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Fass Agro was acquired by Adufértil Fertilizantes, part of the Indorama Corporation group
Context
Fass Agro, founded in 2017 and headquartered in Sertãozinho (SP), specializes in the production and commercialization of liquid fertilizers. Recognized for its quality and strong regional presence, the company has established itself as a trusted partner for farmers, offering effective solutions and technical support that enhance results in the field.
Adufértil Fertilizantes, part of the Indorama Corporation group, is a reference in crop nutrition solutions. With operations in São Paulo and Minas Gerais, the company is integrated into one of the world’s largest chemical and petrochemical conglomerates, present in more than 30 countries and strongly active in agricultural inputs.
Strategic Rationale
The acquisition of Fass Agro strengthens Adufértil’s strategy of expanding its presence in the liquid fertilizer segment, positioning it among the leading suppliers in Brazil. The combination of both companies’ expertise will deliver operational efficiencies, enhanced technical know-how, and broader client reach, complementing Indorama’s already consolidated solid fertilizer portfolio.
Netbr was acquired by SEK
Context
Netbr is a Brazilian company recognized as a reference in Identity & Access Management (IAM) solutions, with over 100 specialists and a client portfolio that includes the country’s 10 largest banks, major telecom operators, and corporations in strategic sectors. As a key partner of Ping Identity and SailPoint in Brazil, Netbr has established itself as one of the leading providers of identity and access governance solutions in the market.
SEK (Security, Ecosystem, Knowledge) is a cybersecurity holding created by Pátria Investimentos and headquartered in São Paulo, recognized as the cybersecurity leader in Latin America. Operating across multiple fronts — technology integration, MSSP, SOC, MDR, and cloud security — SEK already consolidates several operations in the sector, holding roughly 50% of the Latin American cybersecurity market.
Strategic Rationale
SEK’s acquisition of Netbr strengthens its leadership in the identity and security segment, expanding its ability to serve Brazil — the region’s largest cybersecurity market. The deal enables SEK to project revenues of more than BRL 300 million in the country by 2025, while integrating cutting-edge technologies and highly skilled professionals to meet the growing demand for digital protection in a landscape marked by billions of cyberattack attempts. Moreover, the transaction brings strong complementarity: Netbr’s expertise in IAM/IGA/CIAM solutions adds to SEK’s robust cybersecurity offering.
Flip was acquired by Olist
Context
Founded in 2018, Flip is a fintech specialized in receivables prepayment, offering a 100% digital, automated, and innovative credit journey. Through its proprietary technology, it performs real-time risk analysis, allowing entrepreneurs to choose the best credit structure for their businesses. This fast and transparent approach has enabled Flip to surpass R$ 1 billion in credit transactions throughout its trajectory.
Olist, a Brazilian unicorn valued at US$ 1.5 billion, is a platform of integrated commerce solutions, with an ecosystem that already includes the Tiny ERP, the Vnda e-commerce platform, and the PAX logistics solution.
Strategic Rationale
The acquisition of Flip marks Olist’s official entry into the SME credit segment, expanding its financial services unit launched in 2024. The transaction aims to address one of the biggest challenges faced by small and medium-sized entrepreneurs in Brazil: access to credit.
With this integration, Olist strengthens its position as the main partner for Brazilian entrepreneurs, offering comprehensive solutions that now cover technology, operations, and credit. The acquisition also represents the resumption of Olist’s M&A agenda as part of its strategy for sustainable growth and business diversification.
XP acquires minority stake in Inove Investimentos
Context
Founded in São Paulo and also present in Rio de Janeiro, Inove Investimentos is one of the leading investment advisory firms in the XP network, with R$ 7 billion in assets under custody, approximately 8,000 clients, and a team of 50 advisors. The firm was recognized as the best in the Southeast Region at the Brazil Advisor Awards 2025, held during Expert XP, and stands out for its excellence in client service and mature, efficient management.
XP Inc., the largest investment platform in Brazil, has been expanding its ownership in high-performance partner offices as part of its strategy to strengthen and grow its advisor network. This was the 11th transaction of this kind carried out by XP.
Strategic Rationale
With XP becoming a minority shareholder, Inove Investimentos will accelerate its growth plans, both organically and through acquisitions. The partnership supports the goal of reaching R$ 10 billion in assets under management by 2026, while also driving expansion into new segments such as corporate client services and the development of strategic partnerships.
