Transactions
Context
Fertgrow, based in São Luís do Maranhão, is a leading fertilizer blender in Brazil’s Northern Arc region, comprising Maranhão, Piauí, Tocantins (MAPITO), Pará, and northeastern Mato Grosso. Since its founding in 2015, Fertgrow has delivered approximately 700,000 tonnes of NPK fertilizers through its qualified sales team.
Uralkali, headquartered in Russia, is one of the world’s largest potash producers, with a strong global presence and a focus on supplying fertilizers to key agricultural markets.
Strategic Rationale
This acquisition enables Uralkali to expand its logistics and distribution infrastructure in one of the world’s largest fertilizer-consuming markets. By acquiring Fertgrow’s distribution capabilities, Uralkali gains direct access to Brazil’s agricultural supply chain, enhancing supply reliability in Latin America and strengthening its global market position.
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Foxbit was born in 2014 with the desire to develop a solid and credible market for trading bitcoin and other cryptocurrencies in Brazil. It has consolidated itself as one of the largest and oldest cryptocurrency and digital asset exchanges with more than 20 billion reais traded so far, with almost one million registered customers. In 2021, it expanded its business with new products and services aimed at the B2B and B2B2C market such as asset tokenization, crypto-as-a-service and crypto payment methods.
OK Group is the world’s leading blockchain group, and also one of the earliest blockchain enterprises. Since its establishment in 2013, OK Group is always dedicated to the technical development and business application of blockchain. Currently OK Group has developed into a global large-scale blockchain technology and service provider. it has branches or offices in more than 10 countries and regions such as the United States, Europe, and Japan, and OK Group’s business covers more than 180 countries and regions, serving more than 50 million users all overthe world.
Strategic Rationale
The injection of capital into Foxbit's operation will help the company accelerate its mission to build a practical, simple and affordable future through the crypto economy, enabling anyone to invest in their financial independence, by increasing the product portfolio with new integrations, lowering service fees with more blockchain networks, increasing the speed of the platform and application, and developing robust and innovative solutions to support the growth of the B2B market and bring traditional players in Brazil closer to this new market.
The Series A funding gives Foxbit not only an investor, but also a great commercial and strategic ally, which will contribute to the business with extensive know-how to strengthen its infrastructure and liquidity to support the company's growth in its various business fronts.
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Diban is a Brazilian distributor of agricultural inputs, based in Campinas, São Paulo. The company provides a range of products such as fungicides, herbicides, resistance inducers, and other crop protection solutions.
Marubeni Corporation, headquartered in Tokyo, Japan, and founded in 1858, is a global trading and investment conglomerate with operations in various sectors, including food, agriculture, chemicals, energy, and industrial machinery.
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Founded in 2012 with academic purposes, Comdinheiro is a provider of solutions for the financial market, currently serving more than 600 clients, including individuals, banks, brokerages, and asset managers. Through its proprietary algorithms, the platform offers market data, investment simulations, portfolio consolidators, and regulatory risk analyses, in addition to developing customized products tailored to each client’s needs.
Nelogica, backed by Crescera and Vulcan Capital, is one of the leading technology companies for the Brazilian financial market, recognized for developing trading and analysis platforms widely used by investors and financial institutions.
Strategic Rationale
The acquisition of Comdinheiro by Nelogica drives the development of new products and customized tools for the Brazilian financial market, while also strengthening Nelogica’s portfolio and expanding its client base. The transaction further adds Comdinheiro’s highly specialized team, reinforcing Nelogica’s ability to innovate and deliver comprehensive, integrated solutions for investors and financial institutions.
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Founded in 2019, Beta Learning is a consulting company specialized in developing end-to-end customized digital solutions — from diagnosis to final delivery. With a team of more than 100 technology professionals, the company focuses on improving user experience and boosting client operations, having carried out projects for major brands such as C&A, Ame, Faber Castell, and ClearSale itself.
ClearSale, a publicly traded company and leader in fraud prevention solutions, completed its first M&A transaction with the acquisition of Beta Learning, reinforcing its expansion strategy in the digital sector.
Strategic Rationale
The acquisition, structured under an acquihire thesis, aims to accelerate ClearSale’s digital projects and strengthen the growth of its technology team. Integrating Beta Learning will allow ClearSale to meet the immediate demand for qualified talent and accelerate the development of new digital products, expanding its product roadmap.
With this transaction, ClearSale advances its sustainable growth strategy, enhancing its innovation capacity and consolidating its position as a leading reference in fraud prevention and technology solutions in Brazil.
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Cal Viva supplies a joint venture formed by one of Brazil’s largest business groups and two major international companies. With a production facility located in Limoeiro do Norte (CE), the company operates in the lime production and mining sector, serving industrial applications.
Strategic rationale
The CRI issuance aimed to finance the installation of a new kiln to meet increased order volumes from its main client. Advised by igc partners, Cal Viva chose to access the capital markets instead of pursuing traditional bank financing. The result was a long-term funding structure with more favorable costs, securing the necessary capital to expand the production capacity of its operation.
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Founded in 1994, Sweetmix has a diversified portfolio, including food ingredients, pharmaceuticals and cosmetics. The company has more than 1,400 active customers and an experienced and technical team of over 70 employees.
Univar Solutions is a leading global distributor of specialty chemicals and ingredients, providing value added services, logistics, technical support, and digital tools to customers in a wide range of industries around the world.
Strategic Rationale
The acquisition of Sweetmix Distribuidora will strengthen and expand Univar's presence in the distribution of chemical ingredients in Latin America, in addition to strengthen relationships with local customers and global suppliers through a unique portfolio.
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Founded in 2008, Eico Cosméticos is a reference in the semi-professional haircare segment, recognized for innovation and high-quality formulations designed for consumers seeking professional-grade yet accessible solutions. With a solid presence in the Brazilian market, the company built a strong portfolio and reputation as a brand that combines performance and sophistication.
Duty Cosméticos, founded in 2019 by Daniel de Jesus, quickly established itself in Brazil’s beauty sector. With brands such as DaBelle and Duty Color, the company already had over 100 SKUs prior to the acquisition of Eico. Known for its multichannel strategy and innovative positioning, Duty has been expanding rapidly with the ambition of becoming one of Brazil’s leading cosmetics companies.
Strategic Rationale
The acquisition enabled Duty Cosméticos to significantly expand its portfolio, growing from 115 to approximately 300 SKUs, effectively doubling the company’s size and strengthening its position in the haircare segment. Integrating Eico adds expertise and credibility in the semi-professional market while generating operational and distribution synergies. This strategy accelerates Duty’s growth, bringing together complementary brands across different price ranges and reinforcing its presence in both digital and physical channels, with the ambition of reaching BRL 1 billion in revenue in the coming years.
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Founded in 2014 by executives with experience at firms such as Angra Partners, BTG Pactual, Paineiras Investimentos, and Vinci Partners, Vista Capital is an asset manager currently overseeing approximately R$ 4.5 billion in assets under management. Known for its performance in multimarket and equity products, the firm stands out with funds such as Vista Multiestratégia and Vista FIA, which have gained significant recognition in the asset management industry.
In this transaction, XP Investimentos, Brazil’s largest investment platform, acquired a minority stake in Vista Capital.
Strategic Rationale
With XP as a minority shareholder, Vista Capital will expand the distribution of its products, boost its current investment strategies, and accelerate the development of new initiatives. The firm will continue to operate independently while benefiting from XP’s strong distribution capabilities, which will strengthen its competitive position in the Brazilian asset management market.
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Vitra Capital is one of the largest multi-family offices in Brazil, with more than R$ 12 billion in assets under management, offering wealth management and estate planning services for families with consolidated assets.
Warren is a fast-growing digital investment platform with an innovative model that integrates technology and financial advisory, delivering modern and accessible solutions to investors.
As part of the merger, Vitra’s partners become shareholders of Warren, and together the companies now manage more than R$ 20 billion in assets under management.
Strategic Rationale
The merger between Vitra and Warren creates a stronger platform that combines the experience and tradition of a multi-family office with the innovation and scalability of a fintech. The joint goal is to double assets under management within a year, reaching R$ 40 billion, while offering increasingly technological and personalized solutions to clients.
The combination strengthens the positioning of both companies as leaders in their respective segments and accelerates the consolidation of the wealth management market in Brazil.
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Founded in 2015, StartSe is a Brazilian Edtech specialized in business education focused on the New Economy. The company has established itself as a leader in executive education through in-person events and immersion programs, receiving more than 50,000 Brazilian executives annually. In 2020, following global trends, the company reshaped its business model to focus on digital courses and content, significantly increasing its clients’ Lifetime Value and making 75% of its revenue come from digital products.
Patria Investimentos, founded in 1988, is one of the largest alternative investment managers in Latin America, with a focus on private equity, infrastructure, credit, and real estate. Known for its strong international presence, Patria seeks strategic partnerships with high-growth companies, providing capital and expertise to accelerate expansion.
Strategic Rationale
The Series A round represents a decisive milestone in StartSe’s trajectory, enabling the company’s international expansion and supporting future acquisitions focused on digital operations. The investment strengthens StartSe’s position as a leading provider of executive education in the New Economy while enhancing its ability to scale its digital model and consolidate its global presence.
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Founded in 2014, Trademaster is a fintech specialized in B2B financial and credit solutions, serving more than 600,000 retailers that regularly purchase from large industries and distributors. Its fully cloud-based platform integrates in real time via APIs with partner companies’ management systems, enabling extended terms and credit limits at the time of purchase in a transparent and frictionless way.
BV, one of the largest private banks in Brazil, acquired a minority stake in the company as part of its strategy to expand its presence in fintechs and the digital credit market.
Strategic Rationale
The partnership with BV will allow Trademaster to broaden its offering of financial products and accelerate the development of new solutions, particularly aimed at small and medium-sized enterprises. For BV, the investment represents an opportunity to strengthen its innovation portfolio and expand its presence in the B2B segment, by integrating with a platform already consolidated in the retail credit market.
