Filed by Procaps Group pursuant to
Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Form F-4 File No.: 333-257222
Subject Companies: Procaps Group, S.A.
Union Acquisition Corp. II
Commission File No.: 001-39089
The following is a joint press release made by Union Acquisition Corp.
II and Procaps Group, S.A. on August 17, 2021.
Procaps Group Appoints Patricio Vargas as Global
Chief Financial Officer to Support Global Expansion
Senior Financial Executive (Previously CFO of CFR
Pharmaceuticals) Brings 25 Years of Financial and Operational Experience to Lead Procaps Global Rollout and M&A Initiatives
BARRANQUILLA, COLOMBIA – August 17,
2021 – Procaps Group, a leading integrated international healthcare and pharmaceutical company, has appointed Patricio Vargas
as global Chief Financial Officer.
Mr. Vargas has 25 years of public company finance
experience with proven capabilities in global financial management, business development and global capital markets. He joins Procaps
after serving as Finance Vice President & Treasurer at Empresas CMPC S.A. (CMPC.CL), a pulp and paper company with more than $5 billion
in revenue that produces and markets solid wood products, pulp, paper, tissue, personal care and packaging products in Latin America.
Previously, he was Chief Executive Officer at
international food processor Agrofoods Central Valley Chile S.A. Prior to that, Mr. Vargas was the CFO of CFR Pharmaceuticals S.A. (“CFR”),
and worked directly with then CEO, Alejandro Weinstein, who is currently both a shareholder of Procaps Group and is expected to be the
Chairman of its M&A committee. Mr. Vargas previously worked with Mr. Weinstein to lead CFR’s initial public offering in 2011,
as well as on over $1 billion of the company’s financings used to fuel its inorganic growth strategy. He holds a BSc in Engineering
and a MSc in Electrical and Industrial Engineering from Universidad Católica de Chile, as well as an MBA from Universidad Adolfo
Ibáñez.
“As Procaps Group continues to grow its
operations worldwide, it is critical that we continue to globalize our executive management leadership,” said Ruben Minski, Procaps
Founder, Chairman and Chief Executive Officer. “Patricio will add to the successful team that has been led by Sergio Mantilla, who
has been extremely instrumental in preparing our company for the public markets. Patricio brings a dedicated work ethic as well as proven
and concentrated expertise leading multibillion-dollar organizations with exponential growth both financially and geographically. His
capital markets knowledge and financial skill set will be incredibly valuable with our expected upcoming evolution to a standalone public
company on the Nasdaq, which is expected to occur by the end of September. Patricio adds to our recent hires of top senior management
to our organization, with Camilo Camacho joining us as President in April of this year.
“We believe Patricio’s experience
will be instrumental to our internationalization strategy and to help accelerate our growth, both organically and inorganically, into
both existing and new markets. Patricio is set to start in his new role towards the end of September. We look forward to introducing Patricio
to our investors and shareholders at our upcoming analyst day call on August 19th,” concluded Minski.
Mr. Vargas added, “I am thrilled to be
joining Procaps Group, which I believe is uniquely positioned to continue its growth trajectory and efforts towards consolidation in
the region. I am excited to be part of the company as it transitions into a public company, and I look forward to working with Ruben,
Camilo, Sergio and the rest of the organization to help execute on the company’s plans and global growth objectives moving forward.”
Procaps Group Virtual Investor and Analyst
Day - Thursday, August 19, 2021 at 10:00 a.m. Eastern Time
Procaps Group Chief Executive Officer Ruben Minski
and other members of the senior management team will host the conference call. The conference call will be accompanied by a presentation,
which can be viewed during the webcast or accessed via the investor relations section of Procaps’ website here. This event will
also include a question-and-answer period following management’s prepared remarks designed for both sell-side research analysts
and institutional investors.
To access the call, please use the following information:
Date:
|
Thursday, August 19, 2021
|
Time:
|
10:00 a.m. EDT, 7:00 a.m. PDT
|
Toll Free dial-in number:
|
1-877-407-0789
|
Toll/International dial-in number:
|
1-201-689-8562
|
Conference ID:
|
13722118
|
Please call the conference telephone number 5-10 minutes
prior to the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call,
please contact MZ Group at +1 (949) 491-8235.