For XP, the transaction reinforces its strategy of investing in high-performance advisory firms, further strengthening its advisor network and ensuring excellence in investor service. For Inove, the partnership enables new investments in technology, governance, and expansion, while keeping the founding partners in control of operations.
Transactions
Fass Agro was acquired by Adufértil Fertilizantes, part of the Indorama Corporation group
Context
Fass Agro, founded in 2017 and headquartered in Sertãozinho (SP), specializes in the production and commercialization of liquid fertilizers. Recognized for its quality and strong regional presence, the company has established itself as a trusted partner for farmers, offering effective solutions and technical support that enhance results in the field.
Adufértil Fertilizantes, part of the Indorama Corporation group, is a reference in crop nutrition solutions. With operations in São Paulo and Minas Gerais, the company is integrated into one of the world’s largest chemical and petrochemical conglomerates, present in more than 30 countries and strongly active in agricultural inputs.
Strategic Rationale
The acquisition of Fass Agro strengthens Adufértil’s strategy of expanding its presence in the liquid fertilizer segment, positioning it among the leading suppliers in Brazil. The combination of both companies’ expertise will deliver operational efficiencies, enhanced technical know-how, and broader client reach, complementing Indorama’s already consolidated solid fertilizer portfolio.
Netbr was acquired by SEK
Context
Netbr is a Brazilian company recognized as a reference in Identity & Access Management (IAM) solutions, with over 100 specialists and a client portfolio that includes the country’s 10 largest banks, major telecom operators, and corporations in strategic sectors. As a key partner of Ping Identity and SailPoint in Brazil, Netbr has established itself as one of the leading providers of identity and access governance solutions in the market.
SEK (Security, Ecosystem, Knowledge) is a cybersecurity holding created by Pátria Investimentos and headquartered in São Paulo, recognized as the cybersecurity leader in Latin America. Operating across multiple fronts — technology integration, MSSP, SOC, MDR, and cloud security — SEK already consolidates several operations in the sector, holding roughly 50% of the Latin American cybersecurity market.
Strategic Rationale
SEK’s acquisition of Netbr strengthens its leadership in the identity and security segment, expanding its ability to serve Brazil — the region’s largest cybersecurity market. The deal enables SEK to project revenues of more than BRL 300 million in the country by 2025, while integrating cutting-edge technologies and highly skilled professionals to meet the growing demand for digital protection in a landscape marked by billions of cyberattack attempts. Moreover, the transaction brings strong complementarity: Netbr’s expertise in IAM/IGA/CIAM solutions adds to SEK’s robust cybersecurity offering.
Flip was acquired by Olist
Context
Founded in 2018, Flip is a fintech specialized in receivables prepayment, offering a 100% digital, automated, and innovative credit journey. Through its proprietary technology, it performs real-time risk analysis, allowing entrepreneurs to choose the best credit structure for their businesses. This fast and transparent approach has enabled Flip to surpass R$ 1 billion in credit transactions throughout its trajectory.
Olist, a Brazilian unicorn valued at US$ 1.5 billion, is a platform of integrated commerce solutions, with an ecosystem that already includes the Tiny ERP, the Vnda e-commerce platform, and the PAX logistics solution.
Strategic Rationale
The acquisition of Flip marks Olist’s official entry into the SME credit segment, expanding its financial services unit launched in 2024. The transaction aims to address one of the biggest challenges faced by small and medium-sized entrepreneurs in Brazil: access to credit.
With this integration, Olist strengthens its position as the main partner for Brazilian entrepreneurs, offering comprehensive solutions that now cover technology, operations, and credit. The acquisition also represents the resumption of Olist’s M&A agenda as part of its strategy for sustainable growth and business diversification.
XP acquires minority stake in Inove Investimentos
Context
Founded in São Paulo and also present in Rio de Janeiro, Inove Investimentos is one of the leading investment advisory firms in the XP network, with R$ 7 billion in assets under custody, approximately 8,000 clients, and a team of 50 advisors. The firm was recognized as the best in the Southeast Region at the Brazil Advisor Awards 2025, held during Expert XP, and stands out for its excellence in client service and mature, efficient management.
XP Inc., the largest investment platform in Brazil, has been expanding its ownership in high-performance partner offices as part of its strategy to strengthen and grow its advisor network. This was the 11th transaction of this kind carried out by XP.