Contexto
Fundada em 1986, a Economatica é uma empresa pioneira e referência no segmento de dados financeiros na América Latina. Sua plataforma oferece informações sobre ações e fundos das principais economias da região e dos Estados Unidos, cobrindo mais de 250 setores, 5 mil empresas e 27 mil fundos de investimento. Reconhecida pela alta precisão de seus dados e índices, a Economatica apoia a tomada de decisão de uma ampla base de clientes, que inclui as principais instituições financeiras e universidades do Brasil.
O TC Traders Club é uma das maiores plataformas de conteúdo e inteligência de mercado voltada a investidores no Brasil. Com soluções que unem dados, análises e interação entre investidores, o TC vem ampliando seu alcance e diversificando sua atuação para se consolidar como um ecossistema completo de informações e serviços para o mercado financeiro.
Racional Estratégico
A aquisição da Economatica pelo TC representa um passo importante na expansão da atuação da companhia no segmento B2B, agregando ao seu portfólio uma das plataformas mais respeitadas de dados financeiros da região. A integração da base e da tecnologia da Economatica à plataforma B2C do TC permitirá entregar maior precisão e profundidade de informações aos usuários, fortalecendo a proposta de valor da empresa para investidores institucionais e individuais.
Para a Economatica, a transação traz acesso a uma nova audiência e sinergias tecnológicas e comerciais, potencializando a distribuição de seus dados e aumentando sua presença no mercado.
Context
Founded in 2018, CRM & Bonus is the largest full-service giftback platform in Brazil, aiming to address retailers’ inability to measure the impact of paper coupons. The company digitizes outdated processes, boosting sales and profitability. With over 500 brand clients and operations across more than 10,000 points of sale in Brazil and abroad, CRM & Bonus has rapidly become a backbone in retail coupon management.
This Series A round was led by SoftBank Group, a global investment powerhouse known for backing high-growth tech companies, and Riverwood Capital, a U.S.-based growth equity investor in tech-enabled businesses. The round also saw participation from Brazilian VCs Igah Ventures and Volpe Capital.
Strategic Rationale
The funding will be used to accelerate CRM & Bonus’s growth in Brazil and fuel its international expansion into Latin America, Europe, and the United States. The capital infusion supports the development of new technological capabilities, enhancement of the core platform, and broadening of its footprint across global markets.
Context
Bio Rural, a distributor of agricultural inputs founded in 1997, is the largest distributor in Mato Grosso do Sul, Brazil. The company operates nine stores in the central-southern region of the state, serving more than a thousand soybean and corn producers.
Nutrien Ltd., listed on the TSX and NYSE, is the world’s largest distributor of agricultural inputs, with vertical operations in seeds, crop nutrition, and protection. Present in 14 countries across 3 continents, the company operates around 2,000 distribution facilities and serves over half a million producers, supported by more than 22,000 employees.
Strategic Rationale
The acquisition of Bio Rural strengthens Nutrien’s footprint in Brazil, particularly in Mato Grosso do Sul, by integrating nine additional stores and deepening its reach in an agriculturally important region. This move enhances Nutrien’s ability to provide integrated solutions to local farmers while supporting its broader strategy of expanding in key Brazilian agricultural markets.
Context
Founded in 1988, Liderança Cobranças is a national leader in amicable debt collection in Brazil, with over 3,200 employees and 2,500 service positions across four offices in São Paulo, Barueri (2), and Foz do Iguaçu. The company serves major institutions across diverse industries.
Banco Santander S.A., headquartered in Madrid, Spain, is one of the largest banks in the world by market capitalization and a global leader in retail and commercial banking. Founded in 1857, the Santander Group serves more than 160 million customers through approximately 9,800 branches and over 200,000 employees in Europe, the Americas—including Brazil—and other regions. The transaction was carried out by Santander’s Brazilian subsidiary, which plays a key role in the group’s Latin American operations.
Strategic Rationale
The acquisition strengthens Santander’s non-performing asset recovery capabilities by integrating Liderança’s specialized debt collection infrastructure and experienced team. It complements Santander’s existing digital tools enhancing the bank’s operational efficiency in recovering defaulted assets and providing a more comprehensive credit risk management solution.
Context
igc partners advised Grupo Siagri and Datacoper — both recognized leaders in agribusiness management software in Brazil — in the formation of Aliare through the merger of their operations, and in the subsequent minority investment by BTG Pactual’s Impact Fund. With over 20 years of combined experience, the companies created the largest technology platform dedicated to Brazil’s agribusiness sector, now serving more than 1,000 clients across the entire production chain — from farmers to input distributors and industrial groups.
Strategic rationale
Aliare’s portfolio includes ERP, CRM, BI, document management, digital signature, and data intelligence solutions. Backed by BTG Pactual’s Impact Fund, the company aims to expand its leadership through commercial growth, new product development, strategic acquisitions, and innovation in the sector via its Conexa Hub.
Context
CDF, a leader in the Brazilian market for technical support services and appliance installation, operates under a B2B2C model through partnerships with major retailers such as Via and Magazine Luiza, telecom companies like Vivo (through Vivo Guru), and utilities such as Comgás and CPFL. Founded in 2007, the company provides remote technology support, white goods and brown goods installation, as well as home appliance maintenance. IGC Partners acted as CDF’s exclusive financial advisor in the transaction.
Strategic Rationale
The sale of a majority stake to the FIP BTG Pactual Economia Real fund enables CDF to expand its distribution channels — by strengthening partnerships with regional retailers and utilities — and diversify its portfolio of products and services. The transaction also facilitates an acceleration of its M&A agenda, supporting the company’s growth under the new ownership structure.
Context
Founded in 2003 in Maceió, Terra Soluções Agrícolas is one of the largest agricultural input distributors in Brazil’s Northeast, with operations in four states and a focus on high-value-added products. The company works across several segments, including crop protection, foliar nutrition, fertilizers, animal health and nutrition, seeds, and irrigation — with strong positioning in sugarcane, cereals, and horticulture.
Strategic rationale
igc partners advised Terra Soluções Agrícolas on the transaction with Ihara, a company focused on developing crop protection products. The acquisition aligns with Ihara’s strategy to strengthen its presence and investment in new agribusiness segments, leveraging the growth potential of the Northeast region.
Context
Founded in 1995 in Recife, the group formed by SC Tec, Campo Total, and Agro Seiva specializes in distributing agricultural inputs, with strong operations in fruit crops, sugarcane, and irrigation. The companies offer a full portfolio of crop protection products, seeds, and solid and foliar fertilizers, operating 8 stores across 4 states in Brazil’s Northeast region.
Strategic rationale
igc partners advised the group on its transaction with Ihara, a company focused on developing crop protection products. The acquisition supports Ihara’s strategic plan to expand its presence in new agribusiness segments and tap into the growth potential of Brazil’s Northeast.
Context
Founded in 1912, Cerveja Therezópolis is Brazil’s largest independent premium craft beer brand, based in the mountain region of Teresópolis, Rio de Janeiro. The brewery resumed production in 2006 under descendant leadership and has established itself as a notable premium player.
The acquisition was executed in August 2021 by Coca Cola FEMSA, the world’s largest Coca Cola bottler by volume, and Coca Cola Andina, a major bottler in Latin America, aiming to expand their beer portfolios in Brazil by integrating craft and premium brands into their offerings.
Strategic Rationale
This acquisition fits into Coca Cola FEMSA and Andina’s long-term strategy to complement their beer lineup in Brazil following the realignment with Heineken. It allows both bottlers to fill a premium craft beer niche, leveraging Therezópolis’s established brand and production capabilities. With Brazil being the world’s largest coffee—but second-largest beer—market, the move strengthens indirect competition with major beer players, providing premium positioning across their portfolio.
Context
Founded by Aldo Teixeira 40 years ago in Maringá, Aldo Solar is among Brazil’s largest distributors of solar generator systems, serving over 11,000 resellers and installers. In 2020, the company reported R$1.6 billion in revenue and sold roughly one-third of all rooftop solar systems in the country—over 160,000 units.
Strategic rationale
Brookfield Business Partners, the private equity arm of Brookfield Asset Management based in Canada, acquired a 35% stake in Aldo Solar, investing approximately US$320 million, including US$115 million directly funded by Brookfield. The investment aims to support the company’s national expansion, enhance its technological and service offerings, and strengthen its leadership in Brazil’s distributed solar energy market.
Context
Founded in 2016, Escola Conquer is a Brazilian edtech recognized as a reference in business education for the New Economy. Starting with only 36 students in its first class, the school quickly evolved and today offers a comprehensive online platform with training programs, specializations, bootcamps, and recorded courses. Since its foundation, Conquer has impacted more than 1 million students in 80 countries and served over 300 companies in the B2B segment, consolidating itself as one of the leading digital education institutions in Brazil.
Wiser Educação, founded by entrepreneur Flávio Augusto, owns established brands such as Wise Up, Number One, meuSucesso.com, Power House, and Buzz. With a strong presence in language learning, executive education, and digital solutions, Wiser has been pursuing an aggressive growth strategy, with a BRL 1 billion acquisition plan over the coming years.
Strategic Rationale
Wiser Educação’s minority investment in Conquer will accelerate the edtech’s growth, expanding its scale and broadening its national and international reach. The transaction strengthens Conquer’s presence in digital education for the New Economy, integrating its course platform with Wiser’s education ecosystem. For Wiser, the investment represents an opportunity to further diversify its portfolio and reinforce its acquisition strategy focused on innovative edtechs.
Context
Terra Nova is a Brazilian distributor of agricultural inputs, operating a network of nine stores and generating approximately BRL 250 million in annual revenue. The company has built strong relationships with farmers by providing quality products and technical support for soybean, corn, and other key crops.
Nutrien Ltd., listed on TSX and NYSE, is the world’s largest provider of crop inputs and services, with vertical operations in seeds, crop nutrition, and crop protection. Present in 13 countries and 3 continents, Nutrien operates more than 2,000 distribution facilities, serving over half a million producers worldwide and supported by 23,500 employees.
