Hogan Lovells Represents Brazilian Investor in Financing for Factory in Brazil
24 April 2013
WASHINGTON, D.C., 24 April 2013 – Hogan Lovells advised longtime client Promon International, a Brazilian engineering company, in negotiating and documenting a follow on equity investment in U.S. piping company DeepFlex to fund a manufacturing center in Brazil. DeepFlex is the world’s only manufacturer of premium unbounded composite flexible pipe used in challenging subsea oil and gas production environments.
Promon is an existing investor in DeepFlex, along with AEM Capital of Brazil and Energy Ventures, Klaveness Marine, and Mobelmagasinet Tvedt of Norway. The majority of the new financing was provided by funds co managed by two of Brazil’s leading private equity firms, Mare Investimentos and Mantiq Investimentos.
The Brazilian market currently represents over 65 per cent of the worldwide demand for unbounded flexible pipe used in offshore oil and gas production. DeepFlex says the financing will be used to develop manufacturing facilities in Brazil and expand the company’s manufacturing capability in the United States.
Washington, D.C. corporate partner Richard Parrino represented Promon in this transaction.