Moove’s $479 Million Acquisition of PetroChoice Lubrication Solutions

Reed Smith advised Golden Gate Capital in the transaction. Kirkland & Ellis advised PetroChoice and Golden Gate Capital, while Paul Hastings represented Moove.

Cosan S.A. (B3:CSAN3; NYSE: CSAN), one of Brazil’s largest business groups with investments in energy and logistics and revenue of approximately $23 billion, announced that its subsidiary Moove, a leading global producer and distributor of lubricants and base oils, acquired PetroChoice Lubrication Solutions (“PetroChoice”) from Golden Gate Capital for $479 million.

PetroChoice is the largest distributor and manufacturer of value-added lubricant solutions in the United States, delivering approximately 62 million gallons annually to the industrial, commercial, and passenger vehicle customer segments.

The acquisition establishes a market-leading presence and distribution footprint for Moove in the $33 billion U.S. lubricants market, where Moove will leverage its lubes market expertise, technology, manufacturing capabilities and investment capabilities to support the continued development of PetroChoice and its growth plans.

A global reference in lubricants, Moove is one of the largest producers and distributors of lubricants and base oils in Brazil and other countries in South America (Argentina, Bolivia, Uruguay, and Paraguay), as well as in Europe (United Kingdom, Spain, Portugal, and France) and the United States. Part of the Cosan Group, the company, offers its specialized lubrication products and services that are essential for moving and providing greater efficiency in industrial equipment and commercial and passenger vehicles.

Golden Gate Capital is a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments.

Moelis & Company LLC served as financial advisor to PetroChoice and Golden Gate Capital. Jefferies served as financial advisor to Moove.

The transaction was led by Paul Hastings’ São Paulo office, including partner Jon Kellner (Picture) and associates Filipe Lima and Thomas Ayres. Additional advice was provided by partners Aaron Charfoos, Adrian Chiodo, Bradley Ritter, David Makso, Deborah Schmall, Jeffrey Goldfarb, Eric Keller; Michael Wise, Pedro Jimenez, Scott Flicker, Todd Schneider; and associates David Stanek, April White, Ben Regan, Grace Aviles, Jacob Beaupre, Matt Seely, Palmer Sealy, Rob Wilson, Will Gray, and William McCue.

The Reed Smith deal team included Morley Fortier, Nick Gibson and Michelle Kraus.

Involved fees earner: Grace Aviles – Paul Hastings LLP; Thomas Ayres – Paul Hastings LLP; Jacob Beaupre – Paul Hastings LLP; Aaron Charfoos – Paul Hastings LLP; Adrian Chiodo – Paul Hastings LLP; Scott Flicker – Paul Hastings LLP; Jeffrey Goldfarb – Paul Hastings LLP; Will Gray – Paul Hastings LLP; Pedro Jimenez – Paul Hastings LLP; Eric Keller – Paul Hastings LLP; Jonathan Kellner – Paul Hastings LLP; Filipe Lima – Paul Hastings LLP; David Makso – Paul Hastings LLP; William McCue – Paul Hastings LLP; Ben Regan – Paul Hastings LLP; Bradley Ritter – Paul Hastings LLP; Deborah Schmall – Paul Hastings LLP; Todd Schneider – Paul Hastings LLP; David Stanek – Paul Hastings LLP; April White – Paul Hastings LLP; Rob Wilson – Paul Hastings LLP; Michael Wise – Paul Hastings LLP; Morley Fortier – Reed Smith; Nicholas Gibson – Reed Smith; Michelle Kraus – Reed Smith;

Law Firms: Paul Hastings LLP; Reed Smith;

Clients: Golden Gate Capital; Moove;