Patria Investments Limited | September 06, 2021
Patria Investments , a global alternative asset manager, announced today that it will combine with Moneda Asset Management ("Moneda"), a leading asset manager headquartered in Chile. When completed, the transaction will create an unrivaled investment platform in Latin America, with $25.9 billion in assets under management and a leader in Private Equity, Infrastructure and Credit investments in the region.
The combination will enhance Patria's product offering by adding the largest credit investment platform in Latin America. It will also create the number one Private Investments in Public Equities (PIPE) manager in the region. The combination of the two operations will add geographical exposure within Latin America through client base and product offering and will open the opportunity for cross selling, leveraging a complementary investor base.
With more than US$ 10 billion in assets under management across credit and public equities, Moneda is a leading investment firm in Latin America, with more than 25 years of history and a track record of top quartile performance, profitability and growth. Moneda also has a robust bottom-up investment strategy that drives alpha generation.
"Our leadership team is thrilled that both companies are coming together. We are quickly delivering on the expansion strategy that we presented during our initial public offering earlier this year," said Alexandre Saigh, Patria's CEO. "The transaction will be accretive to earnings per share within the first year."
The combined platform will manage over US$ 9.7 billion in Private Equity, US$ 5.5 billion in Credit (including US$650 million exposure to Private Credit), US$ 5.1 billion in Infrastructure, US$ 2.0 billion in Advisory & Distribution, US$ 3.0 billion in PIPE and Public Equities and US$ 500 million in Real Estate investments, in most cases with top quartile returns.
"Complementary is the word that defines this transaction," said Olimpio Matarazzo, senior managing partner and chairman of the board at Patria. "The product offerings and the geographical and currency exposures are a perfect fit. Patria is a leader in Private Equity and Infrastructure investments in Latin America, and Moneda is the top credit investor in the region. In addition, both companies have a similar culture, based on partnership and exceptional client service."
"This combination will leverage Moneda's outstanding track record and deal sourcing capabilities to lead the development of private credit in Latin America with unique local expertise while also continuing to develop our strategic investments in public equities in the region," said Pablo Echeverría, Moneda's chairman.
"With Patria, we will have the opportunity to expand our cross selling of products, leveraging a complementary investor base," said Alfonso Duval, Moneda's CEO. "It is worth noting that both companies are partnerships led by like-minded, entrepreneurial teams. There's been a strong cultural alignment among the teams since the onset," said Mr. Duval.
Under the agreement, Moneda partners will receive an upfront consideration of US$ 315 million, in a combination of US$ 128 million in cash and US$ 187 million in PAX Class B common stock. There will be an additional consideration payable in years two and three after closing, subject to certain retention metrics for Moneda's partners, and a potential earnout payable after 2023, in a combination of cash and PAX Class A common stock, subject to the achievement of certain revenue and profitability targets.
In connection with the transaction, Patria retained JP Morgan Chase & Co, as financial advisor, Simpson Thacher & Barlett LLP, as transaction counsel, and Carey Abogados, as Chilean counsel. Moneda retained Servicios Financieros Altis S.A., as financial advisor, Skadden, Arps, Slate, Meagher & Flom LLP, as transaction counsel, and Barros & Errazuriz Abogados, as Chilean counsel.
About Patria Investments
With more than 30 years of experience in successful investments in Latin America and offering products in the areas of Private Equity, Infrastructure, Real Estate and Credit, Patria is one of the leading investment companies in private markets in Latin America in terms of capital raised, and one of the largest managers focused on investments in Latin America. With a solid presence in the market, it seeks to provide investors with attractive investment products that allow a diversified portfolio and consistent returns. With $15.8 billion of assets under management and a portfolio of more than 55 companies and assets, Patria has ten offices in the world's major financial centers.
REAL ESTATE TECHNOLOGY
SkySlope | November 17, 2021
SkySlope, the leader in real estate transaction software, has launched Breeze, an all-around simple and streamlined application that makes the disclosure process easy for agents and sellers.
SkySlope's flagship transaction management platform enables brokers, agents, auditors, and transaction coordinators to track their deals while remaining compliant. Equipped with forms and a digital signature tool, SkySlope provides a frictionless workflow that saves time for agents and improves compliance for brokers. As the transaction management platform serving over half of the top 20 largest brokerages in the U.S. and Canada, SkySlope is known for its customized onboarding and 24/7 award-winning technical support.
With the launch of Breeze, SkySlope is providing a free standalone product that gives agents the ability to prepare, send, and receive completed disclosures. The application comes with a host of benefits that help both agents and their clients save time while preventing mistakes and reducing risk.
As a tool designed for both the agent and the consumer, Breeze simplifies the disclosure process. Its intuitive platform requires minimal preparation for agents to prepare and send disclosures to their clients in minutes. For consumers, Breeze's guided workflow helps them complete disclosure forms like the Seller Property Questionnaire (SPQ) and Transfer Disclosure Statement (TDS) quickly and with more confidence and accuracy.