Strategic Rationale
With XP becoming a minority shareholder, Inove Investimentos will accelerate its growth plans, both organically and through acquisitions. The partnership supports the goal of reaching R$ 10 billion in assets under management by 2026, while also driving expansion into new segments such as corporate client services and the development of strategic partnerships.
For XP, the transaction reinforces its strategy of investing in high-performance advisory firms, further strengthening its advisor network and ensuring excellence in investor service. For Inove, the partnership enables new investments in technology, governance, and expansion, while keeping the founding partners in control of operations.
Rede Monte Carlo raised R$150,000,000.00 through the 2nd issuance of its FIDC
Context
Rede Monte Carlo, with a trajectory that began in 1975, operates across 8 Brazilian states and has 80 units, including active operations and upcoming openings. Its business model goes beyond fuel supply, offering a complete experience with a full-service concept that includes dining, convenience stores, truck shops, highway parking facilities and integrated services, inspired by the model of renowned international highway malls.
Strategic Rationale
The company’s first FIDC issuance, carried out in the first half of 2022 when it operated 40 units, was a milestone. Since then, Rede Monte Carlo has undergone a cycle of expansion and modernization. This consistent performance, combined with strong financial governance and professional management, paved the way for this second issuance, which not only reached a significantly larger volume but also attracted new institutional investors.
This capital raise represents an important step in the continued strengthening of Rede Monte Carlo’s capital structure, which began in 2024 with the issuance of two Agribusiness Receivables Certificates (CRAs). With this, the company consolidates a more robust, long-term liability profile, aligned with its asset-intensive and large-scale operating model.
Labsoft was acquired by Confience
Context
Founded in 2001, Labsoft is widely recognized for the usability and flexibility of MyLIMS, its cloud-native platform, serving hundreds of clients across over 10 countries. The company has a strong presence in highly regulated industries such as food & beverage, mining, chemicals, and pharmaceuticals. Its customer base includes major national and international brands such as Femsa, Shell, Clariant, Eurochem, and BRK.
The transaction marks the exit of Kilimanjaro Capital, a search fund that acquired a majority stake in Labsoft in 2022. It represents a successful liquidity event for search fund investors in Brazil, with the company being sold to an international strategic buyer.
Confience is a global laboratory software platform, created by STG through the combination of leading companies in quality management, compliance, and data integrity software. With over US$12 billion in assets under management, STG has a proven track record of building and scaling global software platforms in specialized sectors.
Strategic Rationale
With this acquisition, Confience strengthens its presence in Latin America and expands its portfolio with a solution known for its best-in-class usability and configurability. The company plans to accelerate the international expansion of the combing company, leveraging Labsoft’s multinational customer base and its highly scalable technology to reach new markets worldwide.
Lola From Rio and Skala announce merger with support from Advent International
Context
Lola From Rio, one of the pioneering vegan product brands in Brazil, and Skala, recognized for its democratization in the cosmetics sector, have joined forces to form one of the largest beauty groups in the country, with the support of private equity firm Advent International.
Founded in 2011, Lola From Rio stands out for its innovative formulas and humorous communication, offering a diverse portfolio of around 180 products, primarily focused on hair care, as well as lines for body and home. The brand has gained presence in over 40 countries, with a strong emphasis on Latin American markets.
In 2024, Advent International, one of the leading global private equity firms, acquired a controlling stake in Skala, marking its first investment in the cosmetics sector in Brazil. With a track record of over US$ 15 billion invested in 85 consumer companies globally, the investment will come from a US$ 2 billion fund dedicated to opportunities in Latin America to support the expansion of the new group.
Strategic Rationale
The transaction, advised by igc partners, represents a milestone in the Brazilian beauty market and reinforces igc’s position as the leading advisor in the sector. By bringing together two complementary brands, this deal creates one of the largest and most dynamic beauty groups in the country. Backed by Advent International’s capital, global experience, and strategic guidance, the new group is well-positioned to accelerate growth, expand internationally, and strengthen its leadership in the beauty industry.
GRB and Genion were acquired by Clash
Context
GRB is a relevant player in the credit recovery and debt negotiation market, with over 10 years of experience and a strong presence in the financial and retail sectors. By joining the Clash ecosystem, the company expands its potential for growth and gains access to resources and expertise to accelerate its digital transformation.
Clash is an investment company focused on business acceleration and digital evolution, with holdings in companies such as Mutant, Interaxa, and Intervalor. Its portfolio is characterized by operations aimed at technological transformation and innovation across different sectors.
