Corporate Presentation - Summa S€¦ · Direct involvement of our partners in all the advisories...
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Corporate Presentation 2017
Transcript of Corporate Presentation - Summa S€¦ · Direct involvement of our partners in all the advisories...
Corporate Presentation
2017
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Investment Bank with strong track record in corporate finance
Background
• SUMMA started operations in 1993, under the name
of Interinvest, providing investment banking services
as part of the Interbank Group.
• In 2006, the management team made a spin-off from
Interbank Group (MBO), changing to SUMMA.
• SUMMA has a team of highly trained professionals
focused in creating value for its clients and providing
support to achieve their goals.
• SUMMA has successfully completed more than 140
transactions for an amount exceeding US$ 3,400
million including mergers and acquisitions,
privatizations, capital markets operations, among
others.
• SUMMA is certified as a Valuation Entity by
Superintendencia de Mercado de Valores (SMV), as
Investment Bank by the World Bank and as a
Structuring Agent for Fixed Income Public Offerings
and Private Debt Placement Issuances by
Superintendencia de Banca y Seguros (SBS).
• In 2008 SUMMA SAFI was created as a Fund
Management Firm.
• In 2014 SUMMA adhered to IMAP, one of the most
important investment banking network.
SUMMA Asesores
Financieros
• Merger and Acquisitions
• Privatizations and
Concessions
• Financial Structuring
• Valuations
• Strategic Advisory
SUMMA SAFI
• Currently manages the
SUMMA Mezzanine
Fund (US$ 67M)
• Managers of the Fondo
Transandino Peru fund
• New projects: SUMMA
Mezzanine Fund II
SUMMA CAPITAL
Sociedad Administradora de Fondos
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The principles and values of SUMMA define our focus and work
SUMMA’s Principles
Independence
Experience More than 140 successful transactions over 21 years.
Commitment Direct involvement of our partners in all the advisories and services.
Committed to achieve our clients’ goals.
Innovation We design creative and efficient solutions to satisfy our customers’
requirements. We have a very fluid and adaptable structure that
enables to take decisions in a fast and effective way.
Teamwork We have worked jointly with the main investment banks in the world
and led multidisciplinary teams in highly complex transactions.
Reliability Our recommendations are the output of a very deep and
independent analysis. Our efforts are focused in generating value for
our clients that is sustainable in the long run.
Confidentiality All the information of our clients is keep under very tight standards of
confidentiality.
We are a group of independent professionals with no conflicts of interests.
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Management Team
The rest of the team is integrated by specialized analysts in corporate finance graduated from the most prestigious local and foreign
universities.
Carlos García CEO / Director. Company founder in 1993. More than 30 years of experience in banking, both in investment banking
and corporate finance as in lending and investments. Has lectured on investment banking, capital markets and
infrastructure in Peru and abroad. MBA at Babson College (USA) and Bachelor degree in Management at Universidad
del Pacífico. Has taken specialization courses in Management and Finance at Harvard Business School, among
others. Director at Peruana de Energía, ICNE, Metalpren and at the Finance Committee at Amcham.
Guido Vingerhoets Vice-President / Mezzanine Fund Co-Manager. Part of the team since 1997. Has led several advisories for the
Peruvian Government in privatizations and concessions, as well as in many others for the private sector related to
valuations, debt issuances, merger and acquisitions, among others. Master of Science in Management with
concentration in finance at Purdue University (USA) and Bachelor degree in Management at Universidad del Pacífico.
Part time Professor at Post-graduate school at Universidad ESAN. Director at Minera Poderosa.
Daniela Polar Vice-President. Part of the team since 1999. Has led several transactions related to mergers and acquisitions, capital
markets issues, as well as private advisories in valuation and corporate finance activities. MBA at IESE (Spain) and
Licensed Manager at Universidad de Lima. Has previous experience in Corporate Banking. Director at Procapitales.
César Burga Mezzanine Fund Co-Manager. Part of the team since 2012. More than 25 years of experience (AJE, Alicorp,
Interbank, Standard Chartered and the World Bank) in financial planning and control, companies structuring, banking
and corporate finance. MBA at The George Washington University and Bachelor degree in Economics at Universidad
del Pacífico. Has taken specialization courses in the Top Management Program (PAD) at Universidad de Piura and at
AOTS (Nagoya, Japan). Director at Universidad de Ciencias y Artes de América Latina (UCAL) and NORSAC S.A.
SUMMA ASESORES FINANCIEROS
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SUMMA History
1993 1995 1998 1999 2000 2004 2005 2006 2008 2009 2010 2011 2012 2013 2014 2016
Advisor in the privatization of
EDEGEL and Cementos Sur
Advisor in the capitalization of
Molinos Dominicanos (Dom.Rep.)