Streamlined disclosure preparation equipped with MLS data sync
Status visibility, notifications, and easy revision requests
Simple guided workflows with helpful tips for consumers
Equipped with SkySlope DigiSign for free and unlimited digital signatures
Seamlessly integrated with SkySlope's suite of products
"Breeze is truly a one-stop-shop for faster disclosures. he guided workflow helps clients complete disclosures quickly and accurately and our agents can easily prepare disclosures, request signatures, and submit forms for compliance review."
- Diana Costas of Golden Gate Sotheby's International Realty.
"Disclosures are a common pain point for both agents and sellers. We're excited to launch a solution that takes a complicated process and makes it effortless for agents and consumers. Breeze saves time, reduces risk, and tremendously improves both the agent and the consumer experience. It truly makes disclosures a breeze."
- SkySlope CEO, Tyler Smith.
Breeze is currently available in California and will be launching to additional states in 2022.
Established in 2011, SkySlope is a comprehensive transaction management platform for brokers, agents, auditors, and transaction coordinators to manage real estate transactions from anywhere at any time. In 2021, over 300,000 users across 8,000 offices used SkySlope to manage 2.25M transactions. SkySlope provides digital transaction management and services to help agents and brokers be more efficient and compliant. From automation to integrations, SkySlope's vision is to keep agents and brokers connected to the customer forever.
REAL ESTATE TECHNOLOGY
Greensoil PropTech Ventures | September 03, 2021
Greensoil PropTech Ventures of Toronto on Thursday celebrated the sale of one of its portfolio companies, Goby, a Chicago-based data and invoice automation platform that helps buildings track, lower and report utility usage, to Conservice. Greensoil's investment in Goby dates to 2015 when they invested $4 million as lead of the first funding round through their Greensoil Building Innovation Fund (GBIF) and subsequently invested an additional $1 million in January 2017 and an additional $1 million in January of 2021, for a total of $6 million.
Founded in 2008, Goby is a leading environmental, social and governance (ESG) data management and reporting platform that has grown to serve hundreds of clients worldwide. Goby's users save time, mitigate risks and realize increased returns on their real estate investments, with the company's powerful software, which provides invoice automation, digitized workflows and analytics regarding a building's utility usage. Data collected by Goby's software allows building owners and operators to meet ESG-related goals and legal reporting requirements for energy usage.
Utah-based Conservice, is North America's largest utility management service. The firm pays more than $12 billion in utility bills, while serving over 5 million locations, including multi- and single-family housing and residential communities, commercial properties and student housing. Conservice has offered simplified utility management solutions since 2001.
"Greensoil PropTech Ventures congratulates Goby and Conservice," said Jamie James, Managing Partner with GSPV and a Goby board member. "Goby has excelled, for over a decade, with a powerful platform that captures and distills multiple data sources into simple, contextualized dashboards, tasks and reports. Its no wonder Goby proved an attractive acquisition given its ability to help property owners and operators cost-effectively monitor, reduce and report their buildings' energy usage."
The GSPV team has been working closely with a highly collaborative Goby management team and has two directors on Goby's board. While ESG reporting for commercial real estate was still in its nascent stages in 2015, it has become much more prominent now, leading to the space attracting highly capitalized and established incumbents to the market. This led to Goby receiving a strong acquisition offer ahead of expectations.
Conservice's acquisition of Goby comes on the heels of another Greensoil success – the sale earlier this week of 40% of its stake in Procore, which held a May initial public offering valuing the firm at $8.5 billion. Additionally, in March, Greensoil furthered its strategy of impact investing to digitize and decarbonize the built environment, with the recent launch of a $100 million (USD) fund called Greensoil PropTech Ventures Fund II. GSPV II seeks to invest in early to mid-stage companies that employ transformative property technologies in the U.S. and Canada, Europe and Israel.
GBIF is a pioneering $59 million (USD) PropTech-only venture capital fund, launched in 2015, with anchor funding from the London-based Grosvenor Group. Among other PropTech firms, it has successfully invested in companies that make smart home battery systems (ElectrIQ Power), a real estate deal management platform (Dealpath), wireless lighting controls (Amatis), carbon sequestering technology for concrete (CarbonCure) and construction management software (Procore).
ABOUT GREENSOIL PROPTECH VENTURES
Greensoil PropTech Ventures' mission is to digitize and decarbonize the built environment, the biggest asset class on the planet, which is responsible for up to 40% of global energy-related CO2 emissions. GSPV invests in early to mid-stage venture capital opportunities in North America, Europe and Israel that make real estate more productive, efficient and sustainable. Backed by real estate and institutional Limited Partners, GSPV has a successful track record of backing, scaling and exiting high-impact PropTech companies.