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Rocktree expands in Latin America with Atria acquisition
Tug and barge owner Rocktree has announced its intent to acquire a South American port services and river transport group
Rocktree Logistics Group is set to purchase Atria Soluciones Logísticas and its subsidiaries from Southern Cross Group to expand its global footprint across the commodities and agriculture transport sector.
Atria is one of the largest logistics companies operating on the Paraguay-Parana Waterway (PPW), one of South America’s most critical waterways for exporting agricultural commodities.
This group owns and operates pushboats and barges, port terminals, an offshore floating crane, a shipyard and repair facility and other land-based assets.
Rocktree owns and operates tugboats, barges, shuttle vessels and offshore floating terminals for transhipping commodities for export.
Atria’s acquisition will enable Rocktree to diversify across regions, commodities and product offerings, achieve commercial synergies, and rapidly scale its global platform in the Americas.
This combination will enable Rocktree to unlock opportunities in the food and feed supply chain by building on Atria’s leading position in the PPW market and optimise grain transport operations.
“This transaction represents an important step in our history, as we will significantly expand service offerings,” said Rocktree chief executive Daniele Pratolongo.
“Our combined company will be well-positioned for day-one scalability and long-term growth and value creation as we work together to expand our leadership in logistics solutions across the globe.”
In connection with the transaction and other expansion plans, Rocktree has secured private credit financing of up to US$350M from the Blue Ocean maritime investment platform, managed by EnTrust Global.
“Equally important to this acquisition is the firm that has helped to finance it,” said Mr Pratolongo.
“As we continue to expand Rocktree’s offerings with Atria under our wing, this financing will help fuel our next phase of growth, which may include a combination of organic growth initiatives coupled with other strategic merger and acquisition opportunities.”
The acquisition is expected to close in Q1 2025, subject to the satisfaction of customary conditions.
Evercore served as financial advisor while a group of law firms led by Proskauer Rose and Beccar Varela served as legal advisors to Rocktree.
BNP Paribas served as financial advisor while a group of law firms led by Salaverri, Burgio & Wetzler Malbrán served as legal advisors to Southern Cross Group.
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