The Curacao Financial Group (cfg) is a team of dedicated finance professionals who specialize in corporate financial advisory with the aim to add value to our clients’ projects and companies.
Our geographic focus is on the Dutch and English speaking countries of the Caribbean and on Latin America.
The company was founded in 2012 by Bharat Bhojwani and Walter Blijleven, two experienced, entrepreneurial, international bankers and corporate finance experts. Each of them has held senior positions at institutions in the areas of corporate finance, international trust, mergers and acquisition projects and private equity. cfg has been steadily growing ever since.
The vantage point for cfg has always been and continues to be our ardent passion for quality and helping to create real value, which we will vouch for every time. Striving for and achieving value in all aspects of your company improves the contribution to the community in general.
“Oversubscribed Bond issuance Building Depot Curacao B.V.”
The ANG 34 million bond issuance of Building Depot Curacao B.V. (BDC), for which The Curacao Financial Group N.V. (cfg) has acted as Arranger and Listing Advisor, has been completed successfully.
With this bond issuance BDC, the entity of Building Depot Group that holds all real estate of the retail company Building Depot, has not only aligned its credit profile with its debt structure, but also managed to refinance and consolidate all of its outstanding debt against more favorable terms and conditions.
Bonds offered have been collateralized with the first mortgage rights on all real estate properties owned by BDC, which amounts to ANG 54,25 million, have a duration of 10 years and will make fixed coupon payments of 5% per annum.
The BDC bond issuance has been the largest issuance of the DCSX and has shown that the capital market of Curacao has a lot more to offer.
The Curacao Financial Group (cfg) sucessfully completed a valuation for a commercial bank in Curacao. The objective of the valuation was to provide the bank with an independent Conclusion of Value over a small interest of the bank.
The standard of value used in this valuation is the Fair Market Value. This value is a price at which buyers and sellers with a reasonable knowledge of relevant facts are willing to do business. After exploring different valuation approach, the market data method (Market approach) indicated a higher value than the methods used under the Income approach. Taking several factors into account, an average of both approaches was taken as the best indication of the equity value of the company in this valuation.
The first local public offering of Bonds by Building Depot Member Services on the Dutch Caribbean Securities Exchange was a great success. cfg acted as the adviser to BDMS. The offer to the market was ANG 2.1m of 50k bonds, with a 4 year term, paying an interest rate to investors of 6.5% per annum.
The bonds were oversubscribed substantially, with brokers on the DCSX receiving subscriptions for almost 3 times the value of the offering.
According to the DCSX CEO Mr Römer, the significant oversubscription on the public offering on the DCSX shows that there is large interest and local capital available to be invested in transparent, well managed local businesses.
The DCSX offers a transparent platform to bring investors and target companies together.
This enables idle funds to be invested into the local economy, enabling further growth for companies and return on investments for investors.
17 January 2017
The Curacao Financial Group N.V. (cfg) acted as the Financial Adviser and Arranger of the loan facility in the purchase of The Mill Resort & Suites Aruba by the Alaimo Family. The property will be refurbished and rebranded as a Courtyard by Marriot in 2017 under guidance and supervision of Interamerican Promo Hotels Inc. that will continue as the Operater of the hotel.
The total investment involved is USD 22 million.
Acquisition financing was provided bu Aruba Bank N.V.
17 January 2017
cfg completed a successful valuation of a gas station in Curacao. cfg was retained by the shareholders of the company to perform a valuation in accordance with NACVA guidelines. The objective of the valuation was to provide certain shareholders with an independent Conclusion of Value of their interest in the Company.
The income and asset approach were used to arrive at a certain value for the whole company. In order to calculate the minority, non-controlling interests, a discount for “lack of control” was applied. This discount is a percentage deducted from the subject’s pro rata share value, to compensate for the lack of control the minority shareholders have over the company.
17 January 2017
cfg sells a “Service provider” company to an international investor
cfg successfully sold a “service provider” company located in Curacao for an amount of ANG 2 million. cfg made a teaser for interested parties. Subsequently, parties that showed a serious interest would receive a well-documented Information Memorandum consisting of all the information necessary when considering acquiring a company. All interested parties were invited to bid on the company. Ultimately, two interested parties were elected to start negotiations. Ultimately an international investor was chosen as the best suitable party for this company.