Strategic Rationale
The acquisition of GRB is part of Clash’s strategy to consolidate its position as a leading force in the modernization of Brazil’s credit and collections sector. Following the acquisition of Intervalor in 2022, the addition of GRB expands the company’s presence in the B2B market, with a focus on innovation, automation, and the use of generative artificial intelligence (GenAI).
The integration of operations will have as its main differentiator the application of GenAI to personalize and make debt negotiation processes more fluid and empathetic. By leveraging large volumes of data and natural language processing, the technology will enable real-time adaptation of approaches, offering experiences that respect the debtor’s emotional and financial situation.
BITKA Analytics was acquired by BIP
Context
Founded in 2020, BITKA has a team of over 140 data specialists and develops sophisticated analytical solutions by combining techniques in AI, Optimization, Software Engineering, and Machine Learning. With a strong presence in the mining sector and a client portfolio that includes Vale, Anglo American, Vibra, and CSN, BITKA is recognized for its technical excellence and pragmatic approach, applying its expertise in AI, Prescriptive and Predictive Modeling, and Generative AI to solve high-complexity business challenges.
Founded in Italy, BIP operates in 40 countries and employs more than 5,700 professionals of 47 nationalities. The company is one of the world’s leading consultancies in management and digital transformation. Since 2021, it has been backed by CVC Capital Partners, one of the largest global private equity funds, with over €200 billion in assets under management.
Strategic Rationale
The acquisition of BITKA strengthens BIP’s international network of specialists, reinforces its ambition to operate as an end-to-end consultancy, and marks another step in its expansion strategy in Latin America, highlighting its commitment to becoming a leading consulting player in strategic markets such as mining.
RKM Engenharia completed the issuance of a Real Estate Receivables Certificate (CRI) of R$48,500,000
Context
With 30 years of experience, RKM Engenharia is a leading real estate developer focused on high-end residential projects in Belo Horizonte (MG). The company is known for delivering iconic developments in the city’s most prestigious neighborhoods and has built a strong reputation for quality and innovation in the Brazilian real estate market.
Strategic Rationale
This transaction marked RKM’s debut in the capital markets. The CRI issuance raised structured capital for the holding company, secured by inventory units, providing long-term financing with no fixed amortization schedule — tailored to the company’s needs and aligned with the sales cycle of its portfolio.
Vórtx completed its Series C round with HIX and TreeCorp.
Context
Vórtx is an infratech company that provides infrastructure for the Brazilian capital markets, offering services such as fund administration, custody, bookkeeping, trustee, and settlement agent. The company manages hundreds of billions in assets, with a strong technological focus, and has positioned itself to deliver increasingly integrated services to the financial market. In 2025, the company completed its Series C round with the entry of investment firms Hix and TreeCorp as new partners, in a move aimed at accelerating its growth trajectory.
Strategic Rationale
The strategic rationale of the transaction is linked to Vórtx’s inorganic expansion, with a focus on acquisitions and incorporations that complement its service portfolio and strengthen its position as one of the leading players in the sector. Beyond capital, the entry of Hix and TreeCorp brings strategic access, governance, and connections that enhance the company’s growth capacity, partnerships, and institutional positioning. The round also enables the acceleration of new scalable technological solutions, the reinforcement of back-office infrastructure, greater process automation, and the opening of new business verticals, consolidating Vórtx as a reference in innovation in the capital markets.
XP Inc. acquires minority stake in 3A RIVA Investimentos
Context
3A RIVA Investimentos is one of Brazil’s leading investment advisory firms, with a presence in strategic regions of Minas Gerais and São Paulo. The firm manages over R$ 17 billion in assets under custody, serves 18,000 active clients, and has a team of more than 300 professionals.
With XP Inc. becoming a minority shareholder, 3A RIVA strengthens its market position and gains access to XP’s structure in management, technology, and governance, further enhancing its growth potential.
Strategic Rationale
The new partnership will allow 3A RIVA to accelerate its expansion plan, with the goal of reaching R$ 35 billion in assets under custody by 2027, while also investing in new business lines such as corporate services, insurance, international investments, and a new partnership model to attract and retain talent.
For XP, the transaction reinforces its strategy of investing in high-performance offices within its network, consolidating its position as the largest investment platform in the country and strengthening its ability to offer complete and innovative solutions for different client profiles.
