Source: Latin Lawyer
Three Hogan Lovells LLP offices, Allende & Brea and Estudio Garrido Abogados in Buenos Aires and Guyer & Regules in Montevideo have helped Miami-based private equity fund Apex Capital purchase the Latin American subsidiaries of US manufacturer The Clorox Company.
Clorox was advised by three Cleary Gottlieb Steen & Hamilton LLP offices, Bruchou & Funes de Rioja in Buenos Aires and Posadas in Montevideo in the deal, which closed on 20 March.
Estudio Garrido was lead Argentine counsel on the transaction, while Allende & Brea also provided advice on Argentinian law aspects of the acquisition.
Latin Lawyer understands Palacios & Asociados in Guatemala City assisted Apex Capital, but could not confirm this before publishing.
The value of the deal was not disclosed.
Through the deal, Apex acquired Clorox’s assets in Argentina, Paraguay and Uruguay, which previously collectively traded under the umbrella of Clorox Argentina. That includes two of Clorox’s production plants in Argentina, as well as the rights and intellectual property of its Argentine, Paraguayan and Uruguayan operations.
Clorox will retain a Latin American-focused research team based in Argentina. A group of 450 employees will remain at Clorox Argentina, which will rebrand to Grupo Ayudín following the divestment of its Latin American assets.
The sale is expected to help Apex Capital boost the profitability of its Latin American portfolio.
Headquartered in Miami, Apex Capital is a subsidiary of Guatemalan food and beverages group Grupo Mariposa. The 135-year-old private equity group focuses on the consumer industry in South America and is led by Diego Barral, who formerly was an executive at Clorox.
Headquartered in California, The Clorox Company owns well-known brands including water filtration provider Brita, cosmetics company Burts Bees, and storage and rubbish bag producer Glad. Founded in 1913, Clorox was the first commercial-scale liquid bleach manufacturer in the US and is now one of the largest bleach producers worldwide.
Latin American companies across a variety of sectors frequently attract foreign private equity investment. Earlier this month, US private equity group Advent International acquired a 44.3% stake in Brazilian education group Inspira Mudança for US$199 million. This came one week after Brazilian private equity fund Baraúna Investimentos purchased a minority stake in Brazilian chocolatier Haoma Chocolates.
Counsel to Apex Capital
In-house counsel – Osca Arroyo and Cristobal Fernandez Abascal
Hogan Lovells LLP
Partners Jorge Diaz-Silveira, attorney Andres Chaves and associates Pedro Martínez in Miami; partner Zenas Choi, counsel Michelle Harrington and associate Greta Feldman in Northern Virginia; and Partner Juan Garicano in Madrid
Estudio Garrido Abogados
Partners Lucas Granillo Ocampo, María Marta Cancio and Patricia Maccaferri and associates Gisela Marina Montesanto, Maria Sol Berdullas and Santiago Dellatorre in Buenos Aires
Allende & Brea
Partners Julian Peña, Marcos Patrón Costas and Nicolás Procopio and associates Gonzalo Gandara and Bautista Dasso in Buenos Aires
Guyer & Regules
Partner Marcos Payssé in Montevideo
Counsel to Clorox
In-house counsel – Ike Adeyemi
Cleary Gottlieb Steen & Hamilton LLP
Partners Jeffrey Lewis, Francesca Odell, Jason Factor and Kylie Barza and associates Synne Chapman, Nicholas DiStefano, Lindsay Harris, and Isabella Dominguez in New York; partners Marcela Robledo and Brian Byrna in the Bay Area; and partner Juan Giráldez in São Paulo
Bruchou & Funes de Rioja
Partners Estanislao Olmos, Florencia Angélico, Gabriel Lozano, Guillermo Jorge, Fernando Basch, Dámaso Pardo, Alejandro Barrientos and Eduardo Viñales and associates Maria Bordieu, Carolina de Felipe, Julián Gomez Luboz, Lucia Falu, Tomás Fernández Bouzo, Franco Raffinetti, Chiara Ferioli and Florencia Fernández in Buenos Aires
Posadas
Partner Tomas Gurmendez and Lucia Barrios and associates Ana Hornos and Mikaela Vallari in Montevideo