Transacciones

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Creme Mel Sorvetes, founded in 1987 in Goiânia, is one of Brazil’s largest independent ice cream producers. The company is headquartered in Goiás and distributes across nine states in the Midwest. By 2013, it employed around 900 people and operated its own production facilities and refrigerated fleet.

H.I.G. Capital is a global private equity firm founded in 1993 and headquartered in Miami. The firm established a Brazilian affiliate in 2012 and focuses on growth capital and buyout investments in mid-sized companies across a range of sectors.

Strategic Rationale

In July 2013, H.I.G. Capital acquired a minority stake in Creme Mel to support its national expansion strategy. The investment was directed toward increasing production capacity, including the construction of a new plant, and broadening distribution into new regional markets. H.I.G. also aimed to bring operational support and strategic guidance to accelerate Creme Mel’s growth trajectory.

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CPO – Centro Paulista de Oncologia is one of the reference clinics for cancer treatment in Brazil, with a strong presence in providing integrated and multidisciplinary care to oncology patients. With a highly specialized medical team and a focus on clinical excellence, CPO has established itself as one of the country’s leading private oncology centers.

Grupo OncoClínicas do Brasil is one of the largest oncology networks in Latin America, with nationwide presence through dozens of clinics, hospitals, and cancer treatment centers. Founded in 2010, the group brings together more than 2,700 specialist physicians and has a mission to deliver high-quality care and access to cutting-edge medicine, integrating assistance, education, and research in oncology.

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Drogarias DPSP S/A is one of the largest pharmaceutical retail chains in Brazil, formed through the merger of the Drogaria São Paulo and Drogarias Pacheco brands. The company operates in several regions across the country, with thousands of stores, offering a wide portfolio of medicines and health and wellness products.

Vila Inhambu, a minority shareholder of DPSP, sold its stake to the company’s controlling shareholders, reinforcing the group’s ownership structure.

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CEL® LEP, founded in 1967 and headquartered in São Paulo, is a premium English-language teaching network in Brazil. The company operates 17 owned schools in São Paulo and 4 licensed units in São Paulo and Minas Gerais, serving over 10,000 students annually and having taught more than 420,000 students over its history.

H.I.G. Capital is a global private equity firm founded in 1993 and based in Miami. The firm manages more than US$10 billion in capital and focuses on growth and buyout investments in mid-sized companies worldwide, including through its Brazilian affiliate.

Strategic Rationale

In September 2012, H.I.G. Capital acquired 100% of CEL LEP in its first Brazilian investment. The acquisition aimed to accelerate CEL LEP’s regional expansion beyond São Paulo, leveraging H.I.G.’s financial and operational expertise to meet the rising demand for quality English-language education in Brazil.

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PlayPen, officially known as Escola Cidade Jardim | PlayPen, is an independent bilingual day school in São Paulo, offering education to children aged 1–17 years. Founded over 40 years ago, PlayPen provides a bilingual curriculum combining the Brazilian national framework with international programs like the IB and Early Years Curriculum.

Cognita, established in 2004 and backed by Bregal Capital (with later investment from KKR), is a global network of over 100 schools across 16 countries. The group expanded into Brazil in 2012 and acquired PlayPen as part of its strategy to grow its educational presence in Latin America.

Strategic Rationale

Cognita acquired PlayPen to strengthen its network in Brazil, tapping into the prestige and academic quality of one of São Paulo's premier bilingual schools. The acquisition supports Cognita’s aim to offer world-class, bilingual education in key Brazilian markets by integrating PlayPen into its global platform and facilitating best-practice exchange with other top-tier schools.

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Founded in 1980, Mandic S.A. is a leading Brazilian managed Infrastructure-as-a-Service (IaaS) provider offering public cloud, cloud backup and storage, and collaboration tools. Serving over 19,000 customers, Mandic merged with Tecla Internet, a data center spin-off, to form a comprehensive cloud leader in Brazil. In early 2012, Riverwood Capital acquired Mandic and combined it with Tecla as part of its Latin American expansion.