Strategic Rationale
The acquisition of Terra Nova strengthens Nutrien’s retail footprint in Brazil by integrating nine additional stores into its network, increasing its reach and ability to deliver customized solutions to farmers. The transaction aligns with Nutrien’s strategy of expanding its presence in key agricultural regions, enhancing its capacity to serve local producers with integrated and innovative agricultural solutions. The deal also complements Nutrien’s digitally enabled retail platform, bolstering scalability and operational integration.
Context
Founded in 1988, Ferrari Zagatto is one of the largest agricultural input distributors in northwestern Paraná. The company operates 14 input retail stores and 9 grain handling units, serving over 2,700 farmers across the region.
Strategic rationale
igc partners advised Ferrari Zagatto on the sale of a majority stake to AgroGalaxy, one of Brazil’s leading agricultural input distribution platforms. The acquisition aims to strengthen AgroGalaxy’s footprint in southern Brazil and reinforce its leadership in the national ag-retail market.
Context
Founded in 2013 and headquartered in São Carlos (SP), Raccoon Group is the leading digital performance agency in Brazil and one of the largest in Latin America. It specializes in Digital Paid Media (search, social, commerce), Inbound Marketing (SEO, CRO), and IT/Business Intelligence (data analytics). In 2020, Raccoon managed approximately R$ 1 billion in digital campaigns and assembled a team of around 450 specialists, including engineers, data scientists, and programmers, serving clients such as Natura, Nubank, Carrefour, iFood, Unilever, and Google.
S4 Capital is a tech-led global advertising and digital marketing services company founded by Sir Martin Sorrell in 2018. It operates through specialist units including Media.Monks and MightyHive, with a presence across EMEA, Americas, and APAC.
Strategic Rationale
The merger between Raccoon Group and S4’s MightyHive significantly enhances S4 Capital’s data & digital media practice in Latin America. With strong growth in the first quarter of 2021, S4 is accelerating its pure-digital business model, leveraging Raccoon’s strong capabilities in performance media and data analytics to deploy its digital services more efficiently on a global scale.
Context
Founded in 2012, Giant Steps Capital is an investment manager specialized in quantitative funds, and a market leader in this segment in Brazil. Recognized for its pioneering approach, innovation, intensive use of technology, and consistent results, the firm currently manages around R$ 7 billion in assets under management.
In this transaction, XP Investimentos, Brazil’s largest investment platform, acquired a minority stake in Giant Steps Capital.
Strategic Rationale
The partnership with XP will allow Giant Steps to accelerate its national and international expansion plans, as well as broaden its product portfolio with new strategies and solutions for the market. The deal reinforces the firm’s positioning as a benchmark in quantitative investing in Brazil, while XP strengthens its network of strategic partnerships with high-performance independent asset managers.
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Founded in Minas Gerais, Ioasys is a technology consulting firm that provides customized digital solutions for large companies. With more than 220 technology professionals, it delivers end-to-end services — from problem diagnosis to final delivery. Focused on improving user experience, the company has carried out digital transformation projects for major clients such as Banco Inter, Fleury, Latam, Burger King, and Pfizer.
Alpargatas is a century-old company, owner of leading lifestyle and footwear brands such as Havaianas, and internationally recognized for its innovative and strategic role in the global market.
Strategic Rationale
The acquisition of Ioasys by Alpargatas aims to accelerate the company’s digital transformation agenda, leveraging technology to strengthen consumer engagement. The integration will enable the development of new digital experiences and increase the engagement of the Havaianas brand both in Brazil and internationally, consolidating Alpargatas’ position as a lifestyle leader and expanding its global connection with users.
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Founded in 2007, Kawa is an alternative investment manager focused on multimarket, private credit, real estate, and opportunistic investments. The firm currently manages approximately US$ 1.8 billion in assets under management, offering investors opportunities for diversification and consistent absolute returns, with transparency in risk management and execution.
BTG Pactual, the largest investment bank in Latin America, acquired a minority stake in Kawa as part of its strategy to expand exposure and partnerships in the asset management segment.
Strategic Rationale
The partnership with BTG Pactual will allow Kawa to accelerate its growth, strengthen its market presence, and broaden opportunities for Brazilian investors seeking exposure to U.S. assets. For BTG, the deal reinforces its network of strategic partnerships with independent asset managers and expands its presence in the alternative investments segment.
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Founded in 2006, Nepos Sistemas is a Brazilian leader in parking solutions, with seven operational hubs and over 115 employees managing more than 15,000 parking systems across more than 700 sites — including malls, airports, exhibition centers, supermarkets, and other high-traffic locations.
CAME S.p.A., headquartered in Dosson di Casier, Treviso, Italy, is a global provider of integrated technological solutions for access control, automation, and smart mobility. The company operates in over 21 countries with a workforce of approximately 1,700 and is active in more than 118 markets globally. The acquisition of Nepos aligns with the expansion of its CAME Parkare division in Latin America.
Strategic Rationale
CAME aimed to reinforce its position in the global parking systems sector and drive its business growth in evolving smart-city and urban mobility environments. Integrating Nepos allows CAME Parkare to leverage local market expertise, enhance user-centric parking experiences, and expand its international footprint via a proven partner with established infrastructure in Brazil.
Context
Founded in 1996 and headquartered in Joinville (SC), Pollux is a leader in Industry 4.0 solutions in Brazil and the Americas, operating in over 13 countries with 290+ professionals. Its offerings include robotics-based assembly lines, visual analytics inspection, autonomous mobile robots, and robotics-as-a-service.
Accenture is a global professional services company with advanced capabilities in digital, cloud, and security, operating in more than 120 countries.
Strategic Rationale
This acquisition marks Accenture’s first integration of an industrial robotics provider into its Industry X practice. By incorporating Pollux’s robotics expertise and technology, Accenture enhances its offerings in digital manufacturing, supply chain, and operations aiming to deliver flexible, resilient, sustainable, and safe manufacturing environments for its clients. The deal strengthens Accenture’s presence in the Americas and accelerates its digital transformation strategy.
Context
Founded in 2015, Vórtx is a one-stop shop for fund managers, banks, brokers, and corporations, developing all the infrastructure behind the scenes by combining technology and automation to deliver comprehensive services in fund administration, corporate operations, fiduciary services, asset custody, bookkeeping, and more.
FTV Capital, established in 1998 in the U.S., is a growth equity firm focused on enterprise and financial services technology. With over US $10 billion raised and nearly 150 companies in its portfolio, FTV brings deep domain expertise and a vast network to support its investments.
Strategic Rationale
Through the Series B investment led by FTV Capital, Vórtx will accelerate its growth by increasing technology investments and pursuing new M&A opportunities. This capital infusion supports Vórtx’s mission to scale its platform, innovate its offerings, and strengthen its position in the financial back-office market.
Context
Founded in 1997, FGS Brasil Indústria e Comércio Ltda. is the largest Brazilian manufacturer of HDPE pipes and fittings, with production plants in Cajamar (SP) and Recife (PE). Its capabilities include extrusion, injection molding, rotomolding, and manufacture of polyethylene, polypropylene, and metal fittings—serving sanitation, gas, mining, and construction utilities markets.
Georg Fischer AG (GF Piping Systems), based in Schaffhausen, Switzerland, is a global leader in flow solutions. Active since 1802, GF operates in over 33 countries, offering piping systems made of plastics and metal for water, gas, and industrial applications.
Strategic Rationale
The acquisition solidified Georg Fischer’s footprint in South America, giving it a proprietary platform in Brazil through FGS’s two manufacturing sites. It aligned with GF’s global growth strategy to expand in emerging markets by enhancing its service to utility and industrial segments, particularly in water and gas distribution. It also enabled GF to participate in large infrastructure initiatives, including São Paulo’s water-loss reduction programs.
Context
Founded in 2017 and headquartered in São Paulo (SP), LinkApi is the largest API integration and management platform in Latin America. With a team of over 100 employees, the company handles more than 5 billion integrations per month and serves over 180 clients in more than 15 countries, delivering robust solutions to connect systems, automate processes, and enhance digital operations.
Semantix is a multinational company recognized as a leader in Big Data and Artificial Intelligence, with a global presence and a focus on solutions that transform data into business intelligence.
Strategic Rationale
The sale of a majority stake to Semantix represents a strategic step to expand the impact of LinkApi’s solutions and integrate its capabilities with Semantix’s expertise in Big Data and AI. The partnership has resulted in the launch of the Semantix Data Platform, a solution that enables the creation of data infrastructure, the collection of information from any source, and the development of artificial intelligence algorithms, all within a single, integrated journey.
The transaction strengthens both companies’ positioning as technology leaders in Latin America, expanding market reach and accelerating innovation through the combination of complementary capabilities.
Context
Founded in 2014 and headquartered in Lençóis Paulistas (SP), Forever Liss is the largest digital cosmetics brand in Brazil. With a comprehensive product portfolio developed through direct interaction with consumers, the brand has built a strong digital presence, reaching more than 4 million people daily through its social media platforms. Known for its innovative strategy of engagement and co-creation, Forever Liss has established itself as a reference in beauty and innovation across multiple product categories.
Concept Investimentos is a Brazilian private equity fund manager focused on investing in mid-sized companies with high growth potential. The firm supports companies not only with capital but also with strategic and governance expertise to accelerate sustainable growth.
Strategic Rationale
The acquisition of Forever Liss by Concept Investimentos highlights the strong potential of Brazil’s digital beauty and cosmetics market. The transaction will allow the brand to accelerate its expansion, broaden its distribution channels, and invest in innovation to further strengthen its leadership in the digital space. For Concept, the deal represents an opportunity to back a leading brand with an engaged customer base and a scalable business model, aligned with its investment strategy in high-growth sectors.
