Lavoro $1.2 billion combination with TPB Acquisition Corp. I
We are advising Lavoro on the transaction with the SPAC
Davis Polk is advising Lavoro Agro Limited on its definitive business combination with TPB Acquisition Corporation I, a special purpose acquisition company (SPAC) sponsored by The Production Board. The Production Board intends to invest $100 million in a private placement of common equity concurrent with the closing of the proposed business combination. The transaction is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions. The SPAC is currently trading on the Nasdaq under the ticker symbol “TPBA.” Upon closing, a new U.S. publicly listed entity, Lavoro Limited, is expected to be listed on the Nasdaq under the ticker symbol “LVRO”.
Lavoro is Brazil’s largest agricultural inputs retailer and a leading provider of agriculture biologics inputs. Through a complete portfolio, Lavoro empowers farmers to adopt breakthrough technology and boost productivity. Founded in 2017, Lavoro has a broad geographical presence, operating in Brazil, Colombia, and Uruguay.
The Production Board is a San Francisco-based investment holding company founded and led by David Friedberg, founder of The Climate Corporation. TPB was established to solve the most fundamental problems that affect our planet by reimagining global systems of production across food, agriculture, biomanufacturing, human health, and the broader life sciences.
The Davis Polk corporate team includes partner Manuel Garciadiaz, counsel W. Soren Kreider IV and Elliot M. de Carvalho and associate Alexandre Diniz. The tax team includes partner Ethan R. Goldman and associate Justin Corvino. The executive compensation team includes partner Adam Kaminsky. The environmental team includes counsel David A. Zilberberg. The intellectual property and technology transactions team includes partner Pritesh P. Shah. Members of the Davis Polk team are based in the New York, São Paulo and Washington DC offices.