Strategic Rationale

Riverwood’s investment aimed to accelerate the creation of a top SaaS and IaaS platform in Brazil serving both large corporates and SMEs. The combined entity would leverage Riverwood’s capital, local expertise, and Mandic + Tecla’s complementary offerings to drive rapid expansion and improved customer service across the cloud ecosystem.

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Crivo Sistemas em Informática S.A., founded in 2000 and based in São Paulo, is a Brazilian provider of decisioning and analytics software for credit, fraud prevention, and risk management. Its clients include leading banks, insurance companies, telecom operators, and retailers.

TransUnion is a global credit reporting and analytics company founded in 1968 and headquartered in Chicago. It operates in more than 30 countries and offers data-driven solutions to businesses and consumers worldwide.

Strategic Rationale

In January 2012, TransUnion acquired a majority equity stake in Crivo, marking its entry into the Brazilian market. The deal combined Crivo’s local decisioning platform with TransUnion’s global analytics capabilities to deliver customized solutions across financial services, telecom, insurance, and retail sectors in Brazil.

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Top Service, a leading Brazilian provider of physical security and facility services, was acquired by Predial, which already operated in the outsourced services sector. At the time, Top Service had strong operations in southern and southeastern Brazil, serving major clients across retail, industrial, financial, and healthcare sectors.

The combination of the two companies led to the formation of Grupo GPS, which became one of the largest integrated service providers in the country.

Strategic rationale

The acquisition enabled Predial to integrate a well-established player with nationwide presence, accelerating growth and laying the foundation for Grupo GPS. The merger created operational synergies and strengthened the group's presence in strategic contracts across security and facilities services.

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Founded in 1998, Raul Fulgêncio Negócios Imobiliários became one of the leading real estate agencies in Brazil’s interior, based in Londrina (PR). The company stood out for its performance in residential project launches, innovative marketing strategies, and close relationships with homebuyers. It played a key role in the urban transformation of underdeveloped areas in the city.

The agency built a solid reputation by partnering with large developers and delivering differentiated sales strategies focused on mid- and high-end vertical housing.

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Prismapack, founded in 2001 and headquartered in Camaçari, Bahia, is a market leader in manufacturing high-performance hygienic films for personal care products such as diapers and sanitary pads. Prismapack had a strong growth trajectory.

Huhtamaki Oyj is a Finnish packaging company established in 1920 and headquartered in Espoo, Finland. It specializes in consumer and specialty packaging with a global presence, including facilities in Asia, Europe, North America, and South America.

Strategic Rationale

In August 2011, Huhtamaki acquired 100% of Prismapack via its Brazilian subsidiary. The acquisition strengthened Huhtamaki’s position in hygienic films within the fast-growing Brazilian market and expanded its global films segment footprint. It complemented Huhtamaki’s strategy to focus on flexible packaging, enhancing its ability to serve global hygiene customers from a local base.

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Arinos Química Ltda., founded in 1997, is a Brazilian distributor of specialty and commodity chemicals. The company partners with over 60 chemical manufacturers and supplies more than 1,600 products to over 6,500 customers across various industries. Headquartered in Osasco (SP), Arinos also develops proprietary formulation products through its own branded product lines.

Univar Inc. is a global distributor of industrial and specialty chemicals, representing over 2,500 producers and serving approximately 80,000 customers worldwide. Founded in 1924 and headquartered in Downers Grove, Illinois, Univar operates more than 170 facilities across North America, Europe, Asia-Pacific, and Latin America.

Strategic Rationale

In September 2011, Univar acquired Arinos to strengthen its presence in the high-growth Brazilian chemical distribution market. The transaction provided Univar with a complementary business model, a broad local distribution network, and extensive market knowledge. It also allowed for synergies by expanding customer offerings, improving supplier access, and leveraging Univar’s global sourcing capabilities.