Context
Founded in 1986, Grupo Desempar is an agricultural input distributor and one of the largest independent players in the state of Paraná, Brazil. The company operates 19 stores and serves more than 19,000 farmers across the region.
The transaction included the acquisition of five companies within the group: Denorpi, Deragro, Futuragro, Plenaferil, and Realce.
Strategic rationale
igc partners advised Grupo Desempar in the transaction with Lavoro, one of Brazil’s leading agricultural input distribution platforms. The acquisition aims to consolidate Lavoro’s footprint in Brazil and strengthen its market leadership position.
Context
Founded in 1996, Prontmed specializes in providing structured clinical data through electronic medical records to support population health management. Currently used by around 7,000 physicians across Brazil, the platform integrates clinical information and generates intelligence tailored to the needs of different medical specialties.
The Fleury and Sabin Groups, national references in diagnostic medicine, acquired a combined 30% minority stake in Prontmed.
Strategic Rationale
The investment will enable Prontmed to expand its user base, accelerate the development of new features, and reinforce its position as a reference in structured clinical data in Brazil. For Fleury and Sabin, the transaction enhances their ability to offer integrated, evidence-based solutions, strengthening healthcare efficiency and the integration of medical data on a national scale.
Context
Fesar (Faculdade de Ensino Superior da Amazônia Reunida) is a higher education institution based in Redenção, Pará, with strong regional recognition and programs such as Medicine, Law, Biomedicine, Accounting, Nursing, Civil Engineering, and Zootechnics. A regional reference, Fesar combines tradition with robust infrastructure and high academic standards.
Afya Educacional, the leader in medical education in Brazil and expanding into other healthcare fields, acquired 100% of Fesar’s equity interest. The institution, listed on Nasdaq, strengthens its education ecosystem through this acquisition — one of the most significant in the Brazilian higher education sector.
Strategic Rationale
The acquisition of Fesar allows Afya to expand its presence in Northern Brazil, adding an institution already consolidated in health sciences and other academic programs. The transaction strengthens Afya’s ecosystem with regional focus and helps broaden access to high-quality higher education in strategic areas. It also represents an important step in Afya’s geographic and institutional expansion, consolidating its leadership strategy in the segment.
Context
Loja do Mecânico was founded as an e-commerce platform for tools and machinery and quickly became the largest in its sector in Latin America, achieving significant revenue growth and expanding into physical retail. In 2020, it received investment from EB Capital, which acquired a controlling stake in the company and boosted its strategic transformation.
EB Capital is a private equity manager focused on macro trends and sectors with strong structural demand in Brazil. The investment represented a turning point for Loja do Mecânico, enabling the acceleration of an omnichannel ecosystem with retail, content, technical training, and financial services.
Strategic Rationale
EB Capital’s investment allowed Loja do Mecânico to expand beyond digital channels, advancing into an omnichannel model with physical stores and a complete service platform for professionals in the sector. The transaction strengthened the company’s national expansion, digitalization, and channel diversification strategy, with the ambition of consolidating its position as the absolute leader in the market.
Context
Founded in 1989 and headquartered in Uberlândia (MG), Sankhya is one of Brazil’s leading ERP and management software companies. The company introduced the Enterprise Intelligence Platform (EIP) concept, which extends traditional ERP with innovative tools that elevate management capabilities and market connectivity. Sankhya's solutions transform operational data into actionable insights for more secure and accurate decision-making. Though its offerings are tailored to each client's needs, all modules are integrated into a unified ERP platform.
GIC, established in 1981, is Singapore’s sovereign wealth fund and one of the world’s largest institutional investors, managing the country’s foreign reserves with a focus on long-term, global investments.
Strategic Rationale
With the financial backing from GIC, Sankhya plans to further accelerate its growth by launching new business units, increasing investments in technology, conducting marketing and R&D efforts, and pursuing M&A opportunities to acquire complementary products. This collaboration enhances Sankhya's ability to innovate, expand its distribution channels across Brazil, and reinforce its leadership position in the ERP and management software market.
Context
igc partners is pleased to announce it advised Transmoreno, one of Brazil’s leading finished vehicle logistics companies, on its transaction with JSL (B3: JSLG11), one of the country’s largest transportation and logistics groups. Founded in 1978 and headquartered in São José dos Pinhais (PR), Transmoreno specializes in new vehicle transportation and offers additional services such as fueling, storage, shipping, and vehicle yard management. The company serves major clients including Renault, Nissan, and Volkswagen, with operations in Paraná and Rio de Janeiro.
Strategic rationale
The acquisition strengthens JSL’s position in the automotive logistics sector. It supports the group’s growth strategy, expands its service portfolio, and consolidates its logistics platform throughout Brazil.
Context
Founded in 2011 in Uberlândia (MG), ZUP IT is a consulting company specialized in digital transformation projects, offering technology solutions tailored to each client’s needs. With over 1,000 employees, the company develops systems that facilitate the integration of new digital features with legacy corporate systems, accelerating innovation processes and technological modernization for large enterprises.
Itaú Unibanco is the largest private bank in Latin America, with a strong presence in financial services, international operations, and a focus on innovation and digital transformation to expand its product offerings and enhance customer experience.
Strategic Rationale
The acquisition of ZUP IT by Itaú Unibanco aims to accelerate the development of digital transformation projects within the bank, enabling the faster creation and delivery of new digital features and products to its customers. ZUP’s expertise in system integration and technological innovation complements Itaú’s strategy to strengthen its internal capabilities and consolidate its position as a leader in digital financial solutions in the region.
The transaction also enhances operational and technological synergies, allowing Itaú to optimize processes, increase efficiency, and offer more personalized experiences to users of its digital channels.
Context
Crescimentum, founded in Brazil and recognized as a top leadership and management training provider, achieved €7.7 million in turnover in 2019—a 31% increase over the previous year. It is renowned for premium positioning and serving major multinational clients, including Carrefour, Honda, Microsoft, Nestlé, Uber, and Whirlpool.
Cegos Group, established in 1926 in France, is a global leader in learning and development, offering training solutions across 50+ countries, with over 250,000 learners annually and revenues of approximately €250 million in 2019. The transaction was announced in October 2020, as Cegos acquired a majority stake in Crescimentum to strengthen its Latin American presence.
Strategic Rationale
Through the acquisition of Crescimentum, Cegos advances its Latin American strategy—building on prior entries in Chile and Mexico—by strengthening its presence in Brazil's thriving leadership training market.
This alignment combines Cegos’ global digital learning tools, such as LearningHub@Cegos and a multilingual e learning catalog, with Crescimentum’s market-leading local content, expertise, and client portfolio. The synergies enable cross-border training projects and enhanced offerings backed by a robust regional infrastructure.
Context
Agrosema Comercial Agricola Ltda., founded over 30 years ago in southern Brazil, operates approximately 12 farm centers with annual sales near US$60 million and around 200 employees, serving a strong regional presence in crop retail.
Nutrien Ltd. is the world’s largest provider of crop inputs and services, producing and distributing over 25 million tonnes of potash, nitrogen, and phosphate worldwide and serving more than 500,000 growers through nearly 2,000 ag retail centers across three continents. In Brazil, Nutrien Ag Solutions already maintains a central fertilizer blending facility and six additional facilities in the states of São Paulo and Minas Gerais.
Strategic Rationale
The acquisition of Agrosema marks Nutrien’s first on-the-ground expansion in Brazil, complementing an initial US$1 billion investment plan announced in 2019 to grow its Brazilian ag-retail presence.
Agrosema provides an immediate channel to reach farmers in southern Brazil and advances Nutrien’s ambition to achieve approximately 30% market penetration in the country’s distribution landscape. The transaction adds another touchpoint for its product suite, including specialty liquid fertilizers from its Agrichem unit and reinforces its long-term strategy of combining acquisitions with organic facility growth.
Context
Founded in 1957 and headquartered in Vargem Grande do Sul, São Paulo, Café Pacaembu is a traditional Brazilian coffee roaster, operating one of the most modern coffee roasting plants in the market and recently recognized as producing the best extra strong coffee in Brazil.
Massimo Zanetti Beverage Group (MZBG), based in Italy, is a global leader in roasted coffee production, processing, and distribution, present in over 100 countries and managing the entire coffee value chain—from green bean sourcing to retail—through renowned brands like Segafredo Zanetti and Boncafé.
Strategic Rationale
This acquisition positions MZBG to capitalize on Brazil’s coffee market—world’s largest producer and second-largest consumer—by integrating Café Pacaembu's high-tech roasting facility and strong brand reputation. It reinforces MZBG’s production capacity, enhances local distribution, and aligns with its strategy to expand in high-growth geographies through key local assets.
Context
Founded in 1980 and based in Pouso Alegre, Minas Gerais, Adubos Real S.A. is a leading Brazilian agri-input retailer offering a full range of services and products, including proprietary fertilizers, pesticides, and seeds through its wholesale unit Diamig, which serves local retailers
Marubeni Corporation, headquartered in Tokyo and founded in 1858, is a major Japanese trading and investment conglomerate with diverse operations spanning food, agricultural inputs, chemicals, energy, industrial machinery, and transportation
In October 2019, Marubeni made an equity investment, acquiring a partial stake in Adubos Real, making the latter its subsidiary to support expansion in agribusiness
Strategic Rationale
Marubeni’s investment in Adubos Real aligns with its global expansion strategy in agri-input retail, particularly in Brazil. The partnership enables Marubeni to share its international experience and support local growers with advanced solutions that boost productivity and sustainability, addressing evolving agricultural challenges across limited farmlands.
Context
Founded in 2010 in Brazil, Semantix is a technology company specializing in big data and artificial intelligence, with international operations and offices in São Paulo, Mexico City, and Bogotá. Recognized for its ability to transform data into business intelligence, the company delivers cutting-edge solutions across multiple industries, supporting organizations in decision-making, process automation, and the development of data-driven strategies.