Privatization of Distribuidoras
Electricas del Norte
Advisor in the capitalization of
Tabacos Dominicanos (Dom.Rep.)
Concession of the
Matarani Port
Advisor in the reform of the
Nicaraguan electric sector
Privatization of the Nicaraguan electric distributors Dissur
and Disnorte
Advisor in the sale of the Universidad
Peruana de Ciencias Aplicadas
Restructuring of
US$45MM debt for Agroindustrial
Paramonga
Placement Agent and Advisor of the US$25MM Drokasa Group Securitized
Bond Advisor to Camargo Correa in the award of stage IV of IIRSA
Sur highway
Sale of 39.95% of Empresa Eléctrica de Piura shares in BVL
Advisor of Montana in the acquisition of a division of BASF
Chile
Advisor to Obrainsa in Costa-
Sierra Program road concession
Sale of Pesquera
Hayduk´s non-core assets.
Advisor of CTM in public tender for the
reinforcement of Talara – Piura
transmission line
Capital raising and debt financing
Advisor to develop UCAL for Toulouse
Lautrec Group
Sale of 100% of Firth Industries to
Unacem
Advisor of Arias-Stella Laboratory in the valuation and
merger with laboratory owned
by Pacífico Peruano Suiza
MBO of Interinvest, spinn-off from Interbank
Group, change to SUMMA Asesores
Financieros
Structuring and placement agent of
SUMMA SAFI Mezzanine Fund of
US$67MM
Interinvest S.A. established by a group
of bankers led by Carlos Rodriguez-Pastor Mendoza,
former Economics and Finance Minister
Interinvest is acquired by IFH Peru,
Ltd. (Interbank Group)
Sale of 70% of Coney Park to El Comercio Group
Association with IMAP, a worldwide
network for investment
banking practitioners
Management of the FTP
fund on behalf of its LPs
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IMAP SUMMA belongs to the large member network of IMAP
• SUMMA Asesores Financieros is part
of IMAP since March 2014.
• IMAP is one of the most important
and largest M&A advisors in the
world specialized in medium size
transactions. IMAP has more than 40
years of experience providing
advisory services around the world to
industry practitioners.
• IMAP has a global network through
out North America, South America,
Europe and Asia. IMAP is present in
40 countries with more than 400
specialist in M&A transactions.
• During the last 10 years IMAP has
completed over 2,000 M&A
transactions. Approximately 30% of
IMAP transactions were cross-border
type.
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Services Mergers and Acquisitions
•Sale of Companies, Assets, Subsidiaries or Business Units.
•Search and incorporation of strategic or financial partners.
•Business Spin-offs.
Sale of companies and subsidiaries
•Leveraged Buy-outs(LBO).
•Management Buy-outs(MBO).
•Mergers.
Leveraged acquisition
•Design and Execution of acquisition offerings.
•Identification of acquisition prospects. M&A
A list containing all the completed transactions can be found at www.summa.com.pe
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Services Mergers and Acquisitions
Repurchase of Biopap and sale of shares of
Precisa
Undisclosed Amount
2007
Exclusive Advisor
Sale of 100% of EMSA
to Precor (PMP
Holding)
Undisclosed Amount
2012
Asesor Exclusivo en la adquisición de una
empresa local
Undisclosed Amount
2011
Exclusive Advisor
Sale of 100% of Firth to UNACEM.
Undisclosed Amount
2015
Exclusive Advisor
Sale of 100% of de Sullair del Pacífico
Undisclosed Amount
2004
Sale of 100% to Laureate International
Universities.
Enterprise Value
US$ 21.7 M
2013
Exclusive Advisor
Sale of 70% of Coney to
El Comercio Group.
US$ 32 M
2007
Exclusive Advisor
Sale of 100% of
FORZA to Securitas.
PEN 44 M
2008
Exclusive Advisor Acquisition of a BASF
Chile Division Undisclosed Amount
2014
Exclusive Advisor
Sale of assets and brand Minerva
Undisclosed Amount
2016
Sale of 51% of Ocutec to Essilor
A list containing all the completed transactions can be found at www.summa.com.pe
2015
Advisor in an investment
in Futura Schools
2015
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Services Privatizations and Concessions
•Economic and financial evaluation of projects.
•Valuation and financial Due Diligence.
•Negotiations of financial and commercial conditions.
•Financial structuring and capital raising.
Advisory to Private investors
•Scheme design and structuring of privatizations, concessions and PPP*.
•Elaboration of contracts and terms.
•Promotion, follow up, auction set up and closing.