The conference call will be broadcast live and available for replay
at http://public.viavid.com/index.php?id=146107 and via the investor relations section of Procaps’ website here.
A telephone replay will be available approximately two hours after
the call until September 16, 2021, accessible by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations,
and entering replay pin number: 13722118.
Expected Milestones to Completion of Business Combination
Include:
|
·
|
Second quarter 2021 financial results – Thursday, August 12, 2021
|
|
·
|
Virtual investor and analyst day – Thursday, August 19, 2021
|
|
·
|
Shareholder vote of Union Acquisition Corp. II (NASDAQ: LATN) – expected to take place in September
2021
|
|
·
|
Closing of the business combination and listing on Nasdaq Capital Market under new ticker symbol “PROC”
– approximately at the end of September 2021.
|
About the Proposed Business Combination with Union Acquisition
Corp. II
Completion of the business combination, which
is expected to close in the third quarter of 2021, is subject to approval by LATN shareholders and other customary closing conditions,
including the Registration Statement being declared effective by the SEC. The combined company will be led by Ruben Minski, Procaps Group
Founder, Chairman & CEO. Upon closing of the business combination (assuming none of the LATN shareholders redeem any of their LATN
ordinary shares in connection with the approval of the business combination and including the redemption of certain shares held by IFC),
existing Procaps Group shareholders are expected to hold approximately 76% of the combined company, which shares will be subject to certain
lock-up arrangements.
Institutional investors have committed to an
upsized private investment in public equity (“PIPE”) of $100 million in ordinary shares of LATN, which will be converted into
ordinary shares of the combined company upon the closing of the business combination. The PIPE will close concurrently with the business
combination. Subject to any redemptions by LATN shareholders, there is approximately $136.9 million in cash currently held in LATN’s
trust account. It is anticipated that the combined company will have approximately $236.9 million in gross cash proceeds (before transaction-related
expenses and the redemption of certain shares held by IFC) to fund organic growth through capacity expansion, plant improvements, working
capital investments, e-Health platform improvements and R&D expenses, inorganic growth via accretive acquisitions and the redemption
of certain shares from IFC.
While the Registration Statement has not yet
become effective and the information contained therein is subject to change, it provides important information about Procaps Group’s
business and operations, proposed business combination with Union Acquisition Corp. II and the proposals to be considered by the LATN
shareholders.
Additional information about the transaction
including the Registration Statement on Form F-4 can be viewed here: https://investor.procapsgroup.com.
About Procaps Group
Procaps
Group is a developer of pharmaceutical and nutraceutical solutions, medicines, and hospital supplies that reach more than 50 countries
in all five continents. Procaps has a direct presence in 13 countries in Latin America and, as of December 31, 2020, had more than 4,700
collaborators working under a sustainable model. Procaps develops, manufactures, and markets over-the-counter (OTC) and prescription
drugs, nutritional supplements and high-potency clinical solutions. For more information, visit www.procapsgroup.com or Procaps Group’s
investor relations website investor.procapsgroup.com, which will also contain a link to the Registration Statement. The Registration
Statement includes audited consolidated financial statements of Procaps Group as of and for the fiscal years ended December 31, 2020
and 2019.
About Union Acquisition Corp. II.
Union Acquisition Corp. II, led by Kyle Bransfield,
is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange,
asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses
or entities. For more information, please click here.
Important Information About
the Merger and Where to Find It
In connection with the proposed business combination, Procaps Group, S.A. (“Holdco”),
a subsidiary of Crynssen Pharma Group Limited (“Procaps Group”) that will be become the holding company of LATN and Procaps
Group as of the closing of the proposed business combination, filed a Registration Statement on Form F-4 (the “Form F-4”)
with the U.S. Securities and Exchange Commission (the “SEC”) that includes a proxy statement of LATN that also constitutes
a prospectus of Holdco. LATN, Procaps Group and Holdco urge investors, stockholders and other interested persons to read the Form F-4,
including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus and documents
incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed transaction, as these
materials will contain important information about Procaps Group, Holdco, LATN and the proposed business combination transaction. After
the Registration Statement is declared effective, the definitive proxy statement/prospectus included in the Registration Statement will
be mailed to shareholders of LATN as of a record date to be established for voting on the proposed business combination. Once available,
shareholders will also be able to obtain a copy of the Form F-4, including the proxy statement/prospectus, and other documents filed
with the SEC without charge, by directing a request to: BTG Pactual US Capital, LLC, Attention: Prospectus Department, Email: OL-BTGPactual-ProspectusDepartment@btgpactual.com.