Crescera Investimentos is a private equity and venture capital firm with a track record of investing in high-growth companies with scalable business models. Inovabra Ventures is Bradesco’s corporate venture capital arm, focused on strategic investments in innovative companies with the potential to generate synergies within the group’s ecosystem.
Strategic Rationale
The investment from Crescera and Inovabra Ventures will enable Semantix to accelerate the execution of its business plan, develop new verticals and strategic initiatives, and strengthen its international presence. The capital infusion also enhances the company’s ability to innovate, expand its product portfolio, and grow its customer base, consolidating its position as a reference in big data and artificial intelligence in Latin America.
The entry of two strategic investors with experience in scalability and innovation creates additional opportunities for both organic and inorganic growth, enabling new partnerships and expansion into markets not yet explored by the company.
Context
Founded in 1959 and headquartered in Brusque, Santa Catarina, Quimisa is a leading distributor of industrial and specialty chemicals in Southern Brazil. The company supplies industrial chemicals—including caustic soda and hydrogen peroxide—and specialty products like textile auxiliaries, dyes, and polymers to industries such as textiles, household care, food & beverage, and paper. Quimisa operates four strategically located branches and owns Quimilog, a transportation subsidiary ensuring agile and efficient logistics.
Brenntag SE, headquartered in Essen, Germany, is the global leader in chemicals and ingredients distribution. Founded in 1912, the company has a presence in 76 countries with over 580 offices and employs more than 16,600 people worldwide.
Strategic Rationale
Brenntag’s acquisition of Quimisa and its logistics unit Quimilog strengthens the company’s position in Brazil by expanding its industrial and specialty chemicals offering. The transaction enhances Brenntag’s infrastructure and market capabilities in key Brazilian states—Santa Catarina, Paraná, Rio Grande do Sul, and São Paulo—enabling improved service to the textile and household chemical industries.
The acquisition also accelerates Brenntag’s regional growth strategy, combining local market leadership with global reach in a high-potential economy.
Context
Padtec S.A., founded in 1999 and headquartered in São Paulo, is a global leader in optical communications systems, particularly in DWDM technologies. The company’s OTN-Switch platform and related intellectual property were transferred as part of this deal.
Ekinops, based in Paris, France and listed on Euronext, provides optical transport solutions for telecom operators and data networks worldwide.
Strategic Rationale
This acquisition strengthened Ekinops’ product portfolio, enabling it to deliver scalable OTN/DWDM solutions to support 5G and high-bandwidth transport markets. For Padtec, the deal unlocked R&D capital and validated its engineering excellence.
Context
BSN Medical, part of the Essity Group, is a global developer, manufacturer, and distributor of medical products in the areas of wound care, compression therapy, and orthopedics. Neve Indústria e Comércio de Produtos Cirúrgicos, founded in 1986 and headquartered in Bragança Paulista (SP), manufactures surgical, orthopedic, protective, and hospital apparel product lines. It serves over 1,500 hospitals and employs approximately 400 people.
Strategic Rationale
In August 2019, BSN Medical sold all assets of its Neve division to a group of Brazilian investors. The transaction allowed BSN to focus on its core global strategy, while Neve gained greater operational autonomy under local management, maintaining domestic production and direct service to the hospital market.
Context
Onofre is one of the most traditional pharmacy chains in Brazil, with more than 85 years of history. It currently operates 50 stores across the country’s main states and was a pioneer in online retail, establishing itself as a digital pharmacy. Recognized for its expertise in e-commerce and telesales with delivery, Onofre has become one of the leaders in this channel, which represents a significant portion of its revenue.
The transaction involved the sale of Onofre by CVS Health, one of the largest health and wellness chains in the world, to RaiaDrogasil, the largest pharmaceutical retail group in Brazil.
Strategic Rationale
The acquisition strengthens RaiaDrogasil’s position as the leader in the Brazilian pharmaceutical sector, adding Onofre’s expertise in digital channels and expanding its ability to deliver convenience and omnichannel experiences to customers. For Onofre, the transaction represents the opportunity to integrate into a larger structure, reinforcing its presence in both physical and digital retail and expanding its reach in the national market.
Context
Texlog (comprised of Lotus Logística Integrada and Sete Serviços de Entrega) provides services in last-mile delivery (up to 30 kg), cross-docking, express deliveries, reverse logistics, and international courier, covering over 2,500 municipalities across Brazil. Sequoia, backed by Warburg Pincus and specializing in integrated logistics across sectors like warehousing, fashion, e-commerce, education, and payments, acquired Texlog to reinforce its last-mile operations in the Southeast, notably in Rio de Janeiro and Minas Gerais.
Strategic rationale
The acquisition created a powerful synergy between Texlog’s last-mile delivery capabilities in challenging urban areas and Sequoia’s robust distribution infrastructure. This enhanced Sequoia’s logistics network and regional dominance, further consolidating its leadership in technology-driven e-commerce logistics.
Context
Founded in 1965 and headquartered in São Paulo State, Wolpac Sistemas de Controle Ltda. is a leading Brazilian manufacturer specializing in access control equipment for transportation and security sectors. The company is renowned across Latin America for its comprehensive portfolio of pedestrian and vehicle entry solutions and maintains strong production capabilities and around 200 employees.
FAAC Group, established in 1965 in Italy, is a global pioneer in automation and access control systems, operating across three business units (Access Automation, Parking Technology, and Access Control) with over 3,600 employees in 29 countries. Through its subsidiary Magnetic Autocontrol (Brazil), FAAC completed the acquisition of Wolpac in June 2019.
Strategic Rationale
This acquisition reinforces FAAC’s strategic focus on expanding in Latin America, integrating Wolpac’s deep market presence, manufacturing capacity, and product expertise into its Access Control business unit. The transaction aligns with FAAC’s broader strategy to combine global innovation with local specialization, enabling it to offer enhanced access control solutions across the region.
Context
igc partners is pleased to announce it advised Grupo Setin on the contribution of the Pullman Ibirapuera and Ibis Expo SP hotels to the XP Hotéis FII real estate fund. Both properties are located in prime areas of São Paulo.
Based in São Paulo, Setin is one of the largest real estate development groups in Brazil. The company has delivered more than 6,600 hotel rooms across 30+ properties and holds a solid track record in the hospitality sector, alongside operations in the residential and commercial segments.
Strategic Rationale
The transaction supports Setin’s strategy of portfolio rotation and liquidity generation while reinforcing XP Hotéis FII’s position as a key platform for acquiring high-quality urban hospitality assets.
Context
Founded 15 years ago, Grão de Ouro Agronegócios is one of the leading agricultural input distributors in the state of Minas Gerais. The company serves over 4,000 farmers and also operates a wholesale division — Grão de Ouro Insumos — supplying agricultural inputs to local resellers.
Strategic rationale
igc partners advised Grão de Ouro on the sale of a majority stake to Aqua Capital, a private equity fund focused on agribusiness and food in Latin America. The investment aims to strengthen and expand Grão de Ouro’s regional operations, leveraging Aqua Capital’s experience and position in the sector.
Context
Femme Laboratório da Mulher is a diagnostic center exclusively focused on women's health, currently operating five units in São Paulo. Founded by doctors Professor Dr. Rogério Ciarcia Ramires and Professor Dr. Décio Roveda Júnior, Femme offers services including diagnostic gynecology, ultrasound, fetal medicine, breast imaging, genetic testing, pathology, and blood tests.
L Catterton is the world’s largest consumer-focused private equity firm, founded as a joint venture between Catterton, LVMH, and Groupe Arnault. It manages over US $15 billion across multiple funds focused on the consumer and health sectors.
Strategic Rationale
L Catterton’s investment is intended to fuel Femme’s national expansion by scaling its clinic network, adding new services, and enhancing marketing efforts. The strategic partnership leverages L Catterton’s deep expertise in growing consumer-health platforms across Latin America, positioning Femme to elevate its brand and accelerate growth.
Context
JAFRA Cosmetics International is one of the world’s leading beauty product manufacturers, offering a full portfolio that includes skincare, fragrances, makeup, and bath & body products. Founded in 1956 in the United States, the company operates in 15 countries and has more than 550,000 independent direct sales consultants. Since 2004, JAFRA has been part of the German group Vorwerk, a family-owned company founded in 1883 with a global presence across several consumer segments.
Context
Padtec S.A., founded in 1999 and headquartered in São Paulo, is a global leader in optical communications systems, specializing in DWDM technologies. Its Submarine Networks Division (Padtec SND), based in São Paulo with about 30 employees, developed submarine networking technology and systems, including optical line amplifiers (repeaters), as well as planning, deployment, and maintenance services for undersea cables.
IPG Photonics Corporation, based in Oxford, Massachusetts, is a world leader in high-power fiber lasers and amplifiers, with a global presence and a focus on high-performance optical systems.
Strategic Rationale
In January 2019, IPG Photonics acquired 100% of Padtec’s Submarine Networks Division for R$ 75 million (approximately US$ 20 million). The sale was part of Padtec’s strategy to refocus on high-capacity terrestrial optical transport, reallocating resources to R&D, debt reduction, and international expansion. For IPG, the acquisition strengthened its entry into submarine networking systems, combining its high-power amplifier technologies with Padtec’s undersea expertise.
Context
Poupafarma is a pharmacy retail chain with a presence in more than 30 cities, offering a wide portfolio of medicines, health, and wellness products. Over the years, it has established itself as a relevant brand in the sector, with a focus on convenience and customer proximity.
The transaction involved the sale of a majority stake to InvestFarma, an investment vehicle of Stratus Capital Partners, a middle-market private equity fund specialized in supporting companies in stages of growth and transformation.
Strategic Rationale
The entry of Stratus as Poupafarma’s controlling shareholder will accelerate the expansion of the chain, strengthen its governance, and optimize its operations, increasing competitiveness in a highly fragmented and competitive sector. The investment also enables the exploration of strategic synergies, expansion into new regions, and the consolidation of Poupafarma’s position as one of the leading pharmacy chains in Brazil.
