Vinci Partners Infrastructure Announces Divestment of Lest, a Power Transmission Concessionaire
Vinci Partners Investments Ltd. (NASDAQ: VINP) announced the sale of its 50.1% stake in Linhas de Energia do Sertão Transmissora S.A. (Lest), a power transmission concessionaire in Brazil. The agreement with Vinci Infra Transmissão Fundo de Investimento em Participações em Infraestrutura is subject to customary closing conditions and expected to finalize by year-end 2021. Vinci Partners had previously acquired Lest through a public auction in 2017 and partially realized its investment in 2019. This sale marks the full realization of its investment in Lest.
- Complete realization of investment in Lest enhances Vinci's financial position.
- Successful track record in power transmission projects increases credibility.
- None.
RIO DE JANEIRO, Brazil, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Vinci Partners Investments Ltd. (NASDAQ: VINP) (“Vinci Partners”, “we”, “us” or “our”), the controlling company of a leading alternative investment platform in Brazil, announced today that Vinci Infra Transmissão Fundo de Investimento em Participações em Infraestrutura, alongside its co-investment vehicles (“the Fund” or “FIP Infra Transmissão”), the family of funds managed by Vinci Partners’ Infrastructure strategy, have entered into a definitive agreement for the sale of its
Lest is a special purpose company that explores the concession of public electricity transmission services for the implementation, operation, and maintenance of two transmission line projects in the Northeast region of Brazil.
FIP Infra Transmissão acquired control of Lest through a public concession auction in 2017 and has since worked closely with the Company’s management team, leading asset implementation and improving its debt structure. The Fund had partially realized its investment in Lest in 2019, reaching fully realized status with this transaction. FIP Infra Transmissão has one remaining investment in its portfolio, Água Vermelha Transmissora, or AVT, a thirty-year concession for the implementation and operation of a static compensator project in the state of Minas Gerais.
José Guilherme Souza, partner and Head of Infrastructure for Vinci Partners, said, “Our divestment in Lest builds upon the Infrastructure team’s extensive track record in power transmission projects, by correctly identifying risks and opportunities in the initial phase of a public auction, together with an effective project management from start to end.”
About Vinci Partners Infrastructure
Our infrastructure core plus strategy seeks to have exposure to real assets related to physical infrastructure, through investments in equity and debt instruments across several sectors, including but not limited to power generation and transmission, transportation and logistics, and water & sewage. The infrastructure team aims control or control-oriented positions in brownfield and greenfield opportunities and employs active hands-on management of assets and operations.
About Vinci Partners
Vinci Partners is a leading alternative investment platform in Brazil, established in 2009. Vinci Partners' business segments include private equity, public equities, real estate, credit, infrastructure, hedge funds, and investment products and solutions, each managed by dedicated investment teams with an independent investment committee and decision-making process. We also have a financial advisory business, focusing mostly on pre-initial public offering, or pre-IPO, and merger and acquisition, or M&A, advisory services for Brazilian middle-market companies.
Forward-Looking Statements
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USA Media Contact
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Joele Frank, Wilkinson Brimmer Katcher
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