Mavesa Ecuador

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 Founded in 1932, Maquinaria y Vehículos S.A. (Mavesa or the Company) is a family-owned, leading distributor of specialized vehicles from well-known brands including Hino and Citroen among others. The Company has a wide portfolio of mostly commercial vehicles, including buses, heavy-weight trucks, construction equipment, and light cargo vehicles utilized in multiple industries in Ecuador. The Company also owns and operates a network of 33 specialized vehicle shops and service centers across 12 cities, providing full after-sales services to customers.As part of its business model, Mavesa finances part of heavy-weight vehicles sales to its clients, mostly microentrepreneurs, who need long-term financing and competitive rates from the Company given their limited resources versus the relative high cost of the vehicle, and the fact that local banks don’t have sufficient appetite for the relative informality of the transportation activity.The proposed investment will be structured as a securitization-like structure of the Company’s loan portfolio, originated from the provision of heavy-weight vehicle financing to its clients, to partly finance Mavesa’s 2022-2024 investment plan related to working capital to finance the Company’s on-lending activities and growth post-COVID (the “Project”).