Boulevard Acquisition Corp. II $1.1 Billion Merger with Estre Ambiental S.A.

Greenberg Traurig, Demarest, Machado, Meyer, Sendacz e Opice, Skadden, Arps, Slate, Meagher & Flom, Machado Associados, Veirano, Lefosse, White & Case and Zancan advised on the deal

Boulevard Acquisition Corp. II (NASDAQ: BLVD) (“Boulevard”), a blank check company sponsored by an affiliate of Avenue Capital Group, and Estre Ambiental S.A. (“Estre”), the largest waste management company in Brazil and Latin America, jointly announced today that they have entered into a definitive agreement pursuant to which Boulevard will combine with Estre. As a result of the transaction, Estre will become a publicly listed company with an anticipated initial enterprise value of approximately US$1.1 billion, implying a 7.7x multiple of its projected 2018 Adjusted EBITDA.

Estre provides a full range of waste-related and environmental services to a public of more than 31 million people daily in seven Brazilian states where approximately 50% of Brazil’s population is concentrated. The company, which is expected to generate revenues of approximately US$466 million and adjusted EBITDA of approximately US$132 million in 2017 (considering a USD/BRL exchange rate of US$1.00 to R$3.19), focuses on collection, treatment and disposal of non-hazardous and hazardous waste to municipal, industrial and commercial customers. Showing consistently high-single-digit revenue growth in an expanding market, Estre is favorably positioned to lead in a fragmented industry with increasing regulatory support for environmentally-sound waste disposal.

Today, Estre operates as an environmentally progressive, transparent and compliance-focused company. Estre’s landfill operations, which are currently focused around 13 strategically located landfills, dispose of approximately 6 million tons of waste annually. The company also expects to add five additional landfills to its operations over the next several years. Estre’s waste management infrastructure also includes two landfill gas-to-energy facilities with an installed capacity of approximately 14 MW, with the potential to generate more than 80 MW, as well as three hazardous and medical waste facilities.

Greenberg Traurig advised Boulevard Acquistion Corp II. with Alan Annex (Picture), Kenneth Gerasimovich, Joseph Herz and Ross Kaufman.

Demarest advised Boulevard Acquistion Corp II. with José Setti Diaz, Christiano Chagas Monteiro de Melo, Tatiana Campello, Fernanda de Gouvea Leão, Lourdes Alcântara Machado, Marco Favini, Marina Maccabelli, Chrystiane Magna Domingos, Letícia Hailer, Natália Brassaloti and Clarice Cortez.

Machado, Meyer, Sendacz e Opice advised Estre Ambiental S.A. with Arthur B. Penteado, Igor Finzi, Bruno Nazar Bacchin, Tatiana Machado Soares and Laura Dabronzo.

Skadden, Arps, Slate, Meagher & Flom advised Estre Ambiental S.A. with Michael Civale, Mathias von Bernuth and Victor Hollender.

Machado Associados advised Estre Ambiental S.A. with Isabel A. Bertoletti, Erika Tukiama, Renata A. Pisaneschi and Caetano Thomaz F. Antunes.

Veirano Advogados advised Banco BTG Pactual, Wilson Quintella Filho and Gisele Mara de Moraes with Ricardo Veirano, Gustavo Moraes Stolagli and Isabela Xavier.

Lefosse advised Angra Partners with Luiz Octavio Lopes, André Ziccardi de Carvalho, Mariana Okada and Sara Abdu.

White & Case advised Angra Partners with Oliver Brahmst, Frank Lupinacci, Kathrin Schwesinger, Jessica Chen and Rodrigo Vieira.

Zancan Advogados advised Wilson de Lara with Leandro L. Zancan and Jarbas Velloso.

 

Involved fees earner: Leandro Zancan – Zancan Advogados; Jarbas Horta Velloso – Zancan Advogados; Isabel Bertoletti – Machado Associados; Erika Yumi Tukiama – Machado Associados; Renata Almeida Pisaneschi – Machado Associados; José Setti Diaz – Demarest; Natalia Brassaloti – Demarest; Christiano Chagas Monteiro de Melo – Demarest; Marco Favini – Demarest; Tatiana Campello – Demarest; Fernanda de Gouvêa Leão – Demarest; Lourdes de Alcantara Machado – Demarest; Marina Maccabelli – Demarest; Leticia Barhum Hailer – Demarest; Clarice Andrade Cortez – Demarest; Luiz Octavio Lopes – Lefosse; André Ziccardi – Lefosse; Mariana Okada – Lefosse; Sara Abdu – Lefosse; Arthur Penteado – Machado, Meyer, Sendacz e Opice; Igor Finzi – Machado, Meyer, Sendacz e Opice; Bruno Nazar Bacchin – Machado, Meyer, Sendacz e Opice; Tatiana Machado Soares – Machado, Meyer, Sendacz e Opice; Laura Ducati Dabronzo – Machado, Meyer, Sendacz e Opice; Ricardo Veirano – Veirano Advogados; Gustavo Moraes Stolagli – Veirano Advogados; Isabela Martins Xavier – Veirano Advogados; Alan Annex – Greenberg Traurig; Kenneth Gerasimovich – Greenberg Traurig; Joseph Herz – Greenberg Traurig; Ross Kaufman – Greenberg Traurig; Michael Civale – Skadden Arps Slate Meager & Flom; Mathias von Bernuth – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Oliver Brahmst – White & Case; Frank Lupinacci – White & Case; Kathrin Schwesinger – White & Case; Jessica Chen – White & Case; Rodrigo Avendaño – White & Case;

Law Firms: Zancan Advogados; Machado Associados; Demarest; Lefosse; Machado, Meyer, Sendacz e Opice; Veirano Advogados; Greenberg Traurig; Skadden Arps Slate Meager & Flom; White & Case;

Clients: BTG Pactual; Boulevard Acquisition Corp.; Estre Ambiental S.A.; Wilson Quintella Filho; Gisele Mara de Moraes; Wilson de Lara; Angra Partners Gestão De Recursos S.A.;

 

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Author: Ambrogio Visconti