Senior Financial Executive (Previously CFO of
CFR Pharmaceuticals) Brings 25 Years of Financial and Operational
Experience to Lead Procaps Global Rollout and M&A
Initiatives
Procaps Group, a leading integrated international healthcare and
pharmaceutical company, has appointed Patricio Vargas as global
Chief Financial Officer.
Mr. Vargas has 25 years of public company finance experience
with proven capabilities in global financial management, business
development and global capital markets. He joins Procaps after
serving as Finance Vice President & Treasurer at Empresas CMPC
S.A. (CMPC.CL), a pulp and paper company with more than $5 billion
in revenue that produces and markets solid wood products, pulp,
paper, tissue, personal care and packaging products in Latin
America.
Previously, he was Chief Executive Officer at international food
processor Agrofoods Central Valley Chile S.A. Prior to that, Mr.
Vargas was the CFO of CFR Pharmaceuticals S.A. (“CFR”), and worked
directly with then CEO, Alejandro Weinstein, who is currently both
a shareholder of Procaps Group and is expected to be the Chairman
of its M&A committee. Mr. Vargas previously worked with Mr.
Weinstein to lead CFR’s initial public offering in 2011, as well as
on over $1 billion of the company’s financings used to fuel its
inorganic growth strategy. He holds a BSc in Engineering and a MSc
in Electrical and Industrial Engineering from Universidad Católica
de Chile, as well as an MBA from Universidad Adolfo Ibáñez.
“As Procaps Group continues to grow its operations worldwide, it
is critical that we continue to globalize our executive management
leadership,” said Ruben Minski, Procaps Founder, Chairman and Chief
Executive Officer. “Patricio will add to the successful team that
has been led by Sergio Mantilla, who has been extremely
instrumental in preparing our company for the public markets.
Patricio brings a dedicated work ethic as well as proven and
concentrated expertise leading multibillion-dollar organizations
with exponential growth both financially and geographically. His
capital markets knowledge and financial skill set will be
incredibly valuable with our expected upcoming evolution to a
standalone public company on the Nasdaq, which is expected to occur
by the end of September. Patricio adds to our recent hires of top
senior management to our organization, with Camilo Camacho joining
us as President in April of this year.
“We believe Patricio’s experience will be instrumental to our
internationalization strategy and to help accelerate our growth,
both organically and inorganically, into both existing and new
markets. Patricio is set to start in his new role towards the end
of September. We look forward to introducing Patricio to our
investors and shareholders at our upcoming analyst day call on
August 19th,” concluded Minski.
Mr. Vargas added, “I am thrilled to be joining Procaps Group,
which I believe is uniquely positioned to continue its growth
trajectory and efforts towards consolidation in the region. I am
excited to be part of the company as it transitions into a public
company, and I look forward to working with Ruben, Camilo, Sergio
and the rest of the organization to help execute on the company’s
plans and global growth objectives moving forward.”
Procaps Group Virtual Investor and Analyst Day - Thursday,
August 19, 2021 at 10:00 a.m. Eastern Time
Procaps Group Chief Executive Officer Ruben Minski and other
members of the senior management team will host the conference
call. The conference call will be accompanied by a presentation,
which can be viewed during the webcast or accessed via the investor
relations section of Procaps’ website here. This event will also
include a question-and-answer period following management’s
prepared remarks designed for both sell-side research analysts and
institutional investors.
To access the call, please use the following information:
Date:
Thursday, August 19, 2021
Time:
10:00 a.m. EDT, 7:00 a.m. PDT
Toll Free dial-in number:
1-877-407-0789
Toll/International dial-in number:
1-201-689-8562
Conference ID:
13722118
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have difficulty connecting with the conference
call, please contact MZ Group at +1 (949) 491-8235.
The conference call will be broadcast live and available for
replay at http://public.viavid.com/index.php?id=146107 and via the
investor relations section of Procaps’ website here.
A telephone replay will be available approximately two hours
after the call until September 16, 2021, accessible by dialing
1-844-512-2921 from the U.S., or 1-412-317-6671 from international
locations, and entering replay pin number: 13722118.
Expected Milestones to Completion of Business Combination
Include:
- Second quarter 2021 financial results – Thursday, August 12,
2021
- Virtual investor and analyst day – Thursday, August 19,
2021
- Shareholder vote of Union Acquisition Corp. II (NASDAQ: LATN) –
expected to take place in September 2021
- Closing of the business combination and listing on Nasdaq
Capital Market under new ticker symbol “PROC” – approximately at
the end of September 2021.
