AG&P Raises $53 Mln

Atlantic, Gulf and Pacific has closed a Series C equity financing round raising $53 million. A. Soriano Corp. was lead investor while Private investors and Pacific Synergies IV L.P. also participated. AG&P, of the Philippines, is an industrial process outsourcing company that provides engineering, fabrication, modularization, installation, operation and maintenance to the oil & gas, mining, power and civil infrastructure sectors.

PRESS RELEASE

MANILA, Philippines–(BUSINESS WIRE)–Atlantic, Gulf and Pacific (AG&P), an industrial process outsourcing (IPO) company, providing engineering, fabrication, modularization, installation, operation and maintenance to the oil & gas, mining, power and civil infrastructure sectors, successfully completed Initial Closing of its Series C equity financing raising USD$53 million.
The equity financing is part of a broader capital raising program by AG&P and follows the recent closure of its PhP 3.8 billion (approx. US$93 million) Corporate Note issuance and working capital line offering in the Philippines earlier in the year.
A. Soriano Corporation (“Anscor”), a listed Philippine conglomerate, through a subsidiary, is the lead investor in AG&P’s Series C equity round. Private investors and Pacific Synergies IV, L.P., an investment fund, comprised the investor group in the equity round. Investment & Capital Corporation of the Philippines (“ICCP”), a licensed Philippines investment house, acted as the financial adviser and placement agent for AG&P.
AG&P is raising funds to support its growth in line with strong demand for infrastructure modularization and skilled manpower solutions across the global supply chains of onshore and offshore petroleum, mining, power and civil infrastructure.
Joseph M. Sigelman, Chairman, led the acquisition of AG&P two and a half years ago. He commented, “AG&P builds infrastructure in modules from its state-of-the-art fabrication and assembly yards in the Philippines and ships them to job sites globally. We are thrilled to continue to build our manufacturing capabilities in the Philippines and hope we can proudly bring our heritage to the world’s most complicated projects. This equity raising from local investors highlights the special place that the 113-year old AG&P brand has in the Philippines and reflects the enormous investment and growth the modern AG&P enjoys today.”
Said Andres Soriano III, Chairman and CEO, “Anscor is very excited about leading the Series C equity round. We are very pleased with the work that Joseph Sigelman and the management team have done to transform an over century old Philippine company into a globally competitive player in the industrial modular fabrication industry. We look forward to supporting the company in its growth plans.”
William Valtos Jr, Vice Chairman of ICCP, noted, “AG&P is a prime example of the competitiveness of Philippine companies in global markets. The equity fundraising attracted a number of regional and global private equity firms. The world-class management team, led by Joseph Sigelman, its valuation and the growth prospects made the investment opportunity very compelling. This successful equity raise demonstrates the appeal of the Philippines as an investment destination in today’s capital markets.”
About AG&P
AG&P is an industrial process outsourcing (IPO) company providing engineering, fabrication, modularization, installation, operation and maintenance to the oil & gas, mining, power and civil infrastructure sectors.
Working in the Philippines from two major yards totalling 150 hectares, the largest in SE Asia, AG&P delivers mission-ready modules to the world’s most important clients, optimizing cost, quality and safety while enhancing the constructability, flexibility and reusability of critical infrastructure projects. AG&P operates at the highest health and quality standards.
AG&P enjoys a strong culture, built over its 113-year history of operational excellence. AG&P’s team of over 5,000 professionals, engineers and technicians support multiple construction projects, delivering infrastructure where our clients need it, when they need it.
Further information can be found on the AG&P website at www.agp.ph.