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Founded in 1980, Sisgraph was a Brazilian software and services provider specializing in tailored solutions based on Intergraph technologies for Latin American clients. It employed a team of over 100 engineers and specialists, supporting sectors such as power, process, marine, government, and security. In August 2011, Hexagon AB, a Swedish global provider of design, measurement, and visualization technologies, acquired 100% of Sisgraph, integrating it into its global business operations.

Strategic Rationale

Hexagon aimed to strengthen its presence in South America by gaining full access to Sisgraph’s technical expertise, customer relationships, service capabilities, and proprietary technology. The acquisition was designed to accelerate Hexagon’s expansion in key industries, including offshore oil, power, infrastructure, and government, leveraging Brazil’s growth opportunities leading up to major events like the 2014 World Cup and the 2016 Olympics.

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Allied Advanced Technologies (AAT), founded in 2001 and based in São Paulo, is one of Brazil’s largest independent distributors of mobile handsets, electronics, and technology solutions. The company has expanded its presence into retail and digital channels, managing partnerships with global brands and operating branded stores and e-commerce platforms.

One Equity Partners (OEP) is a U.S.-based private equity firm founded in 2001, formerly the private investment arm of JPMorgan Chase. It specializes in middle-market investments and has a strong presence in Latin America, with a portfolio spanning technology, healthcare, and industrials.

Strategic Rationale

One Equity Partners acquired a significant equity stake in AAT as part of a strategy to expand its presence in Brazil’s consumer electronics and retail distribution sectors. The investment supported AAT’s growth across retail, logistics, and brand partnerships, enhancing its national reach and operational scale.

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Psimon is a company specialized in health and wellness solutions, focused on the development and supply of high-quality products for medical and hospital care. Throughout its history, it has established itself as a trusted partner for healthcare institutions through product reliability and innovation.

Cremer, with more than 85 years of history, is the national leader in the manufacturing and distribution of products for first aid, personal care, and hospital use.

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LM Farma Indústria e Comércio Ltda., founded in 1988 and based in São José dos Campos (SP), is a Brazilian manufacturer of wound care products under the Curatec brand. Before 2011, it had built a strong presence in hospital markets with R&D-driven antiseptic dressings.

Laboratoires Urgo, part of the French Urgo Group founded in 1880, specializes in wound care and advanced healing solutions.

Strategic Rationale

The acquisition provided Urgo with local manufacturing, ANVISA certification, and an established distribution network, enabling quicker market entry and regulatory compliance in Brazil. LM Farma became Urgo’s regional platform for introducing its global wound-care portfolio, accelerating R&D investments and product expansion in Latin America.

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Drakar and Voga, part of the Ledervin Group, are established producers of synthetic laminates serving markets such as fashion, furniture, decoration, technical fabrics, and coverings. Both brands have a strong presence in Brazil and abroad, with industrial operations in São Paulo state.

Matec is an industrial company focused on technical surface solutions, and its operations were integrated with Ledervin’s during the merger.

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Vocal Comércio de Veículos was the largest Volvo truck and bus dealership in Brazil, with seven outlets in the São Paulo region, revenue of around €150 million, and approximately 408 employees. In 2010, it was acquired by Grupo Auto Sueco for €41 million (approximately BRL 113 million). Following the transaction, Grupo Auto Sueco expanded its Brazilian footprint and became the largest distributor of Volvo heavy vehicles in Latin America.

Strategic Rationale

The acquisition significantly bolstered Grupo Auto Sueco’s presence in the Brazilian market, increasing its Volvo dealership network to ten locations and solidifying the group’s leadership in the truck and bus segment.

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The Fifties is a themed burger chain inspired by 1950s aesthetics, founded in the early 1990s in São Paulo. In 2010, the brand was acquired by Laço Management, a private equity manager. The acquisition marked the beginning of a repositioning and expansion phase for the chain.

Strategic Rationale

Under Laço Management’s control, The Fifties entered a new cycle of strategic development, focused on modernizing its stores, menu, and operations—the first major overhaul since its foundation.