Aplinova was acquired by Prinova, a subsidiary of the Japanese group Nagase
Context
Positioned as a supplier of ingredients for the Nutrition and Flavors industries, Aplinova was acquired by Prinova, a leading distributor in the food ingredients market.
Founded in 1987, Aplinova became a leader in the food ingredients industry, distributing and producing high-quality solutions for a wide range of customers in Brazil. Headquartered in São Paulo, in the state of São Paulo, and with branches in Jundiaí and Manaus, the company has established an unparalleled reputation in the market due to the high quality, reliability, and technical service level provided to its customers.
Headquartered in Illinois, United States, Prinova is a global leader in the distribution of food ingredients, flavors, and fragrances. Since 2019, Prinova has been part of the Japanese Nagase Group, connected to a global distribution network with presence in the United States, Europe, Asia, and other regions.
Strategic Rationale
The acquisition of Aplinova, which was advised by igc partners, will drive Prinova's growth in Brazil in the food ingredients segment while also expanding its geographic presence in the consolidating chemicals distribution market.
Vydence Medical was acquired by the Medsystems group
Context
Vydence Medical is a leading company in the medical aesthetics market, with more than 30 years of experience and recognized for its comprehensive portfolio of high-tech equipment and strong capacity for innovation. Its factory, located in São Carlos (SP), specializes in producing laser equipment focused on dermatology, vascular surgery, and plastic surgery. With a consolidated international presence, the company exports to more than 30 countries, including the United States and Europe.
Grupo MedSystems, which counts XP as an investment partner, is a leader in the global medical aesthetics market, with a strong focus on innovation and international expansion.
Strategic Rationale
The acquisition of Vydence Medical by Grupo MedSystems strengthens MedSystems’ leadership in the global medical aesthetics market and significantly expands its innovation potential. By incorporating Vydence’s expertise, technology portfolio, and international presence, MedSystems enhances its ability to serve clients across different regions of the world and consolidates its position as one of the leading global players in high-performance medical aesthetics solutions.
The transaction also reinforces MedSystems’ strategy of sustainable growth and internationalization, while opening new opportunities for Vydence to continue developing cutting-edge technology with global reach.
GreenYellow sold 23 solar PV plants to Athon Energia
Context
Founded in 2007, GreenYellow is a French multinational and global leader in decentralized energy transition, operating in more than 15 countries. Globally, it has already invested over €2 billion in photovoltaic solar energy and energy efficiency, with over 1.7 GWp of installed capacity and more than 1,700 UFSs. In Brazil, with over a decade of presence and about 80 solar assets connected or under construction across 16 states, GY is a major operator in distributed solar generation.
The transaction comprises the sale of 23 photovoltaic solar plants to Athon Energia, totaling 50.7 MWp of installed capacity, located across six states. This deal is part of GreenYellow’s global strategy to rotate assets and reinvest in new projects in Brazil.
These assets increased Athon’s capacity to over 210 MWp and substantially expanded its footprint in the B2B distributed generation market.
Strategic rationale
The transaction strengthens Athon Energia’s position as a leading corporate-focused solar distributed generation platform in Brazil, enhancing its asset base and national coverage. For GreenYellow, the sale enables reallocation of resources toward strategic new projects in the country.
Ciss concludes R$31 million capital raise through the issuance of the 2nd series of its proprietary FIDC
Context
Ciss is a high-growth SaaS company specializing in POS and ERP solutions for supermarkets/wholesalers, construction materials retailers, and franchise chains. Headquartered in Dois Vizinhos, Paraná, the company serves thousands of clients across Brazil and has become a market leader in its niches.
In early 2024, Ciss launched the first issuance of quotas for the Ciss FIDC, a proprietary receivables investment fund structured in partnership with IGC Partners. This initial R$ 90 million raise was backed by the company’s recurring software subscription contracts, providing access to long-term capital at a lower cost.
Strategic Rationale
Following approximately one year of successful operation of the FIDC, Ciss completed the issuance of a second series of quotas, raising R$ 31 million. This new funding round not only provided additional capital to support the company’s growth initiatives but also delivered improved financing terms, including lower costs and higher leverage capacity.
The transaction underscores the effectiveness of the FIDC structure as a long-term financing vehicle for SaaS companies with recurring revenue models. By securitizing predictable cash flows from subscription contracts, Ciss is able to reduce its weighted average cost of capital while securing the resources needed to scale operations, enhance its technology platform, and expand its customer base.