Refinancing: USD 14,000,000.-
The Curacao Financial Group success restructured and refinanced the debt of a hotel in Suriname.
This branded hotel had some financial problems due to underperformance. With new management company stepping in, they were able to turn around the operation and financial performance of the hotel within 4 years. This hotel wanted to eliminate its expensive debt structure, and refinance it in one loan with a lower interest. This is the reason why they approached cfg, as cfg has the expertise and knowledge to help them with a tailored made solution with which they could approach banks for their refinancing.
The Curacao Financial Group (cfg), has been deeply involved in helping Building Depot, a hardware store in Curacao, to recover from an unfortunate event that occurred on 16 of May 2013. Where fire completely burned down the hardware store. After rebuilding the hardware store, building Depot had a very tough journey in front of them. One of the main options that they were going to use to gain back their presence was to develop Building Depot Member Services (BDMS) further. BDMS is a consumer finance company operating under Building Depot Holding, which provides in-store credit to shoppers of Building Depot. Here is where The Curacao Financial Group stepped in with its capital raising expertise, to advice BDMS on how to best raise capital to fund the growth of BDMS. After exploring several options, the option that suited BDMS best was a bond issuance. cfg managed the bond issuance, and successfully raised 75% of a total of ANG 9,000,000.- for BDMS in a private placement. cfg used its extensive connection in the Caribbean to raise the required capital in a very short period. The whole capital raising process started in July 2015, and by December 2015, they have successfully placed ANG 6,750,000.-.The BDMS case has helped cfg prove that there are more ways to raise capital other than traditional bank loans. To summarize, cfg was an actor with two key roles in this story. The role of a financial advisor, who will analyze your financial situation and come up with a tailored made solution. Additionally, having enough expertise and well-established connections to take the role of a bond manager.
“Oversubscribed Bond issuance Building Depot Curacao B.V.”
The ANG 34 million bond issuance of Building Depot Curacao B.V. (BDC), for which The Curacao Financial Group N.V. (cfg) has acted as Arranger and Listing Advisor, has been completed successfully.
With this bond issuance BDC, the entity of Building Depot Group that holds all real estate of the retail company Building Depot, has not only aligned its credit profile with its debt structure, but also managed to refinance and consolidate all of its outstanding debt against more favorable terms and conditions.
Bonds offered have been collateralized with the first mortgage rights on all real estate properties owned by BDC, which amounts to ANG 54,25 million, have a duration of 10 years and will make fixed coupon payments of 5% per annum.
The BDC bond issuance has been the largest issuance of the DCSX and has shown that the capital market of Curacao has a lot more to offer.
The Curacao Financial Group (cfg) sucessfully completed a valuation for a commercial bank in Curacao. The objective of the valuation was to provide the bank with an independent Conclusion of Value over a small interest of the bank.
The standard of value used in this valuation is the Fair Market Value. This value is a price at which buyers and sellers with a reasonable knowledge of relevant facts are willing to do business. After exploring different valuation approach, the market data method (Market approach) indicated a higher value than the methods used under the Income approach. Taking several factors into account, an average of both approaches was taken as the best indication of the equity value of the company in this valuation.
The first local public offering of Bonds by Building Depot Member Services on the Dutch Caribbean Securities Exchange was a great success. cfg acted as the adviser to BDMS. The offer to the market was ANG 2.1m of 50k bonds, with a 4 year term, paying an interest rate to investors of 6.5% per annum.
The bonds were oversubscribed substantially, with brokers on the DCSX receiving subscriptions for almost 3 times the value of the offering.
According to the DCSX CEO Mr Römer, the significant oversubscription on the public offering on the DCSX shows that there is large interest and local capital available to be invested in transparent, well managed local businesses.
The DCSX offers a transparent platform to bring investors and target companies together.
This enables idle funds to be invested into the local economy, enabling further growth for companies and return on investments for investors.
17 January 2017
The Curacao Financial Group N.V. (cfg) acted as the Financial Adviser and Arranger of the loan facility in the purchase of The Mill Resort & Suites Aruba by the Alaimo Family. The property will be refurbished and rebranded as a Courtyard by Marriot in 2017 under guidance and supervision of Interamerican Promo Hotels Inc. that will continue as the Operater of the hotel.