Advisory to Public institutions
A list containing all the completed transactions can be found at www.summa.com.pe
* PPP stands for “Public-Private Partnership
2001
2013 2011
2010
2010
2005
1999
2001
2000
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Services Privatizations and Concessions
Concession of Transmission Lines Oroya - Antanima
US$ 65 M
Concession of the Tranche IV IIRSA
Sur
US$ 400 M
Concession of Second Group of Regional
Airports
Public tender of Transmission Lines Mantaro - Montalvo
US$ 380 M
Public tender of Transmission Lines Trujillo – Chiclayo
US$ 100 M
Public tender of Transmission Lines
Machu Picchu – Cotaruse
US$ 60 M
Concession of DISNORTE y DISSUR
of Nicaragua
US$ 141 M
Capitalization of CAT, COTASA and La
Habanera of Dominican Republic
US$ 58 M
2009
Advisor in the concession of the road
section
Mocupe- Oyotún
US$ 23 MM
2010
Public tender of Transmission Lines
Talara - Piura
US$ 60 M
Advisor of the Nicaraguan Government
in the sale of GEOSA
US$ 152 M
1999
Advisor of the Peruvian Government in the Concession of the
seven commercial Ports
A list containing all the completed transactions can be found at www.summa.com.pe
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Services Financial Structuring and Capital Markets
•Diagnosis and determination of optimal capital structures.
•Capital and debt raising and recapitalization.
•Negotiation and structuring with banks, investment funds, among others.
Financial Structuring
•Structuring of fixed income instruments: bonds, securitizations and trusts.
•Structuring of equity or equity-like instruments (common and preferred stocks).
•Delisting of shares and capital reconversions.
Capital Markets
A list containing all the completed transactions can be found at www.summa.com.pe
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Services Financial Structuring and Capital Markets
2010
Exclusive Advisor
Debt and Equity structuring
PEN 65.4 M
2008
Exclusive Advisor Concession of the Red
Vial Nº4
US$ 150 M
2007
Exclusive Advisor Evaluation of financing
alternatives at the capital market
2011
Exclusive Advisor
Fund procurement for Concession of the road section Nuevo Mocupe -
Cayaltí
2005
Co-Structuring Agent Securitized Bond
US$ 25 M
2005
Co-Structuring Agent
Commercial Paper Program
US$ 5 M
2004
Exclusive Advisor
Debt Restructuring with Syndicated Banks
US$ 45 M
2008
Structuring Agent
3rd Program of Certificate of Deposits
PEN 320 M
2013
Advisor financing structuring
US$ 5 MM
COMPAÑÍA PESQUERA DEL
2013
Advisor Evaluation of financing alternatives
2013
Advisor Evaluation of financing alternatives
A list containing all the completed transactions can be found at www.summa.com.pe
2015
Advisor in structuring
debt financing
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Services Valuation
•Valuation of enterprises and equity.
•Sensibility and scenario analysis.
•Valuation of business units.
•Issuance of fairness options.
Companies
•Valuation of projects.
•Sensibility and scenario analysis.
•Asses of exchange ratios. Projects
A list containing all the completed transactions can be found at www.summa.com.pe
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Services Valuation
A list containing all the completed transactions can be found at www.summa.com.pe
2010
Valuation of Atacocha mining company for
Votorantim
2013
Valuation and Asses of financing alternatives
2015
Valuation
2013
Valuation of
Kraft Foods Perú
2011
Valuation of Soboce and
Fancesa (Bolivia)
2015
Valuation
2011
Valuation of Ecuadorian sugar
producer ECUDOS
2014
Valuation of AIB agro industries
2015
Valuation
2014
Valuation of assets for acquisition
2012
Valuation of Laboratorios
Portugal
2016
Valuation
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Services Strategic Advisory
•Evaluation of projects.
•Economic and market research.
•Analysis of family companies and succession protocols.
Companies and projects
•Evaluation of growth strategies.
•Evaluation of investment options.
•Business plans design.
•Establishment of Corporate governance.
Corporate strategy
A list containing all the completed transactions can be found at www.summa.com.pe
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Services Strategic Advisory
2008
Exclusive Advisor Evaluation of investment alternatives
2008
Exclusive Advisor Evaluation of the
Acquisition of Consorcio Agua
Azul
2009
Exclusive Advisor Evaluation of
strategic alternatives
2012
Exclusive Advisor
Evaluation of strategic alternatives
2011
Exclusive Advisor Evaluation of strategic
alternatives for business expansion
2006
Exclusive Advisor
Evaluation of financing
alternatives
2010
Exclusive Advisor Evaluation of
strategic alternatives
2013
PSG
PERUVIAN SOURCING GROUP S.A.C.
