Union Acquisition Corp. II Announces Shareholder Approval of Business Combination With Procaps Group

Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW) (“LATN”), a publicly-traded special purpose acquisition company, announced today that its shareholders voted to approve the previously announced business combination (the “Business Combination”) with Procaps Group, a leading integrated international healthcare and pharmaceutical company, and all other proposals presented at LATN’s Extraordinary General Meeting held on September 22, 2021.

Approximately 97% of the votes cast at the Extraordinary General Meeting were in favor of the Business Combination. LATN plans to file the results of the meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission (the “SEC”).

Procaps Group and LATN have agreed to close the Business Combination prior to September 30, 2021. One business day following the closing of the Business Combination, Holdco’s ordinary shares and warrants are expected to trade on the Nasdaq Global Market under the ticker symbols “PROC” and “PROCW” respectively. 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.

The current Procaps management team, led by its Founder, Chairman and CEO, Ruben Minski, will continue to focus on organic growth, with the support of its recently hired President, Dr. Camilo Camacho, and inorganic growth, with the vision and experience of Alejandro Weinstein, Chairman of the M&A Committee.

“Over the last 40 plus years Procaps Group’s tested business strategy has built a strong foundation for growth, and we believe that this Business Combination will further enable us to execute our strategic roll-up and consolidation plans in the LatAm region that we believe will drive an accelerated competitive position and value creation,” said Ruben Minski, Procaps Founder, Chairman and Chief Executive Officer. “Given our financial growth and EBITDA generation, we believe we are well-positioned to execute on our M&A strategy with the support, vision and experience of Alejandro Weinstein, Chairman of our M&A Committee. We believe the current environment is full of opportunities, and we look forward to engaging the respective targets in the months to come,” concluded Minski.