Union Acquisition II today announced a definitive business combination agreement along with a fully committed PIPE financing agreement to acquire Colombia-based Procaps Group, an international healthcare and pharmaceutical company, for $300 million in cash.
The transaction includes a $100 million PIPE raised from a broad group of Latin American investors, including pan-regional funds such as Compass Group and Moneda Asset Management, as well as Chilean-based Consorcio Seguros.
Procaps Ordinary Shares will be subject to a 6-month lock-up.
Union II raised $175 million in a 2019 IPO. The SPAC is led by Chairman Juan Sartori, the chairman and founder of Union Group International Holdings, a privately owned investment and private equity management firm with strategic Latin American interests.
The transaction is expected to close in the third quarter. Read more.