Exclusive Advisor Evaluation of strategic
alternatives
2014
Exclusive Advisor
Evaluation of financing alternatives
2012
Exclusive Advisor
Evaluation of financing alternatives
2009
Exclusive Advisor
Strategic sale of fishing assets
2016
Advisory in corporate governance
A list containing all the completed transactions can be found at www.summa.com.pe
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SUMMA SUMMA Capital’s Board Members
Ricardo Vega Llona Chairman. Economic and Commercial science studies at Pontificia Universidad Católica del Perú, Management program for
executive officers at ESAN and Enterprise Direction at OIT (Italy). Chairman at Unimed del Perú S.A.; Director at Edelnor S.A.;
Director and member of the Consultant Committee at ADEX. Member of the Consultant Committee at CONFIEP. Has been
President at the Brokerage College at ADEX, President at CONFIEP, Peruvian Senator, Executive Director at
PROINVERSIÓN and President at the High Level Commission of the V ALC-UE Summit.
Susana Eléspuru Graduate Magna Cum Laude at Dartmouth College in Geology and French Literature. Post-Graduate studies at Universidad de
Piura and at Kellog (USA), among other foreign institutions. Partner at Southmark and at CT Partners, President at Eléspuru
Consultores and member at several boards. Has been President at IPAE 2011-2013, Chairman and CEO at Procter & Gamble in Peru, Ecuador and Bolivia. In addition, stood out as President at CADE 2001, among other activities.
Miguel Palomino Ph. D. in Finance at Wharton School at University of Pennsylvania and Economist at Universidad del Pacífico. Director and
Manager at Instituto Peruano de Economía; Director at the Lima Stock Exchange; Chairman of the board of Directors at
Aventura Plaza S.A.; Director and member of the Auditing Committee at Southern Copper Corporation. Has been Vice-
president and Chief Economist for Latam at Merrill Lynch; Director and CEO at Merrill Lynch Peru S.A.; Director and CEO at
Intervalores S.A.B.; Director for Investment Banking at Banco Interandino; Economist at Apoyo S.A.; and Researcher at
GRADE.
Miguel Ferré Industrial Engineer at Universidad Politécnica de Barcelona, Spain. Founder partner at PAD-Top Management Program at
Universidad de Piura; Control and Mangament Professor; specialist in family businesses; Director, CEO and founder partner at
MFT S.A.C.; and Founder and President at Tendiendo Puentes.
Carlos García Company founder in 1993. More than 30 years of experience in banking, both in investment banking and corporate finance as
in lending and investments. Has lectured in Peru and abroad in topics related to investment banking, capital markets and
infrastructure. MBA at Babson College and Bachelor degree in Management at Universidad del Pacífico. Has taken
specialization courses in Management and Finance at Harvard Business School, among others. Director at Peruana de
Energía, ICNE, APC Corporation, Metalpren and at the Finance Committee at Amcham.
SUMMA SAFI
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SUMMA SAFI
• SUMMA SAFI is an Investment Fund Manager Firm established in November 2007 and certified by Superintendencia del Mercado de Valores (SMV) in December 2007 and by Superintendencia de Banca y Seguros in February 2008.
• In May 2008 the SUMMA Mezzanine Fund was launched raising US$ 67 million.
• The fund has a maturity of 12 years for quasi-equity investments.
• SUMMA SAFI is currently developing two new projects:
• SUMMA Mezzanine Fund II: Mezzanine Fund I extent that must capitalize the origination efforts made in the first fund.
• The investment decisions are presented by the management team to the Investment Committee.
Summary
• Mezzanine financing is a mix scheme between debt and equity, design to match a company financing requirements and achieve a balance between risk and profitability.
• Can be offered to:
• Companies that seek debt financing with more flexible conditions than traditional bank lending.
• Companies who do not have access to long term bank lending (size, sector, lack of assets) or have spent all their debt capacity.
• Entrepreneurs who seek equity financing with lower dilution and control thresholds.
• Mezzanine Advantages:
• More flexible alternative structure that allows value creation.
• Appropriate in various contexts (acquisitions, recaps, consolidations, MBOs, among others).
SUMMA Mezzanine Fund focus
Introducción
Bank
Debt
Equity
Mezzanine
Debt
-
Pro
fita
bili
ty
+
- Risk +
Risk – Profitability Balance
Banks Mezzanine Equity
Short term debt–
Commercial
Leasings MT
Senior debt MT/
LT
Subordinate Debt
LT
Preferred stocks
Common shares
Banks Mezzanine Equity
Short term debt–
Commercial
Leasings MT
Senior debt MT/
LT
Subordinate Debt
LT
Preferred stocks
Common shares
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SUMMA SAFI SUMMA Mezzanine Fund important features
Investment goal
Co-Managers
Debt Maturity
Fund Maturity
Quasi-equity investment through debt and equity components.
