Advising Private Equity Firm on Multimillion-Dollar M&A Deal

Holland & Knight's M&A, maritime, taxation, private equity and corporate services attorneys advised Southern Cross Group in the sale of its portfolio company UP Offshore to a newly created joint venture. The multimillion-dollar transaction included complex debt structures negotiated with respect to several maritime jurisdictions across Latin America and the Caribbean.
Advising Private Equity Firm on Multimillion-Dollar M&A Deal
A team of Holland & Knight's taxation, private equity and corporate services attorneys advised Southern Cross Group, a private equity firm, in the sale of its portfolio company UP Offshore (Bahamas) Ltd. to a new joint venture company co-owned by leading providers of marine and support transportation services. The deal closed in late 2018.

The firm's representation of UP Offshore was led by a multidisciplinary New York team comprised of Partners Arman Kuyumjian (mergers and acquisitions or M&A), Jovi Tenev (finance and maritime transactions), Richard Furey (finance and maritime transactions), Marc Antonecchia (commercial litigation), Senior Counsel Nicholas Brunero (M&A) and Staff Attorney Elliot Magruder (M&A). The New York team collaborated with Partner John Monaghan (bankruptcy and restructuring) in Boston. Associates Anush Yegyazarian (M&A) in Stamford, Kathleen St. John (bankruptcy and restructuring) in Boston and Christopher Marotta (taxation) in Miami also assisted.

The sale of UP Offshore involved the creation of complex debt structures that involved negotiations with the purchasing group and the portfolio company's lenders. The deal resulted in approximately $95 million of new debt that replaced UP Offshore's previous obligations. In addition to collaborating with attorneys across the firm, the Holland & Knight team worked with local counsel in several jurisdictions, including Brazil, Uruguay, Panama and the Bahamas, in connection with due diligence and governmental approvals.

UP Offshore is a leading provider of offshore support vessel services to the energy industry in Brazil, the largest regional market in Latin America, and the North Sea. Of UP Offshore's 14-vessel fleet, 12 vessels are located in Brazil and registered under the Brazilian flag. The company's platform supply vessels (PSVs) are designed to transport supplies, equipment, drill casings and pipes on deck, along with fuel, water, drilling fluids and bulk cement in under-deck tanks, as well as a range of other supplies to drilling rigs and offshore platforms.

Holland & Knight's attorneys are well-positioned to provide innovative solutions for private equity deals, joint ventures, maritime matters and other corporate transactions. Our more than 1,300 attorneys practice in more than 200 areas of law and work collaboratively to achieve our clients' goals in an efficient, timely and cost-effective manner.

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