About the Proposed Business Combination with Union
Acquisition Corp. II
Completion of the business combination, which is expected to
close in the third quarter of 2021, is subject to approval by LATN
shareholders and other customary closing conditions, including the
Registration Statement being declared effective by the SEC. The
combined company will be led by Ruben Minski, Procaps Group
Founder, Chairman & CEO. Upon closing of the business
combination (assuming none of the LATN shareholders redeem any of
their LATN ordinary shares in connection with the approval of the
business combination and including the redemption of certain shares
held by IFC), existing Procaps Group shareholders are expected to
hold approximately 76% of the combined company, which shares will
be subject to certain lock-up arrangements.
Institutional investors have committed to an upsized private
investment in public equity (“PIPE”) of $100 million in ordinary
shares of LATN, which will be converted into ordinary shares of the
combined company upon the closing of the business combination. The
PIPE will close concurrently with the business combination. Subject
to any redemptions by LATN shareholders, there is approximately
$136.9 million in cash currently held in LATN’s trust account. It
is anticipated that the combined company will have approximately
$236.9 million in gross cash proceeds (before transaction-related
expenses and the redemption of certain shares held by IFC) to fund
organic growth through capacity expansion, plant improvements,
working capital investments, e-Health platform improvements and
R&D expenses, inorganic growth via accretive acquisitions and
the redemption of certain shares from IFC.
While the Registration Statement has not yet become effective
and the information contained therein is subject to change, it
provides important information about Procaps Group’s business and
operations, proposed business combination with Union Acquisition
Corp. II and the proposals to be considered by the LATN
shareholders.
Additional information about the transaction including the
Registration Statement on Form F-4 can be viewed here:
https://investor.procapsgroup.com.
About Procaps Group
Procaps Group is a developer of pharmaceutical and nutraceutical
solutions, medicines, and hospital supplies that reach more than 50
countries in all five continents. Procaps has a direct presence in
13 countries in Latin America and, as of December 31, 2020, had
more than 4,700 collaborators working under a sustainable model.
Procaps develops, manufactures, and markets over-the-counter (OTC)
and prescription drugs, nutritional supplements and high-potency
clinical solutions. For more information, visit
www.procapsgroup.com or Procaps Group’s investor relations website
investor.procapsgroup.com, which will also contain a link to the
Registration Statement. The Registration Statement includes audited
consolidated financial statements of Procaps Group as of and for
the fiscal years ended December 31, 2020 and 2019.
About Union Acquisition Corp. II.
Union Acquisition Corp. II, led by Kyle Bransfield, is a Cayman
Islands exempted company incorporated as a blank check company for
the purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or
entities. For more information, please click here.
Important Information About the Merger and Where to Find
It
In connection with the proposed business combination, Procaps
Group, S.A. (“Holdco”), a subsidiary of Crynssen Pharma Group
Limited (“Procaps Group”) that will be become the holding company
of LATN and Procaps Group as of the closing of the proposed
business combination, filed a Registration Statement on Form F-4
(the “Form F-4”) with the U.S. Securities and Exchange Commission
(the “SEC”) that includes a proxy statement of LATN that also
constitutes a prospectus of Holdco. LATN, Procaps Group and Holdco
urge investors, stockholders and other interested persons to read
the Form F-4, including the preliminary proxy statement/prospectus
and amendments thereto and the definitive proxy
statement/prospectus and documents incorporated by reference
therein, as well as other documents filed with the SEC in
connection with the proposed transaction, as these materials will
contain important information about Procaps Group, Holdco, LATN and
the proposed business combination transaction. After the
Registration Statement is declared effective, the definitive proxy
statement/prospectus included in the Registration Statement will be
mailed to shareholders of LATN as of a record date to be
established for voting on the proposed business combination. Once
available, shareholders will also be able to obtain a copy of the
Form F-4, including the proxy statement/prospectus, and other
documents filed with the SEC without charge, by directing a request
to: BTG Pactual US Capital, LLC, Attention: Prospectus Department,
Email: OL-BTGPactual-ProspectusDepartment@btgpactual.com. The
preliminary and definitive proxy statement/prospectus included in
the registration statement, once available, can also be obtained,
without charge, at the SEC’s website (www.sec.gov).