The preliminary and definitive proxy statement/prospectus included in the registration statement, once available, can also be obtained,
without charge, at the SEC’s website (www.sec.gov).
Participants in the Solicitation
LATN and Procaps Group and their respective
directors and executive officers may be considered participants in the solicitation of proxies with respect to the proposed business combination
described in this press release under the rules of the SEC. Information about the directors and executive officers of LATN is set forth
in LATN’s final prospectus filed with the SEC pursuant to Rule 424(b) of the Securities Act of 1933, as amended (the “Securities
Act”) on October 17, 2019, and is available free of charge at the SEC’s website at www.sec.gov or by directing a request to:
Union Acquisition Corp. II, 1425 Brickell Ave., #57B, Miami, FL 33131. Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the LATN shareholders in connection with the proposed business combination will be
set forth in the Registration Statement filed with the SEC. These documents can be obtained free of charge from the sources indicated
above.
Forward-Looking Statements
This press release contains “forward-looking
statements.” Forward looking statements may be identified by the use of words such as “forecast,” “intend,”
“seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events
or trends or that are not statements of historical matters. Such forward-looking statements include the expected gross cash proceeds from
the Procaps Group business combination and its effects on expansion; expectations relating to capacity expansion, plant improvements,
working capital investments, e-health platform and R&D expenses; expectations related to potential M&A acquisitions; the closing
of the business combination transaction; and expectations relating to Procaps Group’s ability to invest in growth through organic
and inorganic growth. Such forward-looking statements with respect to the businesses of LATN, Procaps Group, or Holdco, prior to or following
the completion of any proposed business combination, are based on current expectations that are subject to risks and uncertainties. A
number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements.
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements
to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we
have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based
on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking
statements in this press release include, but are not limited to: (1) the inability to complete the transactions contemplated by the proposed
business combination; (2) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected
by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; (3) the inability
to successfully retain or recruits officers, key employees, or directors following the proposed business combination; (4) effects on LATN’s
public securities’ liquidity and trading; (5) the market’s reaction to the proposed business combination; (6) the lack of
a market for LATN’s securities; (7) LATN’s and Procaps Group’s financial performance following the proposed business
combination; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility
that LATN or Procaps Group may be adversely affected by other economic, business, and/or competitive factors; and (11) other risks and
uncertainties indicated from time to time in documents filed or to be filed with the SEC by LATN. We cannot assure you that the forward-looking
statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks
and uncertainties that could cause actual results to differ materially from expected results, including, among others, the ability to
complete the business combination due to the failure to obtain approval from LATN shareholders or satisfy other closing conditions in
the business combination agreement, the occurrence of any event that could give rise to the termination of the business combination agreement,
the ability to recognize the anticipated benefits of the business combination, the outcome of any legal proceedings that may be instituted
against LATN or Procaps Group following announcement of the proposed business combination and related transactions, the impact of COVID-19
on Procaps Group’s business and/or the ability of the parties to complete the business combination, the ability to obtain or maintain
the listing LATN’s ordinary shares on Nasdaq following the proposed business combination, costs related to the proposed business
combination, changes in applicable laws or regulations, the possibility that LATN or Procaps Group may be adversely affected by other
economic, business, and/or competitive factors, and other risks and uncertainties, including those to be included under the header “Risk
Factors” in the Form F-4 to be filed with the SEC and those included under the header “Risk Factors” in the final prospectus
of LATN related to its initial public offering, as well as LATN’s other filings with the SEC. Should one or more of these risks
or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you
should not put undue reliance on these statements.
Non-Solicitation
This press release is not a proxy statement or solicitation
of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination and shall not constitute
an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities
Act.
Procaps Group Investor Contact:
Chris Tyson/Doug Hobbs
SPAC Alpha IR+
(949) 491-8235
LATN@mzgroup.us
LATN Contact:
Kyle P. Bransfield
Chief Executive Officer
Union Acquisition Corp. II
(305) 306-2522
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