GP Investments Brings Follow-On

Brazilian private equity firm GP Investments plans to take on rough market conditions to try and raise BRL309m through a follow-on offering of primary shares. The company stuck to its plan to tap the market, originally announced in January, and now says it wants to issue 5.4m shares at BRL57.25 via Credit Suisse and Citi. The proceeds are being used to increase its private equity activity in Brazil and in Mexico, where the shop recently opened an office. GP’s most high profile LatAm deal last year was a $1bn acquisition of Pride International’s LatAm business. The onshore drill servicing and maintenance company is spread out across numerous countries in the region, including Colombia, Argentina, Venezuela and Brazil.