Business
Patria Investments Limited Announces Portfolio Company Lavoro to Become Publicly Traded Through Business Combination with The Production Board’s Special Purpose Acquisition Company
GRAND CAYMAN, Cayman Islands, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Patria Investments Limited (“Patria”) (NASDAQ: PAX), a global alternative asset manager,
About this update from Patria Investments Limited
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Patria Investments Limited (“Patria”) (NASDAQ: PAX), a global alternative asset manager, announced that portfolio company Lavoro Limited (“Lavoro”) has entered into a definitive business combination agreement with TPB Acquisition Corporation I (“TPB Acquisition Corp.”), a special purpose acquisition company sponsored by The Production Board, which will result in Lavoro becoming the first US-listed pure-play Latin American agricultural inputs retailer. The transaction is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions (including the approval of the shareholders of TPB Acquisition Corp.). Lavoro is Brazil’s largest agricultural inputs retailer and a leading provider of agriculture biologics inputs in Latin America, enabling farmers to adopt breakthrough technology and boost productivity. The business combination aims to bring together The Production Board’s agriculture technology expertise and Lavoro’s portfolio of businesses and market penetration to help transform Latin America into a global breadbasket, improving global food security and sustainability. Through the transaction, Lavoro will receive additional capital for organic and inorganic expansion to drive its next stage of growth. Patria’s Private Equity Fund V made its initial investment in Lavoro in 2017, and the company represents the second largest position in the fund as measured by current fair value. As of June 30, 2022, Private Equity Fund V was generating a net IRR of 24% in US dollars and net accrued performance fees of $245 million as the divestment process begins to accelerate. This transaction is another key step to greater liquidity in the fund, which facilitates investment realizations for Patria’s limited partners and progress towards performance fee realizations for Patria’s shareholders. About Patria Investments Patria is a leading alternative investment firm focused on Latin America, with over 30 years of history and a global presence with offices in 10 cities across 4 continents. Patria aims to provide consistent returns in attractive long-term investment opportunities that allow for portfolio diversification through its Private Equity, Infrastructure, Credit, Public Equities and Real Estate products. Through its investments, Pat...