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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SOURCE Compagnie Maritime Monegasque (CMM)