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In 2010, Ernst & Young (EY) merged with Terco, a Brazilian audit and consulting firm founded in 1982 with strong presence in the middle-market and real estate sectors. The newly formed Ernst & Young Terco commenced operations on October 1, 2010, with approximately 3,500 employees, serving around 3,700 clients and auditing 94 companies listed on the Bovespa. The merger combined EY’s global expertise with Terco’s local market presence, making it the second-largest audit and advisory firm in Brazil.

Strategic rationale

The merger aligned with EY’s global strategy to strengthen its presence in emerging markets by leveraging local expertise and integrating it with its international platform.

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LDI Desenvolvimento Imobiliário S.A., the holding company of the Lindenberg Group and owner of the development company Cipasa, sold its majority stake in Cipasa to Prosperitas in 2010. Cipasa, founded in 1989, had launched more than 38 developments, reaching approximately 21,000 lots sold and over 22 million square meters developed across São Paulo.

Strategic Rationale

The transaction initiated a new growth phase under Prosperitas’s management. The investor acquired around 75% of the company for an estimated value of R$150 million, bringing in capital and governance suited to scale expansion—shifting away from LDI’s prior strategy focused on high-end residential projects.

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CPQ Brasil S/A, the operator of the renowned Casa do Pão de Queijo bakery and café chain especially popular in airports and franchise locations, sold a majority equity stake to Standard Bank, South Africa’s largest lender. Standard Bank had originally invested in CPQ in 2009, and this transaction increased its ownership to a controlling position. IGC Partners acted as financial advisor.

Contexto

A Pueri Domus era uma rede tradicional de ensino superior e também proprietária de um sistema educacional utilizado por escolas particulares e municipais. Em 2008, contava com seis unidades e cerca de 3,5 mil alunos matriculados; além disso, seu sistema de ensino atendia 125 escolas com um total aproximado de 41 mil alunos.

O Grupo SEB (Sistema Educacional Brasileiro) é um grande grupo de educação no Brasil, controlador da rede COC e outras operações educacionais. Em 2008, adquiriu a maior parte das escolas físicas e o sistema de ensino da Pueri Domus por aproximadamente R$ 41 milhões, incluindo a assunção de dívidas da empresa.

Racional Estratégico

A transação permitiu ao Grupo SEB ampliar sua presença na Grande São Paulo e fortalecer seu portfólio com um sistema de ensino consolidado, expandindo sua capacidade de atender novos alunos e escolas associadas.

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Founded in 1999 in São Paulo, Delta Serviços Logísticos specialized in the transport of sensitive and high-value equipment such as ATMs, chemical analysis instruments, medical devices, and telecom systems. In August 2008, AGV Logística acquired Delta to expand its presence in the technology, retail, banking, and promotional logistics sectors.

Strategic rationale

Through this acquisition, AGV Logística enhanced its capabilities and diversified its service portfolio, strengthening its operational structure and positioning in high-value logistics segments.

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Hypermarcas is one of Brazil’s largest consumer goods and pharmaceutical companies, with a diversified portfolio that includes prescription drugs, generics, consumer products, and personal care items.

Farmasa, controlled by the Samaja Family, is a traditional Brazilian pharmaceutical company with strong expertise in prescription drugs and health products. Recognized for its quality and long-standing presence in the national market, it has established itself as a reference in the pharmaceutical sector.

Strategic Rationale

The merger between Hypermarcas and Farmasa, carried out through a share swap, strengthens Hypermarcas’ position as one of the leading pharmaceutical companies in Brazil. The transaction expands its product portfolio, generates operational synergies, and accelerates its expansion in the prescription drug market. For Farmasa, the deal provided access to greater scale, infrastructure, and distribution capacity, consolidating the union as a strategic move to lead growth in the sector.

