Selected Advisory Transactions
We pride ourselves in having succeeded negotiating and closing
transactions where bulge bracket firms have failed.
▪Capital International, Acon Investments, and GIC acquired Vetra, the largest privately held independent oil producer in Colombia at the time.
▪Took over mandate from bulge bracket firm.
▪Bridged valuation gap between buyers and sellers through earn-out structure.
▪ Replaced a previous advisor and successfully designed and negotiated a tripartite debt restructuring.
▪Used political rights as a tool to accommodate multiple diverging agendas.
▪ Raised capital in two PIPE transactions.
▪These funds allowed the company to become the largest gas producer in Colombia after Ecopetrol.
▪Raised debt and equity; cost of debt at less than half the cost of the sovereign.
▪Co-control as a way to achieve flexible debt repayment terms.
▪Central Resources owned two mature oil and gas assets in the Potiguar basin in Brazil.
▪Advised the shareholders of Central in the sale of the company to one of Brazil's leading financial institutions.
▪Acted as financial advisor to the company.
▪Engagement’s scope included company valuation, advisory on corporate governance, and analysis of new business opportunities.
▪Company-making acquisition of Repsol’s upstream assets in Ecuador (indirect 35% operated working interest in service contracts for Blocks 16 and 67, with production of 14.3 kbopd).
▪Cash-less transaction.
▪Buy-side mandate from a European private equity fund.
▪Sourced the opportunity, advised on deal structuring, performed company valuation, oversaw due diligence process, and assisted in final negotiations.
▪Poseidon was created to acquire distressed shipping assets.
▪Acted as financial advisor and placement agent of a USD 240 million private placement, in conjunction with ABN AMRO and Sunrise Capital.
▪Structured a loan in local currency, secured by promissory notes from the end clients.
▪Also funded a bridge loan to the company with the same security structure.
▪Provided a series of syndicated secured loans. Then, restructured the position into a combination of equity and secured convertible debt.
▪Participated in the management committee and provided strategic advice.
▪ PJP4 is an international oil and gas services company.
▪Structured a senior secured debt facility to finance the group’s working capital requirements.
Selected Private Equity Transactions
▪Co-founded Interbarge, a fluvial shipping company in the Parana-Paraguay river system, with Seacor Holdings and Argenmar S.A. in 2006.
▪hile being part of the company, Horizon:
▪Negotiated and structured employment contracts with MMX Mineracao and Vale for the transportation of iron ore from Brazil to Argentina.
▪Negotiated and structured employment contracts with MMX Mineracao and Vale for the transportation of iron ore from Brazil to Argentina.
▪Arranged senior financing for the acquisition of the initial fleet.
▪Raised equity from hedge fund VR Capital to co-invest.
▪Participated in BoD and management committees.
▪Horizon profitably sold its shares and assisted its partners in monetizing their investment.
▪In 2017, Canacol signed an agreement with Cangas, a vehicle set up by Horizon, for the Construction, Operation, and Ownership of the 82-km long Sabanas pipeline in the coast of Colombia.
▪Canacol managed the construction and operates the pipeline and Cangas gets compensated for the use of the pipeline by Canacol.
▪Canacol managed the construction and operates the pipeline and Cangas gets compensated for the use of the pipeline by Canacol.
▪Negotiated and structured the agreements with Canacol.
▪Raised a total of c. USD 42 million to build the pipeline.
▪Manages the investment and is also a shareholder of the company
▪Horizon profitably sold its shares and assisted its partners in monetizing their investment.
Selected Activism
▪Co-founded Interbarge, a fluvial shipping company in the Parana-Paraguay river system, with Seacor Holdings and Argenmar S.A. in 2006.
▪ hile being part of the company, Horizon:
In 2015, Americas Petrogas had the largest independent acreage position in the unconventional shale and tight sands in the Neuquén basin, with certified 2P reserves of more than 8 MMboe and great upside potential.
▪ At the time of Horizon’s first shares purchase, the company had an EV of c. USD 21 MM, less than 50% the certified NPV10 of 2P reserves.
▪ In June 2015, the company announced the sale of certain assets to Tecpetrol for USD 63 million in cash. However, the deal offered no cash consideration for shareholders and the company provided no details of business plan going forward.
▪ fought against the deal and proposed the replacement of the Chairman and CEO. Link.
▪ In July, the deal was approved, and Horizon nominees were not voted in. Horizon exercised its legal dissent right under Alberta law, that entitles it to receive “fair value” in cash and exit the investment.
▪ As a result of the settlement, Horizon achieved a 1.33x MOI in 10 months, or an IRR of c. 52%
▪TransGlobe Energy Corporation (TSX:TGL) holds interests in concessions in Egypt and has assets in Canada.
▪TransGlobe Energy Corporation (TSX:TGL) holds interests in concessions in Egypt and has assets in Canada.
▪Horizon believes that the proposed transaction severely undervalued the Company and was not fair to or in the best interests of the Company or its shareholders. Therefore, Horizon issued a Public Broadcast Solicitation urging all shareholders of TransGlobe to vote against the proposed plan in the special meeting of the company. Link.
▪In October, the deal was finally approved
▪Horizon started accumulating a position in TransGlobe at less that one fifth the closing price of the day on which the proposed transaction was announced.
▪Between July and October 2022, Horizon sold its entire position in TGL at an average price of c. USD 3.40, resulting in a profit of c. 325%, or 4.2x
▪Horizon profitably sold its shares and assisted its partners in monetizing their investment.
