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Procaps Group has entered a business combination agreement with Union Acquisition Corp. II (NASDAQ: LATN). The merger is targeted for completion in Q3 2021, following shareholder approval. Procaps, a major Latin American pharmaceutical firm, reported $388 million in revenue for 2020, with a forecast of $436 million for 2021. The company aims to expand its Adjusted EBITDA margin from 22% to 26% over the same period. A $100 million PIPE financing supports the deal, which will position Procaps for further growth through organic and inorganic strategies.
Union Acquisition Corp. II (NASDAQ: LATN) announced that shareholders approved an extension to finalize a business combination with Procaps Group until October 22, 2021. With over 98% approval, the extension allows LATN to retain over $135 million in trust for the deal. Procaps Group, a leading Latin American healthcare company, reported a 33% revenue increase to $78.7 million in Q1 2021. The business combination, estimated at an enterprise value of approximately $1.1 billion with a $100 million PIPE financing, aims to bolster growth and operational capabilities.
Procaps Group has appointed Dr. Camilo Camacho as President, bringing over 23 years of pharma experience in Latin America. He previously managed Abbott's operations in Colombia and North Latin America. In Q1 2021, Procaps reported unaudited net revenues of $78.7 million, a 33% increase from 2020. The management anticipates growth in gross profit and EBITDA margins. The company aims to drive organic growth and expand through acquisitions. Procaps projects 2021 revenue of $436 million, up from $388 million in 2020, benefiting from a robust pipeline and favorable regional dynamics.
Union Acquisition Corp. II (NASDAQ: LATN) has announced a definitive business combination with Procaps Group, a prominent healthcare and pharmaceutical company. This merger, supported by a $100 million PIPE financing, will lead to the formation of a new entity listed as Procaps Ordinary Shares on Nasdaq. The transaction aims to capitalize on Procaps' established growth and an extensive product pipeline, with a pro forma valuation of approximately $1.1 billion. The merger combines LATN’s capital and Procaps’ market position to drive significant expansion in the Latin American pharmaceutical market.