The total investment involved is USD 22 million.
Acquisition financing was provided bu Aruba Bank N.V.
17 January 2017
cfg completed a successful valuation of a gas station in Curacao. cfg was retained by the shareholders of the company to perform a valuation in accordance with NACVA guidelines. The objective of the valuation was to provide certain shareholders with an independent Conclusion of Value of their interest in the Company.
The income and asset approach were used to arrive at a certain value for the whole company. In order to calculate the minority, non-controlling interests, a discount for “lack of control” was applied. This discount is a percentage deducted from the subject’s pro rata share value, to compensate for the lack of control the minority shareholders have over the company.
17 January 2017
cfg sells a “Service provider” company to an international investor
cfg successfully sold a “service provider” company located in Curacao for an amount of ANG 2 million. cfg made a teaser for interested parties. Subsequently, parties that showed a serious interest would receive a well-documented Information Memorandum consisting of all the information necessary when considering acquiring a company. All interested parties were invited to bid on the company. Ultimately, two interested parties were elected to start negotiations. Ultimately an international investor was chosen as the best suitable party for this company.
Refinancing: USD 14,000,000.-
The Curacao Financial Group success restructured and refinanced the debt of a hotel in Suriname.
This branded hotel had some financial problems due to underperformance. With new management company stepping in, they were able to turn around the operation and financial performance of the hotel within 4 years. This hotel wanted to eliminate its expensive debt structure, and refinance it in one loan with a lower interest. This is the reason why they approached cfg, as cfg has the expertise and knowledge to help them with a tailored made solution with which they could approach banks for their refinancing.
The Curacao Financial Group (cfg), has been deeply involved in helping Building Depot, a hardware store in Curacao, to recover from an unfortunate event that occurred on 16 of May 2013. Where fire completely burned down the hardware store. After rebuilding the hardware store, building Depot had a very tough journey in front of them. One of the main options that they were going to use to gain back their presence was to develop Building Depot Member Services (BDMS) further. BDMS is a consumer finance company operating under Building Depot Holding, which provides in-store credit to shoppers of Building Depot. Here is where The Curacao Financial Group stepped in with its capital raising expertise, to advice BDMS on how to best raise capital to fund the growth of BDMS. After exploring several options, the option that suited BDMS best was a bond issuance. cfg managed the bond issuance, and successfully raised 75% of a total of ANG 9,000,000.- for BDMS in a private placement. cfg used its extensive connection in the Caribbean to raise the required capital in a very short period. The whole capital raising process started in July 2015, and by December 2015, they have successfully placed ANG 6,750,000.-.The BDMS case has helped cfg prove that there are more ways to raise capital other than traditional bank loans. To summarize, cfg was an actor with two key roles in this story. The role of a financial advisor, who will analyze your financial situation and come up with a tailored made solution. Additionally, having enough expertise and well-established connections to take the role of a bond manager.
Walter is one of the founders of cfg and a highly experienced finance professional. Walter is well-known for his financial expertise, combined with demonstrated leadership and management capabilities, a strong sense of humor and the ability to 'keep it cool' when the heat is on.
In his role as Managing Director, Walter deploys his strengths in the areas of business valuations, mergers & acquisitions and ownership transitions while scanning the horizon for sustainable heritage investment opportunities. This includes UNESCO’s World Heritage city center of Willemstad with the aim to restore and repurpose heritage properties for the growing hospitality sector of Curaçao.
Prior to the start-up of cfg, Walter held senior management roles in both public and private organizations in financial services, banking, law enforcement and the Royal Netherlands Navy.
Walter is a Treasurer at the Dutch Caribbean Securities Exchange (DCSX), based in Curaçao. He holds a Master of Science in Business administration and is qualified as a Dutch Certified Public Accountant (“registeraccountant”), a (US) Certified Valuation Analyst (CVA) and a (US) Certified Exit Planning Adviser (CEPA).
Bharat is one of the founders of cfg and a seasoned banking and corporate finance expert. Bharat is an approachable and well-networked member of various business and finance communities across the Dutch Caribbean. With strengths in relationship management and capital raising, Bharat brings a unique drive to structuring of investments in the Dutch Caribbean. He is passionate about bringing attractive investments to market, and has a heightened interest for bringing new life into the UNESCO World Heritage city center of Willemstad by fueling the trend to restore and repurpose heritage properties for the growing hospitality sector of Curaçao.