Context
Founded in 2011, Grupo AGP is one of the leading agricultural input distributors in the state of Mato Grosso. igc partners advised the company on the sale of a majority stake to Pátria Investimentos, one of the largest alternative asset managers in Latin America.
Strategic rationale
Through this transaction, Grupo AGP became part of Pátria’s agri-input platform in Mato Grosso, joining forces with Lavoro and Impacto to strengthen the group’s presence in the region.
Context
Grupo União, headquartered in Vitória (ES), is a market leader in auto parts distribution and retail, with a strong regional presence and a solid network built over years of operation. The group is recognized for its comprehensive product lines and trusted relationships with customers across Espírito Santo and neighboring states.
Grupo Fortbras, controlled by private equity fund Advent International, is one of the leading auto parts distributors and retailers in Brazil, with nationwide operations and rapid growth driven by acquisitions and organic expansion. The company has been consolidating its role as a major player in the automotive sector, serving a wide base of repair shops, retailers, and consumers across the country.
Strategic Rationale
The merger between Grupo União and Grupo Fortbras creates the largest auto parts distributor and retailer in Brazil, combining União’s regional leadership with Fortbras’ nationwide scale. The transaction reinforces the consolidation trend in the sector, expands geographic coverage, generates economies of scale, and strengthens service capacity. With this integration, the combined group gains greater competitiveness and resilience to keep pace with the evolution of the Brazilian automotive market.
Context
Casa do Adubo is an ag-input company with over 80 years of history, operating 20 stores across Espírito Santo, Bahia, Rio de Janeiro, Minas Gerais, Mato Grosso, Rondônia, Pará, and Acre. The company employs over 500 professionals across retail locations and field sales. It also controls Casal Distribuidora, a business focused on supplying agricultural inputs to small and mid-sized resellers.
Strategic rationale
igc partners advised Casa do Adubo on a capital raise with Axxon Group, a private equity firm focused on generating value in mid-sized Brazilian companies. The investment aims to strengthen and expand the national operations of both Casa do Adubo and Casal Distribuidora.
Context
Fortgreen Commercial Agrícola Ltd., founded in 2004 and headquartered in Paiçandu, Paraná, develops and markets advanced crop technologies, including foliar fertilizers, biostimulants, adjuvants, and slow-release fertilizers. The company serves around 1,200 customers via B2B and retail channels.
Origin Enterprises plc, founded in 1897 and headquartered in Dublin, Ireland, is an international agri-services group supplying crop technologies, agronomic consultancy, and digital solutions. It holds operations across Europe and has been actively expanding in Brazil and Latin America since 2018.
Strategic Rationale
In mid-2018, Origin acquired a 65% stake in Fortgreen as part of its expansion into South American agri-input markets. The investment aimed to bolster Origin’s technological capabilities in crop nutrition, diversify its geographic footprint, and provide access to products designed for Brazil’s large-scale agriculture sector.
Context
Opus is a Brazilian cosmetics manufacturer, primarily focused on haircare and intimate hygiene products. Recognized for innovation in formulations and for building relevant brands in the beauty segment, the company established a solid presence in the domestic market with affordable products widely accepted by consumers.
Cless Cosméticos, founded in 2004, is one of the leading beauty groups in Brazil, with well-known brands such as Charming, Lightner, and Care Liss, distributed across thousands of points of sale nationwide. The company operates broadly in the hygiene and beauty segment, with a diversified portfolio and a strong marketing and distribution strategy.
Strategic Rationale
Cless’s acquisition of 100% of Opus strengthens the group’s expansion strategy, broadening its portfolio in complementary categories such as intimate hygiene and haircare. The transaction reinforces Cless’s position as one of the most relevant players in Brazil’s cosmetics market while creating commercial and distribution synergies among its portfolio brands.
Context
In June 2018, Origin Enterprises PLC, an Irish-based agri-services company listed on Euronext Dublin and AIM, entered the Brazilian market through the acquisition of a 20% equity stake in Ferrari Zagatto E Cia Ltda., a Brazilian distributor of agronomy services, inputs, and crop marketing solutions headquartered in Paraná.
Ferrari Zagatto, founded in 1988, is recognized for providing agronomy services, crop inputs, and marketing support to grain and specialty crop growers—approximately 4,000 farmers—throughout Paraná, the second-largest soybean and corn producing region in Brazil
Context
Founded in Brazil in 2012, Decora is a 3D visualization and augmented reality (AR) startup specializing in product imagery, realistic CGI scenes, 360° videos, and AR-ready files aimed at retailers and marketers. By March 2018, Decora’s scalable platform and growing team of 3D designers enabled production of over 15,000 images and 7,000 scenes per month—a more than 1,000% increase in production during 2017.
CreativeDrive, a global content creation company operating over 150 production studios worldwide, acquired Decora in March 2018 in a deal reportedly worth over US $100 million. The acquisition aimed to enhance the company’s capabilities in motion, digital, photography, CGI, and AR/VR content creation.
Strategic Rationale
With this acquisition, CreativeDrive aimed to meet growing demand for scalable, high-quality content creation that is AR/VR ready and platform-agnostic. Decora’s proprietary technology and global network of 3D artists allowed CreativeDrive to deliver “intelligent content” at scale, overcoming traditional barriers in CGI production and enabling brands to deliver immersive experiences efficiently across channels.
Context
Puket is a retail chain specialized in children’s clothing, accessories, and creative gifts, with a strong presence in both the Brazilian and international markets. At the time of the transaction, the company operated more than 160 stores in Brazil and 12 international units, recognized for its playful product design and strong appeal to young and family audiences.
Grupo Uni.co, a retail holding controlled by Squadra Investimentos, comprises the brands Imaginarium, Ludi, and MinD. The group has established itself as a brand platform focused on gifts, decoration, and lifestyle, with an emphasis on national expansion and strengthening multichannel operations.
Strategic Rationale
Grupo Uni.co’s acquisition of 100% of Puket represented a strategic move to diversify and strengthen its brand portfolio. The transaction expanded the group’s presence in new product categories and complementary sales channels, consolidating its position as a leading reference in lifestyle and creative gift brands in Brazil.
Context
LC Restaurantes is a service provider specialized in collective meals, serving companies across various sectors with comprehensive corporate dining solutions. Recognized for quality in food preparation and management, LC has built a significant presence in Brazil’s food services market.
Grupo GPS is one of the largest corporate services conglomerates in Brazil, operating in security, facility services, logistics, and sanitation. With a broad client base and nationwide presence, the company has consolidated itself as a benchmark in providing integrated solutions for companies of different sizes and industries.
Strategic Rationale
Grupo GPS’s equity investment in LC Restaurantes expanded the complementarity of services provided by both companies. The transaction created opportunities to capture commercial synergies through cross-selling with GPS’s client base, making it the only company in Brazil with a comprehensive portfolio covering all corporate service verticals.
Context
ACS (Brazil), founded in the 1980s and headquartered in São Paulo, is a leading provider of energy efficiency services in Brazil, specializing in remote monitoring of energy, water, temperature, and gas consumption. ACS held around 40% market share and served over 600 clients, including major corporations in retail, banking, and industry.
Engie SA is a French multinational utility company, headquartered in La Défense, France, founded in 2008 (originating from Gaz de France and Suez). Engie operates globally across electricity, natural gas, renewables, and energy services.
Strategic Rationale
In January 2018, Engie Soluções (Engie’s services arm in Brazil) acquired ACS to enhance its integrated energy services offering. The acquisition enabled Engie to broaden its platform, combining remote monitoring with services such as efficient lighting, solar generation, HVAC and industrial maintenance. The deal aligned with Engie’s global strategy to grow its energy services segment and achieve R$ 1 billion in revenue within two years in Brazil.
Context
Founded in 1990, Abase is a Brazilian distributor of veterinary health care products based in Jaguariúna, São Paulo. The company serves companion animals, swine, poultry, and bovine segments and offers pharmaceuticals, pet food, diagnostic equipment, and consumables.
Henry Schein, headquartered in Melville, New York, is the world’s largest provider of health care products and services to dental, animal health, and medical practitioners.
Strategic Rationale
Henry Schein’s majority investment in Abase strengthens its position in Brazil’s animal health market, complementing an earlier investment in Tecnew in Rio de Janeiro. The deal diversifies Henry Schein's supplier relationships, approximately doubles its Brazilian volume, and supports its ambition to help veterinarians in Brazil run more efficient, successful practices while delivering high-quality care.
Context
RZF Projetos, Construções e Serviços Rodoviários, based in Araras, São Paulo, specialized in roadworks, landscaping, and infrastructure services. Its acquisition by Grupo GPS marked a strategic expansion into road maintenance, complementing GPS’s existing portfolio in facilities and infrastructure services.
Strategic rationale
The transaction reinforced Grupo GPS’s leadership in infrastructure and outsourced services across Brazil. Integrating RZF expanded its operational reach into road maintenance in key states including SP, MG, PR, SC, and RS, generating synergies and enhancing service capabilities.
Context
Founded in 2005, Estante Virtual is Brazil’s largest book marketplace, connecting thousands of secondhand bookstores and independent sellers to readers nationwide. The platform offers more than 16 million new and used titles, making it the largest Portuguese-language book collection in the world, and has become a reference for broad access to reading and book commerce.
Livraria Cultura, founded in 1947 in São Paulo, is one of Brazil’s most traditional bookstore chains, with over 70 years of history in the sector. With a strong presence in physical stores and online retail, Cultura has built a reputation as a cultural and literary hub in the country.
Strategic Rationale
The acquisition of Estante Virtual by Livraria Cultura strengthened the chain’s strategy of expanding its digital presence and diversifying its business model by integrating Brazil’s largest book marketplace into its ecosystem. For Estante Virtual, the transaction provided the opportunity to scale up and reinforce its infrastructure while continuing to connect secondhand bookstores and independent sellers with millions of readers across Brazil.
