The winner of the auction for the north section of the Rodoanel in São Paulo has experience with companies in financial difficulties.
The specialty of Starboard, manager of the Via Appia FIP (acronym for Fundo de Investimento em Participações) Infraestrutura, is what the company calls “special situations” or businesses that need financial breath to recover.
The fund’s PPP (Public-Private Partnership) with the government of São Paulo will be Starboard’s first road deal. Construction of the section that was sold on Tuesday (14) began ten years ago. The works have been stopped for five years.
Two Starboard executives, Marcus Bitencourt, director of Starboard Asset, and Brendon Ramos, who is responsible for the private equity and special situations area, hammered the hammer that symbolized the conclusion of the auction with the governor of São Paulo Tarcísio de Freitas (Republicans). of Starboard Restructuring (the restructuring arm of the company of the same name).
The fund that won the auction was set up on the last day of February this year, according to data from the Federal Revenue Service and the CVM (Securities Commission). Its administration will be carried out by the Singulare brokerage.
Starboard takes over the northern section of the Rodoanel with an eye on other parts of the road complex.
The east and south sections are currently operated by the SPMar concessionaire, which is undergoing judicial recovery (the application was filed in 2017 and the plan began to be executed in 2019). Together, the east and south segments account for 76% of the Rodoanel.
The eastern part connects with the northern section, auctioned this Tuesday. Bitencourt, from Starboard, said that the concessionaire wants to have a “good interaction” with the operating neighbor and did not rule out the possibility of investing in SPMar. “It all depends on the price.”
Starboard was created in 2017 by executives who worked with company restructuring at Brasil Plural. In 2018, the fund took control of Máquina de Vendas, owner of Ricardo Eletro, one of the largest home appliance retailers in the country at the time.
To the Sheet, in 2022, Bitencourt said that investment in the company began to pay off, but that the improvement was interrupted by the impact of the pandemic. In August 2020, the manager left the business, shortly before the application for judicial recovery of the Vendas Machine. Last year, the owner of Ricardo Eletro was declared bankrupt and later suspended by court decision.
The manager of the fund that will take over the northern section of the Rodoanel has also worked on another highway in São Paulo. In the transfer of control of Rodovias do Tietê to its more than 15 thousand creditors, in 2021, Starboard advised, alongside Felsberg Advogados, the concessionaire’s debenture holders.
Starboard also worked on the restructuring of Gemini Energy, sold to Energisa in 2022.
Another case of successful restructuring led by Starboard was that of 3R Petroleum, which included the purchase of Ouro Preto Oil and Gas, an oil company founded by Rodolfo Landim, president of Flamengo. 3R went public in November 2020.
According to Starboard Asset’s reference form at the CVM, the company had, in 2021, BRL 4.495 billion under management.