LIMA, Peru--(BUSINESS WIRE)--Pure Biofuels del Perú, SAC (the “Company” or “Pure Biofuels”) is pleased to announce that BP Group (“BP”) has completed an equity investment in the Company.
Pure Biofuels, based in Lima, Peru, is a rapidly growing company in Latin America’s expanding Oil and Gas industry. The Company is a leader in the Peruvian refined fuels wholesale and distribution services market.
"BP’s equity investment in conjunction with our long term supply relationship with the Company demonstrates our commitment to this important and fast-growing region. Pure Biofuels operates with high environmental and safety standards and owns a key energy infrastructure asset in the South-American fuel distribution market,” said Russell Simon, Managing Director, BP Latin America Integrated Supply and Trading.
Management and Pegasus purchased the equity of Pure Biofuels in April of 2012, de-levered the balance sheet and provided growth capital for the expansion of the terminal and operations. “BP’s investment in Pure Biofuels as the Company finished its terminal expansion to become the largest refined fuels terminal on the Western coast of South America will significantly help accelerate the Company’s growth prospects,” said Alec Machiels, a partner at Pegasus.
Simultaneously with the acquisition in 2012, Pure Biofuels closed on a large working capital facility which allowed the Company to increase its sales of liquid fuels and biofuel products. “BP´s extensive technical and commercial expertise and global sourcing capabilities make it an ideal strategic partner to expand the company´s operational and marketing capabilities,” said Alberto Pinto, Chief Executive Officer of Pure Biofuels.
About Pure Biofuels del Perú, SAC:
Pure Biofuels is committed to becoming a leader in Latin America's rapidly emerging liquid fuels industry. Pure Biofuels currently has over 1,000,000 barrels of liquid fuels storage at the Port of Callao, the largest port on the Pacific Coast of South America. The Company markets and distributes liquid fuels and biofuels in both the local and regional markets and also owns and operates a state-of-the-art biodiesel refinery co-located with the storage and dispatch terminal in Callao. For more information about Pure Biofuels, please visit: www.purebiofuels.com.
About BP Group
BP is of one of the world's leading international oil and gas companies. We operate or market our products in around 80 countries, employ over 83,000 people and provide our customers with fuel for transportation energy for heating and light, retail services and petrochemicals products for everyday items.
About Pegasus Capital Advisors, L.P.:
Pegasus Capital Advisors, L.P. is a fund manager that has been providing creative capital and strategic solutions to companies across a variety of industries since 1996. Pegasus partners with management teams of growth companies, with a focus on those that benefit from the business implications of global resource scarcity. Sectors where this trend is most pronounced are food, water, energy, health & wellness and security. Pegasus currently manages approximately $2.0 billion in assets. Its investment team comprises over 60 talented investment professionals and operating advisors.