Guido Vingerhoets and Cesar Burga
Up to 12 years.
12 years, with a possible extension of 2 years.
Committed
Capital US$ 67 million.
Investment
Committee Alfonso Bustamante, Alfonso Zárate, Oscar Albán, Luis Gastañeta and Carlos A. García.
Investment
Limits
Up to 20% per Company (US$ 13 million)
Up to 40% per Industry (US$26 million)
Participants Institutional Investors
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SUMMA Mezzanine Fund Investment portfolio
CORI APU
Holding of Poderosa (gold
producer mining company)
• Investment: US$13 million
• Date: March 2009
APC
Most important national
operator of industrial catering
• Investment: US$5.5 million
• Date: April 2009
ICNE / UCAL
“Instituto Toulouse Lautrec” and
“Universidad de Ciencias y Arte de
América Latina”
• Investment: US$13.8 million
• Date: Nov 2010 / May 2012
TERMOCHILCA
Developer and operator of the “Santo
Domingo de los Olleros” Termal Gas
Plant (200MW)
• Investment: US$12 million
• Date: Jan – April 2012
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SUMMA SAFI Investment Committee
Alfonso Zárate Engineer, Post-graduate studies in Financial Management. More than 20 years of experience. Chairman at Continental Bolsa
(BBVA Group), Director at Vanguard Capital Partners. CEO at Pesquera 2020. Former Chairman at COFIDE. Has experience
in risk valuation, direction, mergers, spin-offs, financial and strategic planning.
Luís Castañeda Lawyer at Pontificia Universidad Católica del Perú with specialization in Commercial Law, Foreign Investments and Capital
Markets. Partner at Aurelio García Sayán law firm. Partner at National Institute of Mining and Petroleum Law. Member at the
Controversy Chamber and at the Arbitrage Chamber of the Lima Stock Exchange. Has been Director at Superintendencia
Nacional de los Registros Públicos and Member at the Committee drafting the Mercantile Registry Regulation.
Alfonso Bustamante Bachelor degree in Bussiness Administration at Universidad del Pacifico and studies at Boston University. Currently
performing as CEO at Corporación Financiera de Inversiones S.A.A., Emerit Internacional S.A. (from which is founder
partner), and at Agrícola Cerro Prieto S.A.C.. President at Consejeros y Corredores de Seguros S.A.. Founder partner of
Quijas S.A.C. and Agrícola Chapi S.A.. Director at Eléctrica Cabo Blanco S.A., Empresa Eléctrica de Piura S.A., Edegel
S.A.A., Transportadora de Gas del Perú and Bolsa de Productos del Perú.
Oscar Albán Doctoral studies in Economics at Pontificia Universidad Católica del Perú. Specialization courses at the Top Management
Program at Universidad de Piura. President at Fondo Andino de Inversiones (Fondo Andino de las Naciones). Has been
Deputy General Manager of Business and Risk Manager at Banco Interamericano de Finanzas del Peru. Director at COFIDE,
Banco Continental, Fábrica de Tejidos La Union, Pan American Bank Ltd, Interbank Overseas, IFH Perú and Vida Perú.
Carlos García CEO and Company founder in 1993. MBA at Babson College and Bachelor degree in Management at Universidad del
Pacífico. Has taken specialization courses in Management and Finance at Harvard Business School. Has been Director at
Fondo de Inversión en Energía Renovable E&Co and SUMMA Mezzanine Fund, Centura SAB, Interfondos, Urbi Propiedades
S.A., Pacific Industrial Bank, etc. Experience at Pacific Banking Group, Republic National Bank, Chase Manhattan Bank and
Bank of New England. Director at Peruana de Energía, ICNE, APC Corporation, Metalpren and at the Finance Committee at
Amcham.
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Contacts www.summa.com.pe
SUMMA Asesores Financieros S.A.
1238 Alfredo Benavides Ave., Of. 902
Miraflores, Lima 18
Phone (511) 446 5252
Carlos Garcia
CEO / Director
Ext 225
Daniela Polar
Vice-president
Ext 224
Agustín Fusillo
Associate
Ext 230
SUMMA SAFI S.A.C.
1238 Alfredo Benavides Ave., Of. 901
Miraflores, Lima 18
Phone (511) 249 5555
Guido Vingerhoets
General Manager
Cesar Burga
Co-Manager Mezzanine Fund
Sociedad Administradora de Fondos
