Moove purchases Pax group
Moove purchases Pax group – Moove, a Brazilian lubricant manufacturer and distributor belonging to the Cosan group, is buying the companies of the Pax Group, which includes Pax Lubrificantes, Elvin Lubrificantes, Lubripack and DIPI, the group’s controlling company. The acquisition will significantly increase Cosan’s share of the national grease market.
Pax Lubrificantes (founded in 1979) and Elvin (founded in 1969) are traditional companies in the sector that merged in 2011. They have their own brands, but the main focus of their business is the provision of production services to third parties and have a good share of exports to some South American countries, such as Paraguay, Bolivia and Uruguay.
Lubripack, in turn, manufactures plastic packaging for the lubricant market and already has Moove as a client in its portfolio.
The deal, which is valued at R$410 million, still needs to be approved by the Brazilian Antitrust Authority (CADE).
Moove has suspended its IPO process on the New York Stock Exchange, which was announced in early October, with a date yet to be defined. According to reports, the company did not believe that the timing was right for its goal to be achieved.