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Frango Assado is a prominent Brazilian chain of roadside restaurants, known for its grilled chicken and baked goods, operating along highways and in food plazas. In 2008, International Meal Company (IMC)—backed by Advent International—acquired Frango Assado, integrating it into IMC’s portfolio of foodservice brands including Viena, Pizza Hut, KFC, and Margaritaville.

Strategic Rationale

The acquisition enabled IMC to expand its presence in Brazil’s highway concession market, leveraging Frango Assado’s strong regional brand and high-traffic locations to enhance its footprint in the casual dining sector. It served as a cornerstone in IMC's growth strategy to build a diversified restaurant network across captive-food markets such as highways, airports, and shopping centers.

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Dafra Motos, a Brazilian motorcycle manufacturer created by Grupo Itavema in 2007, began operations in Manaus with the goal of increasing motorcycle access in the domestic market, offering models across several categories. The company quickly established itself as one of the main local manufacturers, with a strategy focused on fast growth supported by strategic partnerships.

Itaú Unibanco, Brazil’s largest private bank and one of Latin America’s leading financial institutions, has a strong presence in consumer and vehicle credit. In 2008, Itaú entered into a strategic alliance with Dafra Motos, acquiring exclusivity and preference rights for financing the company’s motorcycles.

Strategic Rationale

The transaction consisted of selling Itaú the preference and exclusivity for financing Dafra motorcycles, positioning the bank as the official partner for credit lines supporting the purchase of the newly launched models. For Dafra, the partnership secured the financial backing of a major institution, enhancing the appeal of its motorcycles to consumers seeking financing options at the point of sale.

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Dafruta (Empresa Brasileira de Bebidas e Alimentos S/A) is a traditional Brazilian manufacturer of concentrated and ready-to-drink juices, with industrial facilities in Araguari (MG) and Aracati (CE). Known for the quality of its products, the Dafruta brand has consolidated itself in the Brazilian natural beverages market, particularly in the segments of integral juices, nectars, and concentrates.

Avanti Participações is a private equity investment firm focused on mid-sized companies in Brazil. Dedicated to supporting growth and professionalization strategies, Avanti actively contributes to the development of its portfolio companies by providing capital, governance expertise, and expansion support.

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Yuny is a prominent real estate developer based in São Paulo, known for its high-end residential and commercial projects located in prime neighborhoods with strong appreciation potential. The company has a solid and consistent track record, combining excellence in real estate development with a long-term strategic vision and a diversified portfolio aligned with urban market trends.

GTIS Partners is a global investment firm focused on real estate, with operations across the United States and Latin America. In Brazil, GTIS is one of the leading institutional investors in the sector, with a strong presence in residential, logistics, commercial, and hospitality segments.

Strategic Rationale

First direct investment by a foreign fund in a real estate developer in Brazil. The transaction involved three competitive proposals and resulted in a R$700 million capital injection from GTIS Partners, ensuring predictable returns for the fund and strong dividends, while also driving Yuny’s growth.

Context

In 2008, Even Construtora e Incorporadora S.A., a leading Brazilian property development company with vertically integrated operations across São Paulo, Rio de Janeiro, and Porto Alegre, established a strategic joint venture with Melnick Desenvolvimento Imobiliário, a highly profitable real estate developer from Rio Grande do Sul, known for its strong ROAE and sustained regional growth. The partnership was driven by shared business values and models.

Strategic Rationale

The joint venture allowed Even to deepen its regional footprint, while enabling Melnick to leverage Even's operational capabilities to accelerate expansion. It was a collaborative move combining technical prowess, compatible corporate cultures, and market knowledge to drive high-quality development.

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Farmasa (Laboratório Americano de Farmacoterapia S.A.) is a Brazilian pharmaceutical company specializing in high-growth prescription and direct-to-consumer medications. In November 2007, GP Investments, a major Brazilian private equity firm, acquired a significant minority stake in Farmasa through an investment and association agreement, which also included a subsequent merger with Hypermarcas, a leading Brazilian consumer health company.

