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(Bloomberg) — Leia em português
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Origem Energia SA, the Brazilian natural gas and oil company, is aiming for an enterprise value of $2 billion to $2.5 billion as it seeks strategic alternatives to raise capital, according to people familiar with the matter.
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The company hired Banco Bradesco BBI as its adviser for a transaction that might include the sale of a minority or majority stake or an initial public offering, the people said, asking not to be identified because the discussions are private.
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A fund run by alternative-asset manager Prisma Capital Ltda., Origem’s controlling shareholder, might sell a stake and may even give up control of the company depending on the pricing, the people said. The deal might also wind up being just a capital injection, as the company needs that to take advantage of investment opportunities, according to the people.
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Representatives for Prisma, Bradesco and Origem declined to comment.
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Origem Energia is set to invest 2.1 billion reais ($407 million) through 2029 in the construction of seven thermoelectric plants in order to fulfill contracts secured in a capacity reserve auction held in March, Chief Executive Officer Luiz Felipe Coutinho told Valor Economico newspaper in March. The plants, totaling 380 megawatts of installed capacity, are expected to come online between 2028 and 2029, Coutinho said.
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That new production along with growth in its current businesses is expected to boost Origem’s earnings before interest, taxes, depreciation and amortization to $500 million to $600 million in 2029, the people said, adding that the firm is also investing in commercialization and storage of gas, pipelines and an oil-exporting terminal. Origem’s 2025 Ebitda was 746.7 million reais, a 55% increase from 2024, according to its financial statements.
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The company has net debt of about 2 billion reais as of March, the statements show. It’s the fourth-biggest gas producer in Brazil, producing 2 million square meters of gas a day, according to Valor Economico.
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Origem Energia was formerly known as as Petro+, the firm created when engineer Luna Viana acquired the Garça Branca gas field in Espirito Santo state in 2016, according to the company’s website. Shortly after that, Coutinho joined the company and, in 2020, engineer Nathan Biddle became a partner. Prisma Capital took control of the company that same year.
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O Globo columnist Lauro Jardim reported last month that Origem Energia had hired Bradesco BBI to seek capitalization alternatives, without disclosing the source of the information or the valuation the company was seeking.
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