Houlihan Lokey Advises Cementos Balboa

Houlihan Lokey is pleased to announce that AG Cementos Balboa S.A. (Cementos Balboa), a portfolio company of KKR, has been acquired by Votorantim Cimentos. The transaction closed 14 October 2021.

Founded in 2005, Cementos Balboa is the only cement and clinker manufacturer in Extremadura, a southwestern region of Spain, with a modern integrated cement plant located in Alconera that has an installed production capacity of 1.6 million tonnes of cement per year and 1.0 million tonnes of clinker per year.

KKR is a leading global investment firm that offers alternative asset management, capital markets, and insurance solutions. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of The Global Atlantic Financial Group.

Votorantim Cimentos is a Brazil-based industrial group with international operations in the segments of building materials, mining, agricultural, co-processing, and waste management. In the cement industry, the company has an installed production capacity of 57.4 million tonnes per year through 256 industrial sites. The group has been present in Spain since 2012 and currently operates four integrated cement plants, two cement mills, one mortar plant, and several concrete and aggregate plants, located in the regions of Andalusia, the Canary Islands, Castile and León, Extremadura, and Galicia.

Houlihan Lokey served as the exclusive sellside M&A advisor in this transaction.