Strategic Rationale

GP Investments’ stake enabled Farmasa to leverage synergies from the merger with Hypermarcas—strengthening its distribution reach, product portfolio, and operational scale. The combination created a more robust platform in Brazil’s pharmaceutical and consumer health market, positioning the merged entity for sustained growth.

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Fototica, founded in 1920 in São Paulo, is one of Brazil’s oldest photo and optics retail chains, operating over 100 stores nationwide. In 2007, the company was acquired by Dutch investment firm Hal Investments (owner of GrandVision), initiating a strategic shift retiring photo development services and focusing exclusively on eyewear retail under the GrandVision by Fototica brand.

Strategic Rationale

The acquisition was driven by Hal Investments' goal to establish a strong optical retail platform in Brazil. It enabled the network to exit photo services and capitalize on the growing eyewear market. Under new leadership, Fototica pursued aggressive store expansion, opened new regional hubs, and leveraged its rebranded identity to strengthen market positioning.

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Viena is one of Brazil’s largest casual dining restaurant chains, founded in 1975 and well-known for its cafés in airports, highways, shopping centers, and business districts. It became a flagship brand in Brazilian foodservice, recognized for its quality and reach.

Advent International, a Boston-based global private equity firm founded in 1984, entered the Brazilian market through the acquisition of Viena. This transaction marked one of Advent’s early investments in Brazil’s restaurant sector and was part of its broader Latin American expansion strategy.

Strategic Rationale

Advent International aimed to establish a platform in Brazil’s high-growth casual dining sector. Viena was targeted due to its strong brand recognition, extensive network of locations, and established customer base. The deal provided Advent with a local market foothold and served as a springboard for further investments and consolidation efforts in the region’s foodservice industry.

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Setin is one of Brazil’s most established real estate companies, with a strong track record in residential, commercial, and hospitality development in São Paulo. Known for its technical excellence and consistent delivery of landmark projects, Setin has built a reputation for quality, execution, and credibility in the local market.

Klabin Segall was a publicly traded real estate developer, recently listed on Bovespa’s Novo Mercado at the time of the acquisition. With national ambitions, the company was seeking to accelerate growth through strategic acquisitions and the integration of complementary development platforms.

Strategic Rationale

The acquisition brought Setin’s construction expertise, landbank, and brand strength under the Klabin Segall platform, supporting its strategy of becoming a nationwide real estate group. It also marked one of the first major consolidation moves in the Brazilian real estate sector following the IPO wave of the mid-2000s.

Context

Even is a real estate developer and construction company with strong operations in São Paulo, Rio de Janeiro, and Porto Alegre. The company is known for its financial strength and focus on mid- and high-end residential developments, combining operational efficiency, construction quality, and strategic urban positioning across its portfolio.

Spinnaker Capital Group is a London-based investment firm specialized in emerging markets, with a strong presence in Latin America.

Strategic Rationale

Spinnaker Capital Group, an international fund with limited prior exposure to the real estate sector, made a capital investment in Even. igc structured an original investment thesis, connecting foreign capital with one of Brazil’s leading players in the real estate industry.

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Copag, founded in 1908 in São Paulo, is Brazil’s leading playing card manufacturer, known for durable plastic and paper decks used in poker, bridge, and board games. It holds ISO 9001, ISO 14001, and SA 8000 certifications and became the official supplier for major poker tournaments like the World Series of Poker.

In 2005, Copag sold a 50% stake to Carta Mundi, alongside gaining global production and distribution support. Carta Mundi, founded in 1970 in Turnhout, Belgium, is the world’s largest playing card and board game manufacturer, operating 11 plants and 13 offices across multiple continents.

Strategic Rationale

The 2005 partial acquisition gave Carta Mundi access to Copag’s centennial brand, experienced workforce, and strong presence in Latin American markets. This strategic move allowed Carta Mundi to enhance its global portfolio with premium plastic cards and leverage Copag’s Brazilian factory to serve both regional and international clients, including high-end casino and poker tournament segments.