Participants in the Solicitation
LATN and Procaps Group and their respective directors and
executive officers may be considered participants in the
solicitation of proxies with respect to the proposed business
combination described in this press release under the rules of the
SEC. Information about the directors and executive officers of LATN
is set forth in LATN’s final prospectus filed with the SEC pursuant
to Rule 424(b) of the Securities Act of 1933, as amended (the
“Securities Act”) on October 17, 2019, and is available free of
charge at the SEC’s website at www.sec.gov or by directing a
request to: Union Acquisition Corp. II, 1425 Brickell Ave., #57B,
Miami, FL 33131. Information regarding the persons who may, under
the rules of the SEC, be deemed participants in the solicitation of
the LATN shareholders in connection with the proposed business
combination will be set forth in the Registration Statement filed
with the SEC. These documents can be obtained free of charge from
the sources indicated above.
Forward-Looking Statements
This press release contains “forward-looking statements.”
Forward looking statements may be identified by the use of words
such as “forecast,” “intend,” “seek,” “target,” “anticipate,”
“believe,” “expect,” “estimate,” “plan,” “outlook,” and “project”
and other similar expressions that predict or indicate future
events or trends that are not statements of historical matters.
Such forward-looking statements include the expected gross cash
proceeds from the Procaps Group business combination and its
effects on expansion; expectations relating to capacity expansion,
plant improvements, working capital investments, e-health platform
and R&D expenses; expectations related to potential M&A
acquisitions; the closing of the business combination transaction;
and expectations relating to Procaps Group’s ability to invest in
growth through organic and inorganic growth. Such forward-looking
statements with respect to the businesses of LATN, Procaps Group,
or Holdco, prior to or following the completion of any proposed
business combination, are based on current expectations that are
subject to risks and uncertainties. A number of factors could cause
actual results or outcomes to differ materially from those
indicated by such forward-looking statements. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. Although we believe that we
have a reasonable basis for each forward-looking statement
contained in this press release, we caution you that these
statements are based on a combination of facts and factors
currently known by us and our projections of the future, about
which we cannot be certain. Forward-looking statements in this
press release include, but are not limited to: (1) the inability to
complete the transactions contemplated by the proposed business
combination; (2) the inability to recognize the anticipated
benefits of the proposed business combination, which may be
affected by, among other things, competition, and the ability of
the combined business to grow and manage growth profitably; (3) the
inability to successfully retain or recruits officers, key
employees, or directors following the proposed business
combination; (4) effects on LATN’s public securities’ liquidity and
trading; (5) the market’s reaction to the proposed business
combination; (6) the lack of a market for LATN’s securities; (7)
LATN’s and Procaps Group’s financial performance following the
proposed business combination; (8) costs related to the proposed
business combination; (9) changes in applicable laws or
regulations; (10) the possibility that LATN or Procaps Group may be
adversely affected by other economic, business, and/or competitive
factors; and (11) other risks and uncertainties indicated from time
to time in documents filed or to be filed with the SEC by LATN. We
cannot assure you that the forward-looking statements in this press
release will prove to be accurate. These forward-looking statements
are subject to a number of significant risks and uncertainties that
could cause actual results to differ materially from expected
results, including, among others, the ability to complete the
business combination due to the failure to obtain approval from
LATN shareholders or satisfy other closing conditions in the
business combination agreement, the occurrence of any event that
could give rise to the termination of the business combination
agreement, the ability to recognize the anticipated benefits of the
business combination, the outcome of any legal proceedings that may
be instituted against LATN or Procaps Group following announcement
of the proposed business combination and related transactions, the
impact of COVID-19 on Procaps Group’s business and/or the ability
of the parties to complete the business combination, the ability to
obtain or maintain the listing LATN’s ordinary shares on Nasdaq
following the proposed business combination, costs related to the
proposed business combination, changes in applicable laws or
regulations, the possibility that LATN or Procaps Group may be
adversely affected by other economic, business, and/or competitive
factors, and other risks and uncertainties, including those to be
included under the header “Risk Factors” in the Form F-4 to be
filed with the SEC and those included under the header “Risk
Factors” in the final prospectus of LATN related to its initial
public offering, as well as LATN’s other filings with the SEC.
Should one or more of these risks or uncertainties materialize, or
should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws. Accordingly, you should not put
undue reliance on these statements.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
any securities nor shall there be any sale of securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210817005391/en/
Procaps Group Investor Contact: Chris Tyson/Doug Hobbs
SPAC Alpha IR+ (949) 491-8235 LATN@mzgroup.us
LATN Contact: Kyle P. Bransfield Chief Executive Officer
Union Acquisition Corp. II (305) 306-2522
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