of VICINI, focused on the industrial and energy sectors throughout the Caribbean, Central America and Andean region. Putney is currently managing VICINI's energy and industrial investment portfolio. Putney was founded in 2007 with offices in Santo Domingo, Dominican Republic and San Juan, Puerto Rico.
About Argos
Argos, member of the Dow Jones Sustainability Index, is a Colombia-based company engaged in the production of cement, aggregates and concrete products. The company operates cement and concrete production plants located throughout Colombia, Central America, the Caribbean and the United States. The Argos operation currently includes 389 ready mix plants, 13 cement plants, 9 grinding facilities, and 23 cement terminals, located across the regions mentioned above.
In the cement business, Argos is the market leader in Colombia, the fifth largest producer in Latin America, and the second largest in the Southeast United States. Its total installed capacity exceeds 20 million tons of cement per year. In the concrete business, Argos is the market leader in Colombia and the second largest producer in the entire United States. Its total installed capacity reaches 18 million cubic meters of concrete per year.
For more information, visit Argos.co
Contact
Manuel Luna
VICINI Comunicaciones y Relaciones Institucionales
T (809) 541-5400
[email protected]
SOURCE Putney Capital Management
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