SÃO PAULO & KING OF PRUSSIA, PA & SAN FRANCISCO–(BUSINESS WIRE)–Cosan SA (B3: CSAN3; NYSE: CSAN), one of Brazil’s largest business groups with energy and logistics investments and approximately $23 billion in revenue, has today announced that its subsidiary Moove, a leading global producer and marketer of lubricants and base oils, has acquired PetroChoice Lubrication Solutions (“PetroChoice”) from Golden Gate Capital for $479 million.
PetroChoice is the largest distributor and manufacturer of value-added lubricant solutions in the United States, delivering approximately 62 million gallons annually to industrial, commercial and passenger vehicle customer segments. PetroChoice offers an extensive line of high-quality products, including Mobil lubricants, as well as several exclusive licensed brands, including Medallion Plus, Dyna-Plex 21C and Eco Ultra. Headquartered in King of Prussia, Pennsylvania, PetroChoice operates more than 50 strategically located distribution centers in 25 states.
The acquisition establishes a premier presence and distribution footprint for Moove in the $33 billion U.S. lubricants market. Moove will leverage its lubricants market expertise, technology, manufacturing capabilities and investment capabilities to support PetroChoice’s continued development and growth plans. PetroChoice is poised to benefit from favorable end-market dynamics, such as changing regulatory trends and consumer preferences, which are driving the growth of the synthetic lubricants market.
Filipe Affonso Ferreira, CEO of Moove, said: “PetroChoice serves as a cornerstone of our global growth plans and this acquisition helps Moove establish a leadership position in the large and growing US lubricants market. We were deeply impressed with the PetroChoice team’s strong execution and strategy of consolidating smaller regional players to create an integrated, centralized and scalable operating model with strong brand recognition. We look forward to joining the PetroChoice team and successfully growing the business. »
Felix Lo, Managing Director of Golden Gate Capital, said:We have enjoyed a successful partnership with PetroChoice and are proud to have helped the company become the undisputed market leader it is today. Since 2015, we have supported the company in pursuing several strategic areas, including expanding its footprint, fully deploying its cutting-edge technologies, growing its premium and exclusive brand offerings, strengthening its key partnerships and the completion of complementary acquisitions. Throughout our ownership, we have had discussions with Moove management about the clear strategic fit between these two companies and believe that Moove has strong expertise to leverage the existing momentum of PetroChoice and continue to develop the business.
Moelis & Company LLC served as financial advisor and Reed Smith LLP and Kirkland & Ellis LLP served as legal advisors to PetroChoice and Golden Gate Capital. Jefferies served as financial advisor and Paul Hastings LLP served as legal advisor to Moove.
A world reference in lubricants, Moove is one of the largest producers and distributors of lubricants and base oils in Brazil and other South American countries (Argentina, Bolivia, Uruguay and Paraguay), as well as in Europe (United Kingdom, Spain, Portugal and France) and in the United States. Part of the Cosan Group, the company offers its specialty lubrication products and services that are essential for moving and delivering greater efficiency in industrial equipment and commercial and passenger vehicles.
PetroChoice is the largest lubricants distributor in the United States, providing commercial solutions for industrial lubricants and motor oil needs for commercial and passenger cars. The company, headquartered in King of Prussia, Pennsylvania, operates 54 locations across the United States and employs some of the nation’s most knowledgeable technical experts in lubrication services and equipment. For more information, please visit PetroChoice.com.
About the Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital. Golden Gate Capital executives have a long and successful history of investing in a wide range of industries and types of transactions, including privatizations, corporate divestitures and recapitalizations, as well as debt and equity investments. public actions. Notable investments sponsored by Golden Gate Capital include Antylia Scientific, Vantage Elevator Solutions and Humanetics. For more information, visit www.goldengatecap.com.