ACON Investments Acquires Rymel
WASHINGTON and BOGOTA, Colombia, Sept. 3, 2024 /PRNewswire/ — ACON Investments (“ACON“), a private equity investment firm based in Washington, D.C., announced today the acquisition of a controlling stake in Rymel (“Rymel” or the “Company“), one of Colombia’s largest manufacturers of transformers for electricity distribution. This represents ACON’s 42nd transaction in Latin America where it is currently deploying its fifth fund. Financial terms of the transaction were not disclosed.
Located in Medellin, Rymel exports to over 18 countries across Latin America and has recently penetrated the U.S. market where increased investment in the power grid and energy transition are driving demand for its products, many of which were previously sourced from Asia. The investment in Rymel is consistent with ACON´s strategy of supporting medium-sized Latin American companies with an emphasis on sustainability.
Rymel’s tailor-made product portfolio, strong manufacturing capabilities and ample technical knowledge positions the Company to benefit from multiple macroeconomic and industry trends. Some of the Company’s areas of focus include the transition towards cleaner and more renewable energy sources, increased energy demand derived from data centers, an aging power distribution infrastructure across the Americas and the continued nearshoring of the United States.
Santiago Polo, Managing Director at ACON, stated, “We are excited to announce our investment in Rymel, a rapidly expanding company that provides essential components to the energy infrastructure of the Americas. We believe that as energy demand continues to rise, the need for robust distribution networks and an increased number of transformers becomes critical. In this context, we are committed to working closely with Rymel’s talented management team as they execute multiple growth initiatives including expanding the Company’s manufacturing capacity and enhancing its commercial coverage across the region.”
As part of the transaction, Mr. Jaime Cardona, the Company’s founder, and his family will retain an interest in Rymel.
ACON co-investors in the transaction include many of its fund limited partners, including development finance institutions DEG, FMO and Proparco.
Martinez Quintero Mendoza Laguado De La Rosa S.A.S. and BTG Pactual advised Rymel’s shareholders while Grant Thornton LLP, Winston & Strawn LLP, Hogan Lovells, Brigard & Urrutia S.A.S. and AECOM advised ACON.
About ACON Investments
ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. With professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City and São Paulo, ACON has managed $7.0 billion in assets since inception and has a 28-year track record. For more information, visit www.aconinvestments.com.
MEDIA CONTACTS:
Santiago Polo
Managing Director
[email protected]
Meena Thever
Partner, Head of Capital Formation and Investor Relations
[email protected]
SOURCE ACON Investments, L.L.C.