BR Media Group was acquired by Publicis Groupe
Context
Founded in 2012, BR Media Group was a pioneer in the influencer marketing sector in the country. Today, the group offers a comprehensive portfolio of data- and technology-driven solutions for brands, agencies, and content creators, establishing itself as the leading creator economy ecosystem in Brazil.
Headquartered in Paris (France), with operations in over 100 countries, and a workforce of more than 100,000 employees, Publicis Groupe is the world’s largest marketing and communications holding company, owning renowned businesses such as Leo Burnett, Saatchi & Saatchi, BBH, Starcom, Zenith, Digitas, Epsilon, and Sapient.
Strategic Rationale
This acquisition strengthens Publicis’ presence in one of the fastest-growing marketing segments globally, with Brazil standing out as the second-largest market worldwide. The transaction with BR Media further consolidates Publicis as the leading global creator economy platform. With this deal, Publicis further accelerates BR Media Group’s expansion in Brazil and Latin America. The completion of the transaction is subject to approval by the Brazilian Antitrust Authority (CADE).
Sempre Internet was acquired by Brasil TecPar
Context
Sempre Internet is one of the leading independent internet service providers in Minas Gerais, the result of the merger of seven companies in the sector. Known for its high-quality internet access services, telecommunications network connectivity, and value-added solutions, the company serves approximately 172,000 active customers and has a strong regional presence. Valued at around R$ 500 million, it has established itself as a reference in the market, particularly for its customer service and network coverage.
Brasil TecPar is an expanding telecommunications group with nationwide operations and a diversified service portfolio. The acquisition of 56.38% of Sempre Internet, with additional purchase options that could lead to full ownership, strengthens Brasil TecPar’s strategy to expand its footprint and consolidate its position in key regional markets across the country.
Strategic Rationale
This transaction is a significant step for Brasil TecPar, which will now have a stronger presence in Minas Gerais, expanding its customer base and infrastructure network. The acquisition will enable operational synergies, network optimization, and increased productivity, while boosting profitability and enhancing the range of services offered to customers.
For Sempre Internet, joining a national-scale group brings greater investment capacity, access to new technologies, and the potential for geographic and portfolio expansion.
Oobj was acquired by Avalara
Context
Oobj is a Goiânia/GO based SaaS company that offers a platform for electronic tax documents, including issuance and capture of electronic documents, for small, medium and large companies in Brazil.
Brazil was one of the first countries to adopt the electronic invoice in the world, and Oobj was one of the pioneers in the country back in 2007.
Headquartered in Durham, NC, Avalara is a leading cloud-based tax compliance automation software company. Avalara employs more than 4,700 people worldwide and serves more than 41,000 customers in 75+ countries. Avalara has in its portfolio solutions for tax calculation and determination, ancillary obligations at the federal, state and municipal levels, BPO services, among others.
Strategic Rationale
By combining forces with Oobj, Avalara will further strengthen its position as a provider of the issuance and receipt of electronic documents and tax compliance services in Brazil and in the Latin American market. This acquisition enhances Avalara’s presence in a region where electronic invoicing is deeply embedded in the economy and expands its portfolio of solutions tailored to local tax compliance needs.
Green Ventures, a subsidiary of Fiagril, was acquired by Oleoplan
Context
Founded in September 2007, Green Ventures is a biodiesel plant located in Lucas do Rio Verde, Mato Grosso, established shortly before biodiesel blending became mandatory in Brazil in early 2008. The facility currently ranks 35th nationwide and has an annual production capacity of approximately 202.7 thousand m³. The buyer, Oleoplan, is one of Brazil’s largest biodiesel producers, with nationwide operations across multiple regions.
Strategic rationale
With the acquisition of Green Ventures, Oleoplan will operate five plants across four of Brazil’s five regions, reaching a total installed capacity of 1.64 million m³ per year — reclaiming the sector’s leadership from Cargill, which had previously taken the lead after acquiring Granol’s assets. The transaction aligns with both companies’ strategies: Oleoplan strengthens its presence in the biodiesel market, while Fiagril sharpens its focus on crop inputs and grain operations, aiming to provide top-tier solutions and technologies to farmers.
