Selected Advisory Transactions
M&A | Colombia | USD 430 million
Capital International, Acon Investments, and GIC acquired
Vetra, the largest privately held independent oil producer
in Colombia at the time.
Took over mandate from bulge bracket firm.
Bridged valuation gap between buyers and
sellers through earn-out structure.
Debt Restructuring | Brazil | BRL 1.7 billion
PIPE | Colombia | CAD 126 million
Capital Raising | Ecuador | USD 85 million
Financial Advisory | Mexico | Energy
Acted as financial advisor to the company.
Engagement’s scope included company valuation, advisory on corporate governance, and analysis of new business opportunities.
Debt Restructuring | Argentina | Industrial
Provided a series of syndicated secured loans. Then,
restructured the position into a combination of equity
and secured convertible debt.
Participated in the management committee
and provided strategic advice.
Credit Facility | Uruguay | Consumer Credit
Structured a loan in local currency, secured by
promissory notes from the end clients.
Also funded a bridge loan to the company with the same
M&A | Brazil | Agriculture
Buy-side mandate from a European private equity fund.
Sourced the opportunity, advised on deal structuring,
performed company valuation, oversaw due diligence
process, and assisted in final negotiations.
Private Placement | International | Shipping
Poseidon was created to acquire distressed shipping
Acted as financial advisor and placement agent of a USD
240 million private placement, in conjunction with ABN
AMRO, and Sunrise Capital.
Selected Private Equity Transactions
Mercosur | Shipping
Co-founded Interbarge, a fluvial shipping company in the Parana-Paraguay river system, with Seacor Holdings and Argenmar S.A. in 2006.
While being part of the company, Horizon:
Negotiated and structured employment contracts with MMX Mineracao and Vale for the transportation of iron ore from Brazil to Argentina.
Raised equity from hedge fund VR Capital to co-invest.
Participated in BoD and management committees.
Colombia | Energy
In 2017, Canacol signed an agreement with Cangas, a vehicle set up by Horizon, for the Construction, Operation, and Ownership of the 82-km long Sabanas pipeline in the coast of Colombia.
Canacol managed the construction and operates the pipeline and Cangas gets compensated for the use of the pipeline by Canacol.
Negotiated and structured the agreements with Canacol.
Manages the investment and is also a shareholder of the company.
Raised a total of c. USD 42 million to build the pipeline.
Argentina | Energy
In 2015, Americas Petrogas had the largest independent
acreage position in the unconventional shale and tight sands
in the Neuquén basin, with certified 2P reserves of more than
8 MMboe and great upside potential.
At the time of Horizon’s first shares purchase, the company
had an EV of c. USD 21 MM, less than 50% the certified NPV10
of 2P reserves.
In June 2015, the company announced the sale of certain
assets to Tecpetrol for USD 63 million in cash. However, the
deal offered no cash consideration for shareholders and the
company provided no details of business plan going forward.
Horizon foughtagainst the deal and proposed the
replacement of the Chairman and CEO. Link.
In July, the deal was approved, and Horizon nominees were
not voted in. Horizon exercised its legal dissent right under
Alberta law, that entitles it to receive “fair value” in cash and
exit the investment.
As a result of the settlement, Horizon achieved a 1.33x MOI in
10 months, or an IRR of c. 52%.
Egypt & Canada | Energy
TransGlobe Energy Corporation (TSX:TGL) holds interests in
concessions in Egypt and has assets in Canada.
In July 2022,
TransGlobe and VAALCO Energy (NYSE: EGY)
announced that they have reached an agreement under
which VAALCO would acquire all of the outstanding common
shares of TransGlobe in a stock for stock strategic business
Horizon believes that the proposed transaction severely
undervalued the Company and was not fair to or in the best
interests of the Company or its shareholders. Therefore,
Horizon issued a Public Broadcast Solicitation urging all
shareholders of TransGlobe to vote against the proposed plan
in the special meeting of the company. Link.
In October, the deal was finally approved.
Horizon started accumulating a position in TransGlobe at less
that one fifth the closing price of the day on which the
proposed transaction was announced.
Between July and October 2022, Horizon sold its entire
position in TGL at an average price of c. USD 3.40, resulting in
a profit of c. 325%, or 4.2x.