RIO DE JANEIRO, May 7, 2024 /PRNewswire/ -- In a significant
stride toward sustainable maritime operations, Compagnie Maritime
Monegasque (CMM) announced the closing of up to $94 million in financing. The transaction was
funded by Summit Ridge Capital Partners. Panorama Capital
Partners sourced and advised on the transaction, and participated
as a co-investor.
This financing enables CMM to recompose its shareholder
structure and to expand its fleet. As part of this expansion,
CMM will construct pioneering ethanol powered Platform Supply
Vessels in Brazil. This is a new use of ethanol as fuel in an
industry in dire need of decarbonization and will position CMM as a
global leader in environmentally sustainable maritime
operations.
"Summit Ridge is proud to support CMM's innovative approach to
maritime logistics", stated Christopher
Park, CEO of Summit Ridge. "This strategic investment
reflects our ongoing commitment to environmental stewardship and
our belief in Brazilian Shipping and the economic potential of
sustainable energy solutions."
"We are thrilled to partner with Summit Ridge and Panorama on
this transformative journey," said Christophe Vancauwenbergh, CEO of CMM. "This
financing not only strengthens our capital structure but
significantly accelerates our transition to a sustainable fleet,
offering both environmental and economic benefits on a global
scale".
Stephanos Velissaropoulos, founding partner of Panorama Capital
Partners, commented, "Our involvement in this transaction
underscores our dedication to advising and investing in sustainable
infrastructure and technologies. CMM's initiative to deploy
ethanol-powered vessels is a game-changer for the maritime industry
and represents a substantial advancement in eco-friendly marine
operations."
About Compagnie Maritime Monegasque
Compagnie
Maritime Monegasque (CMM) is a leading company providing innovative
solutions to the Brazilian Offshore Support Vessel market with a
fleet among the most modern in Brazil. Committed to sustainable practices,
CMM is pioneering the adoption of ethanol-powered vessels to reduce
environmental impact.
About Summit Ridge Capital Partners
Summit Ridge
Capital Partners is a leading alternative credit manager and
capital solutions provider in Latin
America. Based on fundamentally oriented and on-the-ground
research, Summit Ridge looks to build high conviction portfolios of
investments offering high yield and superior risk adjusted returns,
using strong adhoc legal structures to maximize downside
protection.
About Panorama Capital Partners
Panorama Capital
Partners is a leading merchant bank in Latin America, specializing in sustainable
natural resource development. With offices in three key Latin
American markets, Panorama offers expert capital raising and
advisory services to asset management funds and strategic clients.
The firm's robust portfolio and targeted growth strategies ensure
that it consistently delivers operational excellence and long-term
success for its partners.
For further information, please contact:
info@cmmoffshore.com
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