Context
Ourolac Indústria de Alimentos S.A., founded in 2002 and based in Rio Verde (GO), is a leading provider of UHT dairy solutions to the foodservice market. Its products are used by major chains including Burger King, Bob’s, KFC, Giraffas, Chiquinho Sorvetes, Cinepólis, Cacau Show, and a wide network of distributors.
2bCapital, the private equity arm of Grupo Bradesco, invests in Brazilian growth-oriented companies, often alongside institutional backers.
Siguler Guff & Company, a U.S.-based private equity firm with over US $12 billion in assets, has significant investment presence in Latin America.
Strategic Rationale
The joint investment of R$ 90 million by 2bCapital and Siguler Guff aims to:
Strengthen Ourolac’s presence in Brazil by increasing production capacity, launching complementary solutions, and expanding national coverage.
Support Ourolac’s strategic plan, which includes geographic growth into Latin America and Central America.
Bring new strategic expertise and high-level networking to accelerate execution of business goals across short, medium, and long-term horizons.
Context
Agro 100 is an agricultural inputs distributor headquartered in Paraná, also operating in Mato Grosso do Sul, focused on ag input sales and grain handling.
Strategic rationale
igc partners advised Agro 100 on the sale of a majority stake to Aqua Capital, a private equity firm focused on agribusiness, food, and logistics. The deal was part of a broader consolidation strategy that led to the creation of Agro Galaxy, formed through a series of regional acquisitions backed by Aqua Capital in 2017.
Context
CBL Alimentos S.A., operating under the Betânia brand, is a Brazilian dairy company founded in 1975 and headquartered in Quixeramobim and Fortaleza, Ceará. It is the largest dairy producer in Brazil’s Northeast, manufacturing fluid milk, dairy drinks, yogurt, cheese, condensed milk, and more across five production plants in Ceará, Pernambuco, Paraíba, and Sergipe, with eight distribution centers.
Arlon Group is a New York–based private equity firm specializing in food and agriculture. Founded in 2007 and backed by Continental Grain Company and Rabobank, Arlon manages over US$ 1 billion in assets and focuses on middle market companies across the Americas.
Strategic Rationale
In July 2017, Arlon acquired a 20% stake in CBL Alimentos. The transaction aimed to fund investments of around R$ 100 million over three years to double production capacity, especially at the Morada Nova plant, and launch higher value products. Arlon also gained a board seat, supporting the scaling of production, expansion of distribution networks across the Northeast, and entry into new states such as Bahia, Maranhão, and Piauí.
Context
Casa da Vaca, one of Brazil’s largest distributors of veterinary products and agricultural inputs, was advised by igc partners in the sale of a majority stake to Aqua Capital, a private equity fund focused on agribusiness, food, and logistics sectors. Headquartered in Perdões, Minas Gerais and founded in 1975, the company maintains a stock of over 4,000 items, with sales concentrated in Minas Gerais, Rio de Janeiro, and Espírito Santo.
Strategic rationale
The investment aimed to consolidate Casa da Vaca’s operations in the Southeast region and expand its pet-care product businesses.
Context
Divcom Pharma is a pharmaceutical company with a strong presence in the over-the-counter (OTC) and supplements market, recognized for its well-established health and wellness brands.
FQM Farmoquímica is one of the traditional companies in the Brazilian pharmaceutical sector, with a diversified portfolio that includes prescription drugs, OTC products, dermocosmetics, and dietary supplements, serving multiple medical specialties.
With the merger of operations, FQM Divcom is created, combining the strength of two relevant players in the industry and significantly expanding its reach in the Brazilian pharmaceutical market.
Strategic Rationale
The integration of Divcom Pharma and FQM Farmoquímica strengthens the competitiveness of the new group, broadening its product portfolio and enhancing its presence with physicians, pharmacies, and consumers across Brazil.
The creation of FQM Divcom enables the capture of commercial and operational synergies, accelerates the expansion of well-established brands, and supports investment in the development of new products, consolidating the company as one of the main players in the Brazilian pharmaceutical sector.
Context
Founded in 1993, Muxi specializes in solutions for the payments industry, developing platforms that serve the entire value chain of the sector. Its technology is embedded in more than 3 million devices — including POS terminals, mPOS, tablets, and smartphones — ensuring integration with multiple transactional systems. The company is headquartered in Rio de Janeiro, with offices in São Paulo, Lima, Mexico City, and Miami, and has a client portfolio that includes Cielo, Visanet Peru, First Data, Nexxpago, PagaTodo, Redeban, Banrisul, Sicredi, Ipiranga, and BR Distribuidora.
Confrapar, one of Brazil’s leading investment managers focused on technology, made an investment of up to R$ 16 million in Muxi.
Strategic Rationale
The investment from Confrapar will allow Muxi to accelerate the development of new products, strengthen its presence with key players in the payments sector, and expand its international operations, particularly in the United States.
With the capital injection, the company is betting on innovation, including the launch of muxiWAY, a solution patented in the U.S. that turns any mobile device into a POS terminal, while also strengthening its operations in Latin American markets where it is already present, such as Mexico, Peru, Venezuela, and Colombia. The partnership with Confrapar also supports Muxi’s strategy to consolidate itself as a global reference in payment technology.
Context
Osler Laboratory, a Brazilian manufacturer of insect repellents, is best known for its Exposis® brand, a premium line of picaridin-based products widely sold in pharmacies across Brazil. The company built a strong reputation in the Brazilian market for effective, high-quality repellents targeted at consumers seeking advanced protection.
SC Johnson, headquartered in Racine, Wisconsin (USA), is a global leader in household and personal care products. Founded in 1886, SC Johnson owns iconic brands like OFF!®, Raid®, Glade®, Windex®, and Pledge®, and operates in over 70 countries.
Strategic Rationale
The acquisition of Osler Laboratory enables SC Johnson to strengthen its insect-repellent portfolio in Brazil, adding a premium, locally recognized brand to complement its existing pest-control products. The transaction expands SC Johnson’s footprint in Brazil and enhances its ability to meet consumer needs in the insect protection segment.
Context
In 2016, CB Air, an executive aviation company founded by Michael Klein, acquired Global Aviation for R$38 million, plus liabilities estimated at up to R$70 million. The deal brought together established brands such as Global Táxi Aéreo, Reali Táxi Aéreo, Pássaro Azul, and SSR Assessoria, resulting in a combined fleet of 32 aircraft.
The transaction was approved by ANAC and CADE later that year. The companies began operating under the new brand Icon Aviation, becoming a national leader in executive aviation.
Strategic rationale
The acquisition consolidated CB Air’s leadership in the Brazilian executive aviation market, expanding its aircraft fleet, hangar network, and operations in key hubs like São Paulo, Rio de Janeiro, and Brasília.
Context
Vivante — a facilities and industrial maintenance company owned by private equity funds Axxon Group and Marceau Finance — acquired a 40% stake in BC2 Construtora, which specializes in maintaining and conserving privatized highways in Brazil. Investment was structured as a capital injection with a disclosed value potentially reaching up to R$100 million over the following five years, aimed at supporting BC2’s growth in transport infrastructure services. At the time, Vivante’s revenue was around R$250 million (in 2015), and the funds were intended entirely for growth initiatives.
Strategic rationale
The transaction aimed to elevate BC2 to become one of Brazil’s largest providers of infrastructure maintenance services, including ports, airports, and railroads. Vivante’s involvement, underpinned by Axxon and Marceau, reflects a strategic emphasis on investing in high-potential infrastructure sectors.
Context
Founded in 2008, YesSinergy is a Brazilian biotechnology company specializing in natural animal nutrition and health additives, aimed at replacing antibiotics while promoting sustainability. Based in Campinas (SP) with production plants in Lucélia and Borá, the company serves multiple animal species and exports to over 40 countries.
Strategic rationale
Aqua Capital’s majority investment in March 2016 brought professionalization and value-focused growth to YesSinergy. The transaction enabled 24% annual organic revenue growth and 25% EBITDA growth, international expansion, adoption of robust ESG practices, and recognition by LAVCA for best-in-class impact.
Context
Moip Pagamentos S.A., founded in 2008 and based in São Paulo, is a Brazilian digital payment processor offering end-to-end solutions for e-commerce platforms, marketplaces, and small and medium-sized businesses. The company provides services including automated onboarding, buyer protection, and payment guarantees, serving nearly 100,000 clients and processing over BRL 1 billion in annual payments at the time of the transaction.
Wirecard AG, headquartered in Germany, was a global payment services and technology company offering electronic payment processing, risk management, and issuing services, operating across Europe, Asia, and the Americas.
Strategic Rationale
The acquisition of Moip allowed Wirecard to establish a strong presence in Latin America, leveraging Moip’s scalable technology, local expertise, and customer base to expand Wirecard’s global payment and issuing solutions into the Brazilian and regional markets.
Context
CorpFlex, a provider of cloud computing and IT outsourcing solutions, received investment from 2bCapital, a private equity fund focused on mid-sized companies. Founded in 1992 and based in Barueri, Brazil, CorpFlex serves approximately 30,000 users with its technology platform.
Strategic rationale
The injection of capital aimed to accelerate CorpFlex’s national growth by funding enhancements in its cloud infrastructure, commercial and marketing teams, operations, customer service, and innovation.
Context
ASSA ABLOY Brasil, part of the Swedish global leader in door opening solutions, acquired Vault, a Brazilian company specialized in physical barriers, access control, and high-security integrated systems.
Strategic rationale:
The acquisition strengthened ASSA ABLOY Brasil’s position as the company offering the most complete lineup of security solutions — including locks, fire doors, panic bars, as well as armored booths, windows, security guards, gates, and more. It also accelerated Vault’s ambitious growth trajectory while retaining its local management.
Context
Selectchemie LTDA, founded in 1970 and based in São Paulo, Brazil, is a leading distributor of pharmaceutical ingredients and excipients, representing major producers from the US, Europe, and Asia.