Reivax was acquired by WEG
Context
REIVAX S/A Automação e Controle is a Brazilian multinational specialized in developing and applying technological and innovative solutions for automation and control of power generation systems. The company serves large hydroelectric and thermal power plants, substations, wind and solar facilities, as well as industrial clients with their own power generation, including refineries, steel mills, and offshore platforms.
Strategic rationale
The acquisition is part of WEG’s strategy to expand its footprint in the energy generation market. With the integration of Reivax, WEG strengthens its portfolio and market presence in automation and control systems, especially for renewable energy projects and critical power infrastructure.
Rede Monte Carlo raised R$120,000,000.00 through the issuance of a CRA, an agricultural bond
Context
Rede Monte Carlo is one of the leading players in Brazil’s highway fuel sector, operating since 1975. Present on the main highways of São Paulo, Paraná, and Santa Catarina, the company has 66 highway and urban complexes, with 54 already in operation and another 12 scheduled to open between late 2024 and 2025. Its units feature a full range of services, including food courts, convenience stores, car wash facilities, and truck shops.
Strategic Rationale
After a cycle of significant expansion and major investments between 2022 and 2023, the group focused in 2024 on strengthening its capital structure. This funding marks the second transaction structured for the network by IGC Partners, following a R$100 million CRA in March 2024. In addition to securing better terms in this second CRA, Monte Carlo has now consolidated most of its capital structure into the long term, with payment schedules customized to the business’s cash flow.
MISA completed the issuance of a CRI (Real Estate Receivables Certificate) of R$30,000,000
Context
MISA is a vertically integrated industrial company focused on limestone-derived products. Based in Ceará, Brazil, the company owns its own mineral reserves and supplies a variety of industries including steel, metallurgy, footwear, and construction.
Strategic rationale
This marks MISA’s second capital markets transaction. In 2021, also advised by igc partners, the company issued its first CRI, which enabled a significant expansion in production capacity. Since then, MISA has more than doubled its revenue, enhanced its corporate governance, and returned to the market under improved conditions to support a new cycle of growth and expansion.
Aoop has been acquired by NTT Data
Context
Founded in 2017, Aoop has a comprehensive portfolio, covering all ServiceNow verticals and serving clients from various sectors with a focus on accelerating automated digital strategies.With a strategy focused on driving the future of organizations and providing comprehensive services throughout the entire lifecycle, Aoop has accumulated approximately 2,500 digital transformation projects and boasts over 300 certified professionals in ServiceNow solutions. This expertise has enabled the company to become an Elite Partner of ServiceNow in record time. Continuous commitment to excellence and the delivery of innovative solutions have established Aoop as a reference in the market, integrating intelligent efficiency throughout the production chain.
The complete consummation of the transaction still depends on the approval of the Administrative Council for Economic Defense (CADE).
Strategic Rationale
This transaction strengthens NTT DATA’s competitive position in Brazil by combining SAP and ServiceNow capabilities, placing the company among the market leaders in ServiceNow solutions in Latin America. By integrating Aoop’s elite certification, proven expertise, and client base, NTT DATA enhances its ability to deliver full lifecycle digital transformation services, expands its footprint in the Latin American ServiceNow ecosystem, and reinforces synergies across its global operations.
A.Azevedo Óleos sold a majority stake to Oleon, a Groupe Avril subsidiary
Context
igc partners is pleased to announce that it has advised A.Azevedo Óleos, a pioneering company in the production of oleochemicals and a reference in the Brazilian castor oil market, in the sale transaction to Oleon, an Avril company and European leader in oleochemicals, transforming vegetable oils and animal fats into fatty acids, glycerin, dimers, esters and other specialties.
Founded in 1965, A.Azevedo Óleos is a family-owned business and a leader in the castor oil industry in Brazil. The company is recognized for its expertise in the extraction, industrialization, commercialization, and distribution of oleochemicals from various seeds. With a team of 250 employees, the company has become a benchmark for serving its more than 2,000 customers with quality and efficiency, offering a versatile, high-value-added, and 100% green portfolio.
Strategic Rationale
This acquisition marks a transformational moment for A.Azevedo Óleos and strengthens Oleon’s position in the rapidly growing South American market, particularly in Brazil, aligning with its long-term strategy for sustainable growth.
It represents a pivotal step in Oleon’s global expansion, reinforcing its presence in South America and strengthening its footprint in the Brazilian market — a region with significant long-term growth potential, especially in lubricants and personal care. By combining A.Azevedo Óleos’ deep expertise, strong local presence, and green, value-added portfolio with Oleon’s global leadership and sustainable growth strategy, the companies are well-positioned to deliver greater value to their customers and enhance their global positioning in the oleochemicals market.
