Goldman Sachs pays $136m for stake in port operator

Grupo Argos said the sale has generated 2.5 times the amount it invested in the business in 2012.

Colombian infrastructure company Grupo Argos has agreed to sell its 50 percent stake in a port operator to a fund managed by Goldman Sachs in a deal valued at $136 million.

Grupo Argos, which invests in infrastructure and energy, said it will sell its interest in Compania de Puertos Asociados, known as Compas, to Goldman Sachs’ West Street Infrastructure Partners III.

The deal is priced at 2.5 times what Grupo Argos invested in 2012 and 25 times the EBITDA Compas generated last year, the company said in a statement. Headquartered in Bogota, Compas made around $55 million of income in 2016. Its ports have a total capacity of 13 million metric tonnes.

“This transaction consolidates Grupo Argos as a matrix of investments in infrastructure focused on the cement, energy and highway concessions and airport businesses, maintaining financial flexibility that allows it to efficiently manage its capital,” Grupo Argos president Jorge Mario said.

Goldman Sachs has raised more than $11 billion of capital since launching its infrastructure fund managing business in 2006. Through a number of West Street vehicles, the US bank invests in the transportation, utilities and energy sectors, committing between $100 million to $500 million of capital per deal.

In January, Goldman Sachs invested $300 million to help finance the next phase of the $4 billion LaGuardia Airport modernisation project.