In his role as Managing Director, Bharat’s skills to identify specific business development needs in combination with the right (financial) solutions has been one of the driving forces behind the success of cfg.
Bharat holds an MBA in General Management in Finance from the Rotterdam School of Management (Erasmus University) and a Bachelor’s in Accounting from Boston College.
Jennifer joined cfg at the end of June 2021. Her 14+ years of professional experience is both broad and diverse; she has gained experience in some of Curacao's fine dining establishments, online fashion sales and working for various consulting firms as an operation clerk and office manager. Her most recent experience is setting up an independent small business in the hospitality industry. The variety of skills and competences, combined with a large portion of positivity and willingness to learn and develop, makes Jennifer a perfect fit for the role of Office Manager in cfg.
At cfg, Jennifer is in charge of assisting the Management Team, internal colleagues and our valuable relations/clients, while ensuring that everything runs smoothly and flawlessly at our royal office-building in picturesque Pietermaai.
Laksh is a talented young professional born and raised in Curaçao, who joined cfg after completing a successful internship with the company last year. He moved back from the Netherlands upon finalizing his bachelor studies to work at cfg as an Investment Analyst in Curaçao. In this role, Laksh will be focusing on building complex financial models and preparing/analyzing investment proposals for various pension fund clients of cfg. With a strong foundation in financial modeling and hands-on experience gained through the internship in the prior year at cfg, Laksh brings fresh perspectives and innovative approaches to the team.
Laksh graduated with a Bachelor in Economics and Business Economics at Maastricht University. Additionally, he has studied abroad in Spain, focusing on economics and financial modeling. His academic background and international experience provide him with a broader perspective on global markets and economic trends.
Ramisha is a talented young professional born and raised in Curaçao, with a passion for finance and administration. She is a Finance Assistant at CFG. Her job is to use her robust knowledge of accounting and finance to assist the Finance Manager with the day-to-day tasks. This includes the responsibility and assurance that the company’s financial records are accurate and up to date.
She graduated from the University of Curaçao with a bachelor’s degree in Financial Management. Before joining CFG, she worked as a Finance and Tax Assistant at an accounting and administrative firm. Ramisha is confident in her ability to apply the relevant skillset she has developed throughout her previous work experiences for her current position at CFG.
Her goal at CFG is to foster a pleasant working environment while simultaneously elevating the company to the next level.
Jolanda is a seasoned professional who moved to Curaçao from the Netherlands early 2020. She returns to cfg as Senior Account Manager | Manager Board Office. In this role, her core responsibilities will be the day-to-day operations, reporting and management of investment portfolios in the Dutch Caribbean. Over the past 3,5 years Jolanda has strengthened and professionalized her skillset on this specific task.
Prior to her move to Curaçao, Jolanda held various global managerial positions. In her last role as Head of Communications and Public Affairs of a business unit, she was responsible for the execution and implementation of the company’s global communication strategy on various levels, while at the same time being Country Communication Lead for China. Over the years, her span of responsibilities has been both broad and deep, covering a variety of expertise levels such as branding, communication, marketing, program and project management, recruitment and organizational aspects.
Jolanda has strong stakeholder relation skills, business acumen, understanding of corporate drivers and is driven by continuous improvement and efficiency. Jolanda is confident in her ability to help others grow. She’s also passionate about making a difference and adding value to both cfg’s strategic ambitions as well as the regional islands’ social and economic drivers.
Walter is one of the founders of cfg and a highly experienced finance professional. Walter is well-known for his financial expertise, combined with demonstrated leadership and management capabilities, a strong sense of humor and the ability to 'keep it cool' when the heat is on.
In his role as Managing Director, Walter deploys his strengths in the areas of business valuations, mergers & acquisitions and ownership transitions while scanning the horizon for sustainable heritage investment opportunities. This includes UNESCO’s World Heritage city center of Willemstad with the aim to restore and repurpose heritage properties for the growing hospitality sector of Curaçao.
Prior to the start-up of cfg, Walter held senior management roles in both public and private organizations in financial services, banking, law enforcement and the Royal Netherlands Navy.
