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PR - NACALA Holdings announces the acquisition of 100% of the ELEVO Group to the Vallis FCSC Fund

2017-09-13

Press Release

NACALA Holdings announces the acquisition of 100% of the ELEVO Group to the Vallis FCSC Fund

NACALA Holdings, headed by Gilberto Rodrigues and Pedro Antelo, former CEO and former CFO of Mota-Engil Africa, respectively, acquired the entire equity of the ELEVO Group from the Vallis Construction Sector Consolidation Fund in a transaction with a total value of about 90 million euros, between acquisition of shares, capital increase and purchase of credits.

The ELEVO Group was the result of the fusion of Edifer, Monte Adriano, Hagen and Eusébios, medium-sized engineering and construction companies, which started a sector consolidation process implemented by the Vallis Construction Sector Consolidation Fund in 2012.

In 2016, the ELEVO Group had a turnover of approximately EUR 450 million, with presence in the Engineering and Construction, Road Concession as well as Real Estate sectors, having performed more than 650 projects in the last five years.

After several months of intensive negotiations, NACALA Holdings successfully completed a complex operation involving the Vallis Construction Sector Consolidation Fund and a wide range of Financial Institutions - among which are the main Portuguese banks.

This transaction, which consists of the acquisition of the entire equity of the ELEVO Group, together with a capital increase and the purchase of bank loans, results in a significant increase in its own shareholders equity position, with the consequent reduction of indebtedness, and aims to position ELEVO as an important player in the area of ​​Infrastructure, Logistics, Energy and Environment, both in Portugal and in the international market, especially in Africa and Latin America.

Gilberto Rodrigues, CEO of NACALA said: "It is with great satisfaction that we have successfully concluded the acquisition of the Elevo Group. Elevo presents a company profile that we sought to acquire, with a strong Infrastructure activity, with geographical diversification based in Africa and Latin America, with a recognized technical quality, and at the inflection point that the shareholders of Nacala Holdings can empower, elevating the company to other levels of ambition.

We are deeply convinced that, with our experience and vision of external markets, based on the assumption of permanent innovation and talented management, where the technical competencies of the staff of these companies pontificate, we will gather all the necessary qualities for the future success of the universe of companies of the ELEVO Group "

Pedro Gonçalves, CEO of Vallis Consolidation Strategies I and the ELEVO Group said: "It was with a strong sense of commitment and responsibility that we executed a strategic process of restructuring and international development of these companies, especially in a period of clear adversity for the construction sector. After a deep restructuring of its operations, especially in Portugal, the ELEVO Group - benefiting from the dedication and quality of its employees - has successfully expanded its business into a set of new markets, with special relevance for Cameroon, Bolivia and Zambia , taking advantage of its recognized technical capacity and quality of construction.

From the Fund's point of view, we believe that the present transaction translates into a successful Exit operation, considering the context in which the respective turnaround strategy was implemented, a primary objective for which the Fund has been focused from the outset. "

NACALA Holdings, in the present transaction, was advised by FCB Legal and the Vallis Construction Sector Consolidation Fund was advised by SRS Advogados.

Lisbon, September 11, 2017.

About NACALA Holdings: Luxembourg-based company, fully owned by its managers Gilberto Rodrigues and Pedro Antelo, former CEO and former CFO of Mota-Engil Africa, respectively. NACALA Holdings is a company that manages investments in the Engineering and Construction sector, diversifying its investment portfolio through the holding of assets in the Real Estate, Energy and Environment and Concessions sectors of Infrastructures, on the European continent, in Africa and in Latin America.

About Vallis Consolidations Strategies I: An asset management company owned by its CEO, Pedro Gonçalves, and Vallis Capital Partners, which holds the management company of the Vallis Construction Sector Consolidation Fund, whose investment strategy is to promote operational restructuring and financial development of medium-sized Portuguese companies operating in the Engineering and Construction sector, promoting a strategy of consolidation and internationalization of their businesses.

About Vallis Capital Partners: Independent asset manager, incorporated in 2010, and fully owned by Fouding Partnes, Eduardo Rocha, Luis Santos Carvalho and Luís Palma da Graça. In addition to the Vallis Construction Sector Consolidation Fund, he is a member of the Vallis Sustainable Investments Fund I, whose investment strategy focuses on Iberian companies with high growth potential. Vallis Capital Partners was the first asset management company in Portugal to adopt the United Nations PRI - Principles for Responsible Investment.



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