Plastlabor has been acquired by Solabia, a TA Associates portfolio company
Context
Founded in 1987 in Rio de Janeiro, Plastlabor has distinguished itself over the years as one of the leading suppliers of laboratory and scientific products for microbiological analyses in Brazil.
With a comprehensive portfolio that includes ready-to-use culture media, disposable products, biosafety items, swabs, and laboratory accessories, the company has consolidated its market position, serving over 1,200 clients in laboratories, hospitals, food industries, and more.
Strategic Rationale
The acquisition by Solabia reinforces the group's strategy to expand its presence in the Brazilian market and strengthen its offering of solutions for microbiological investigations and the maintenance and transport of biological material. With this transaction, Solabia aims to integrate Plastlabor's capabilities with its own advanced technologies, creating synergies with its current subsidiary Laborclin, which will further benefit its clients and partners.
Ciss structutred a FIDC of R$100,000,000.00
Context
Ciss is a high-growth Software as a Service (SaaS) company specializing in POS and ERP solutions for supermarkets/wholesalers, construction materials retailers, and franchise chains. Headquartered in Dois Vizinhos, Paraná, the company serves thousands of clients across Brazil and has established itself as a leader in its market niches.
Aiming to diversify and strengthen its funding sources, Ciss debuted in the capital markets through the structuring of its proprietary FIDC in the amount of R$ 100 million.
Strategic Rationale
The Ciss FIDC was designed with an innovative structure that enables the company to access long-term capital at a reduced cost and without the need for tangible guarantees. The transaction is backed by the future cash flows from the company’s software subscription contracts, converting predictable recurring revenue into immediate resources for investment and expansion.
This structure enhances Ciss’s ability to accelerate growth, invest in the improvement of its technology platform, and expand its presence in its operating markets, while preserving financial health and competitiveness.
Soft Film was acquired by Packing Group
Context
Soft Film Indústria e Comércio de Plásticos Ltda is a leading Brazilian manufacturer of embossed films for hygiene and disposable products. The company is recognized for its strong investment in quality, innovation, and customer service. In addition to offering high value-added solutions to clients in various sectors — including food & beverage, chemicals, and agribusiness — Soft Film stands out for its solid presence in the hygiene and disposable packaging market.
Strategic Rationale
The acquisition is one of the most relevant transactions in Brazil’s embossed hygiene films segment in recent years. It strengthens Packing Group’s leadership in plastic films and packaging solutions, reinforcing its position in the hygiene sector and expanding its portfolio with differentiated products and services for its customer base.
Veja Construções secured financing for the construction of Bosques do Palermo
Context
Veja Construções is a real estate developer with 16 years of experience in the Joinville (SC) market, specializing in residential buildings. The company has built a solid and successful track record, delivering several high-quality projects in the region.
Strategic Rationale
The financing was raised to complete the construction of Towers 2 and 3 of Bosques do Palermo — a full-featured home club residential complex with three towers located in Bairro Glória, one of Joinville’s most prestigious neighborhoods. Structured by igc Partners, the financing provided long-term capital with a grace period of 18 months after handover, and monthly disbursements, which helped reduce interest costs and improve project margins.
Farmtech completed its first funding round with Bewater
Context
Farmtech, founded in 2017, is the leader in Brazil’s rural digital credit market. The fintech has built a scalable model through partnerships with agricultural input resellers and manufacturers, now serving 85% of the sector’s distribution chain. The company has enabled R$22 billion in credit across 200,000 operations through a fast-release financing platform integrated with distributors.
Bewater is a venture capital firm focused on growth-stage companies, offering long-term capital and strategic support.
Strategic rationale
The funding aims to solidify Farmtech’s position as the leading digital credit platform in Brazilian agriculture while enabling expansion into new verticals, such as machinery financing. igc partners acted as Farmtech’s exclusive financial advisor in the transaction with Bewater.
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"I have already recommended igc to several friends and will continue to do so whenever I can. I was very satisfied with the transaction."


“I discovered things about my company that I didn’t even know. I would say that family businesses should go through this process even if they have no intention of selling. That’s when you truly see what is valuable in your company. Without igc, the value of the company we sold would have been 20% to 30% lower.”


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