Walter is a Treasurer at the Dutch Caribbean Securities Exchange (DCSX), based in Curaçao. He holds a Master of Science in Business administration and is qualified as a Dutch Certified Public Accountant (“registeraccountant”), a (US) Certified Valuation Analyst (CVA) and a (US) Certified Exit Planning Adviser (CEPA).
Bharat is one of the founders of cfg and a seasoned banking and corporate finance expert. Bharat is an approachable and well-networked member of various business and finance communities across the Dutch Caribbean. With strengths in relationship management and capital raising, Bharat brings a unique drive to structuring of investments in the Dutch Caribbean. He is passionate about bringing attractive investments to market, and has a heightened interest for bringing new life into the UNESCO World Heritage city center of Willemstad by fueling the trend to restore and repurpose heritage properties for the growing hospitality sector of Curaçao.
In his role as Managing Director, Bharat’s skills to identify specific business development needs in combination with the right (financial) solutions has been one of the driving forces behind the success of cfg.
Bharat holds an MBA in General Management in Finance from the Rotterdam School of Management (Erasmus University) and a Bachelor’s in Accounting from Boston College.
Jennifer joined cfg at the end of June 2021. Her 14+ years of professional experience is both broad and diverse; she has gained experience in some of Curacao's fine dining establishments, online fashion sales and working for various consulting firms as an operation clerk and office manager. Her most recent experience is setting up an independent small business in the hospitality industry. The variety of skills and competences, combined with a large portion of positivity and willingness to learn and develop, makes Jennifer a perfect fit for the role of Office Manager in cfg.
At cfg, Jennifer is in charge of assisting the Management Team, internal colleagues and our valuable relations/clients, while ensuring that everything runs smoothly and flawlessly at our royal office-building in picturesque Pietermaai.
Laksh is a talented young professional born and raised in Curaçao, who joined cfg after completing a successful internship with the company last year. He moved back from the Netherlands upon finalizing his bachelor studies to work at cfg as an Investment Analyst in Curaçao. In this role, Laksh will be focusing on building complex financial models and preparing/analyzing investment proposals for various pension fund clients of cfg. With a strong foundation in financial modeling and hands-on experience gained through the internship in the prior year at cfg, Laksh brings fresh perspectives and innovative approaches to the team.
Laksh graduated with a Bachelor in Economics and Business Economics at Maastricht University. Additionally, he has studied abroad in Spain, focusing on economics and financial modeling. His academic background and international experience provide him with a broader perspective on global markets and economic trends.
Ramisha is a talented young professional born and raised in Curaçao, with a passion for finance and administration. She is a Finance Assistant at CFG. Her job is to use her robust knowledge of accounting and finance to assist the Finance Manager with the day-to-day tasks. This includes the responsibility and assurance that the company’s financial records are accurate and up to date.
She graduated from the University of Curaçao with a bachelor’s degree in Financial Management. Before joining CFG, she worked as a Finance and Tax Assistant at an accounting and administrative firm. Ramisha is confident in her ability to apply the relevant skillset she has developed throughout her previous work experiences for her current position at CFG.
Her goal at CFG is to foster a pleasant working environment while simultaneously elevating the company to the next level.
Jolanda is a seasoned professional who moved to Curaçao from the Netherlands early 2020. She returns to cfg as Senior Account Manager | Manager Board Office. In this role, her core responsibilities will be the day-to-day operations, reporting and management of investment portfolios in the Dutch Caribbean. Over the past 3,5 years Jolanda has strengthened and professionalized her skillset on this specific task.
Prior to her move to Curaçao, Jolanda held various global managerial positions. In her last role as Head of Communications and Public Affairs of a business unit, she was responsible for the execution and implementation of the company’s global communication strategy on various levels, while at the same time being Country Communication Lead for China. Over the years, her span of responsibilities has been both broad and deep, covering a variety of expertise levels such as branding, communication, marketing, program and project management, recruitment and organizational aspects.
Jolanda has strong stakeholder relation skills, business acumen, understanding of corporate drivers and is driven by continuous improvement and efficiency. Jolanda is confident in her ability to help others grow. She’s also passionate about making a difference and adding value to both cfg’s strategic ambitions as well as the regional islands’ social and economic drivers.
