Atlantic, Gulf and Pacific (AG&P), an industrial process outsourcing (IPO) company, providing engineering, fabrication, modularization, installation, operation and maintenance to the oil & gas, mining, power and civil infrastructure sectors, has raised about US$53 million in an equity financing. The financing is part of a broader capital raising program and follows the closure of a corporate note issuance and working capital line offering in the Philippines earlier in the year which raised about US$93 million.
AG&P is raising funds to support its growth in line with strong demand for infrastructure modularization and skilled manpower solutions across the global supply chains of onshore and offshore petroleum, mining, power and civil infrastructure.
Listed Philippine conglomerate A Soriano Corporation (Anscor), through a subsidiary, is the lead investor in the latest equity round. Private investors and Pacific Synergies IV, LP, an investment fund, comprised the investor group in the equity round.
Chairman Joseph M Sigelman led the acquisition of AG&P two and a half years ago. He says, “AG&P builds infrastructure in modules from its state-of-the-art fabrication and assembly yards in the Philippines and ships them to job sites globally. We are thrilled to continue to build our manufacturing capabilities in the Philippines and hope we can proudly bring our heritage to the world’s most complicated projects.
“This equity raising from local investors highlights the special place that the 113-year-old AG&P brand has in the Philippines and reflects the enormous investment and growth the modern AG&P enjoys today.”
Anscor’s chairman and CEO Andres Soriano III says, “Anscor is very excited about leading the Series C equity round. We are very pleased with the work that Joseph Sigelman and the management team have done to transform an over century old Philippine company into a globally competitive player in the industrial modular fabrication industry. We look forward to supporting the company in its growth plans.”