IMCD N.V., established in 1995 and headquartered in Rotterdam, Netherlands, is a global distributor and marketer of specialty chemicals and ingredients. IMCD focuses on delivering tailored chemical solutions across multiple sectors.
Strategic Rationale
In December 2015, IMCD acquired 100% of Selectchemie to strengthen its presence in the Brazilian pharmaceutical and specialty chemicals market. The acquisition provided IMCD with a robust local platform, technical formulation expertise, and access to top-tier global suppliers, enhancing its ability to support Brazil’s growing generics and pharmaceutical industries.
Context
Femme Laboratório da Mulher is a diagnostic center exclusively focused on women’s health, with units in São Paulo and services that include diagnostic gynecology, fetal medicine, breast imaging, genetic testing, pathology, and laboratory exams. Founded by specialist physicians, Femme has established itself as a reference in the segment, with a strong focus on innovation and quality of care.
Casa de Gestão is an independent asset manager that invests in high-growth potential companies in Brazil.
Strategic Rationale
The investment from Casa de Gestão will enable Femme to accelerate its expansion, strengthen its governance structure, and broaden its portfolio of women’s health services. The partnership also reinforces the laboratory’s positioning as a reference in specialized diagnostics, supporting sustainable growth and differentiation in the healthcare market.
Context
Natural da Terra was a São Paulo–based fresh-produce retail chain with eight stores in the city at the time of the deal, positioned as a premium neighborhood greengrocer.
Hortifruti, a fresh-produce retailer with a strong presence in Rio de Janeiro and Espírito Santo, announced in August 2015 the acquisition of 100% of Natural da Terra. The founders of Natural da Terra received a cash component and a minority equity stake in Hortifruti as part of the transaction structure.
Strategic Rationale
The transaction significantly reinforced Hortifruti’s portfolio and strengthened its national expansion plan, while expanding its footprint in São Paulo city (from 5 to 13 stores after the integration).
Context
TudoGostoso is Brazil’s leading collaborative recipe and culinary website, founded in 2005. In August 2015, it was acquired by Webedia Brazil for BRL 49 million. Webedia, a French digital media group, already operated in Brazil with verticals like AdoroCinema, Purepeople, PureBreak, and IGN.
Strategic Rationale
Acquiring TudoGostoso strengthened Webedia’s digital content portfolio in the culinary space, enhancing its audience reach and consolidating its leadership in thematic verticals.
Context
America Net is one of Brazil’s largest telecommunications companies, operating nationwide with a portfolio that includes corporate internet, fixed telephony, data center services, private networks, and cloud solutions. The company became a standout in the market due to its innovative capabilities and its integrated, high-quality service offerings for clients across various industries.
Strategic rationale
The equity sale to Axxon Group — a private equity firm focused on mid-sized companies in Brazil — aimed to bring growth capital to fuel America Net’s expansion. The investment enabled the company to enter a new phase of accelerated growth and development over the following years.
Context
Founded in 2001 and headquartered in Boa Vista, Brazil, Genesis Group is the country’s largest grain testing and inspection company. It serves the full agribusiness hierarchy from farmers to ports with grain and milk quality testing, certifications, and quality analysis for global trading firms. Leveraging a network of around 1,000 qualified testers and proprietary IT platforms, Genesis delivers vital pricing and compliance insights to clients in Brazil, the world’s second-largest soybean exporter and third-largest corn producer.
Strategic Rationale
Actis Capital partnered with Genesis' founders in December 2014 to support the business’s next growth stage. The investment enables Genesis to capitalize on the growing global demand for traceable, high quality agricultural inputs, addressing evolving consumer and regulatory requirements in global supply chains.
Context
Wooza is a Brazilian technology and marketing company operating an online platform for selling telecommunications plans and services. In 2019, Wooza spun off its Telecom division and sold 100% of its equity to Allied, Brazil’s largest electronics distributor, controlled by Advent International — a global private equity firm headquartered in the United States.
Allied, acquired by Advent in 2014, distributes mobile phones, tablets, notebooks, cameras, gaming consoles, and other electronics across Brazil through over 15,000 retail points. The transaction included the integration of Wooza’s platform into Allied’s e-commerce and omnichannel strategy.
Strategic rationale
The acquisition allowed Allied to integrate Wooza’s digital technology and telecom expertise, strengthening its omnichannel capabilities and enhancing its digital services portfolio. The deal aligns with Allied’s strategy to expand its digital footprint and reinforce its position in Brazil’s consumer electronics ecosystem.
Context
Founded in the mid 1990s and headquartered in São Paulo, Conductor was a leading Brazilian payment processing company specializing in private label and co branded card solutions. It held PCI DSS certification and operated across prepaid, credit, and hybrid cards partnered with networks such as Visa and Mastercard. In 2018, Conductor launched a banking-as-a-service arm called Dock. Following a strategic rebranding in 2021, the Conductor, Dock, and Muxi brands were unified under the single name Dock, reflecting its evolution into a full-stack fintech platform.
Riverwood Capital is a global private equity firm founded in 2008, with offices in Menlo Park, New York, and São Paulo. It invests in high growth technology companies across the Americas.
Strategic Rationale
The 2014 acquisition marked Riverwood’s strategic entry into Brazil’s payments infrastructure market. It provided Conductor with the necessary capital and expertise to modernize its platform and accelerate growth. The rebranding to Dock in 2021 signified a shift from pure card processing to a comprehensive BaaS and fintech services provider, enabling expansion across Latin America and participation in major infrastructure initiatives.
Context
D’Altomare Química Ltda., founded in 1972 and based in São Paulo, Brazil, is a specialized distributor of chemical ingredients serving the personal care, pharmaceutical, food-agriculture, electronics, and industrial markets. It operates multiple distribution centers, including in Embu and Manaus.
Univar Inc., founded in 1924, is a global distributor of specialty and industrial chemicals. Based in Downers Grove, Illinois, it serves over 130,000 B2B customers through more than 700 distribution sites worldwide.
Strategic Rationale
In November 2014, Univar Brasil acquired D’Altomare to deepen its footprint in Brazil and Latin America. The acquisition complemented Univar’s existing portfolio in specialty ingredients, coatings, lubricants, and adhesives and added robust logistics and service capabilities in high-growth sectors such as personal care and pharmaceuticals.
Context
Cataratas do Iguaçu S.A., headquartered in Foz do Iguaçu (PR), is the leading concessionaire of tourism services in Brazil’s national parks. It operates services including ticketing, transportation, parking, food & beverage, and retail at iconic sites such as Iguaçu National Park and Fernando de Noronha. The company also holds equity interests in the Paineiras-Corcovado concession (responsible for access to Christ the Redeemer in Rio de Janeiro) and the AquaRio aquarium.
Advent International is a global private equity firm founded in 1984 and headquartered in Boston, with operations across Latin America. The firm specializes in growth capital and buyout investments in sectors including consumer, retail, leisure, and services.
Strategic Rationale
In 2014, Advent International acquired a minority equity stake of approximately 50% in Cataratas. The investment aimed to support the company’s expansion into new tourism concessions across Brazil, improve operational capabilities, and elevate visitor experiences. It represented Advent’s strategic entry into Brazil’s ecotourism and sustainable leisure services sector.
Context
Cless Cosméticos, founded in 2004, is a Brazilian haircare company best known for brands such as Care Liss, Charming, and Lightner, with distribution reaching over 70,000 points of sale nationwide.
One Equity Partners (OEP), the private equity arm of JPMorgan, acquired approximately 30% equity stake in Cless, following CADE’s approval, in a deal that valued the company at around BRL 200 million.
Strategic Rationale
OEP’s investment enabled Cless to access capital for diversifying its product portfolio and exploring new categories, while strengthening its growth structure and market presence. The investment reflects the fund’s strategy to back established brands with scalable potential in Brazil’s beauty and personal care sector.
Context
Renova Câmbio is a Brazilian foreign exchange brokerage firm specializing in buying and selling foreign currencies, international remittances, travel cards, and FX-related financial solutions for individuals and businesses. The company focuses on providing secure, fast, and competitively priced services, operating within Brazil’s independent network of foreign exchange houses that serve both tourism and corporate clients.
UAE Exchange is a multinational financial services company founded in 1980 in Abu Dhabi, United Arab Emirates. It is globally recognized for its international remittance operations, currency exchange, and payment services. The company built a worldwide network of more than 800 branches across about 30 countries, primarily serving expatriate workers sending remittances to their families. Today, it is part of the Finablr group, which also owned other payment and remittance brands.
Context
Sí Señor is currently the largest Tex-Mex casual dining chain in Brazil, operating 17 company-owned outlets across nine cities in four states. In December 2013, the company received a R$ 40 million investment from JM Growth Equity Partners, a fund focused on mid-market companies with high growth potential.
Strategic Rationale
JM Growth Equity’s investment aimed to accelerate Sí Señor’s expansion strategy and strengthen its operations in Brazil’s themed restaurant segment.
Context
Localcred is a Brazilian company with over 30 years of experience in credit recovery, offering services such as tele-assistance, back-office support, negotiation, and specialized advisory, focused on financial reintegration and preserving consumer dignity.
Brascobra (or Brascobra Cobrança) is one of Brazil’s largest administrative debt collection firms, founded in 1988 in Brasília-DF. The firm operates nationwide and serves a diverse client base, leveraging technology and efficient processes to reduce delinquency and recover credit.
Context
LG Sistemas, founded in 1985 and based in Goiânia with branches across Brazil, is a leading provider of human-resources software serving over 400 companies with solutions like payroll, talent management, and digital onboarding.
H.I.G. Capital, a global private equity firm founded in 1993 and headquartered in Miami, manages over US$13 billion and invests in mid-market companies globally, including through its Brazil affiliate.
Strategic Rationale
In August 2013, H.I.G. Brazil invested in LG Sistemas to support the company’s growth, strengthen its R&D capabilities, and broaden its software portfolio. H.I.G.’s backing aimed to help LG Sistemas consolidate its leadership in Brazil’s HR tech sector.
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