Codesa auction: Quadra Capital wins the contract with a R$ 106 million offer

Quadra Capital won the auction for the Companhia Docas do Espírito Santo (Codesa) and will assume the first private operation of a port authority in Brazil. After a long dispute, the group offered an initial grant of R$106 million for the asset.

In addition to the winning group, the Beira-Mar consortium, formed by Vinci and Serveng, participated in the tender, bidding a maximum amount of R$ 101.1 million. The minimum value allowed per public notice was merely symbolic, R$ 1.

Quadra already runs infrastructure operations, though focused on the credit market. Now, the new Codesa-manager will take an additional step by taking over the business capital. Quadra manages nearly R$6 billion, with its resources mainly coming from qualified national investors, such as family offices and a few international investors.

The investment fund used to participate in the tender is, according to sources, solely owned by Quadra. Notwithstanding, the new port operator has already delineated agreements with a few operational partners who will participate in the management of Codesa in its new era.

The public auction of Codesa was held at the headquarters of B3, in São Paulo, with the Minister of Infrastructure, Tarcísio de Freitas, who held his last auction before leaving office to run for the government of the state of São Paulo.

See below what were the six most imported commodities that arrived at the Port of Vitória, controlled by Codesa, in 2021. The data are from DataLiner.

Six most imported products to the Port of Vitória | 2021 | WTMT

Source: DataLiner (click here to request a demo)

In addition to the initial grant, Quadra will have to pay R$ 327 million for Codesa’s shares. With this victory, the group will be able to control operations in the ports of Vitória and Barra do Riacho for 35 years, extendable for another five.

Investments in renovations and expansions will total R$335 million and another R$520 million for maintenance costs. The concession contract also provides for other commitments like payment of 25 installments of R$ 24.75 million, starting from the sixth year of the contract, and a variable contribution, equivalent to 7.5% of gross revenue.

This is the first privatization in the country of a docks company. The Brazilian port sector is already used to private or leased terminals, but the port authorities — responsible for managing and developing common areas in ports — are entirely state-owned.

Source: Valor Econômico

To read the full original article, please go to:

https://valor.globo.com/empresas/noticia/2022/03/30/leilao-codesa-quadra-capital-vence-certame-com-oferta-de-r-106-milhoes.ghtml

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