In a sector where customer preferences and trends evolve quickly, we help consumer and retail businesses navigate strategic transactions. With expertise across cosmetics, food & beverage, education, and more, and a strong network of global buyers and investors, we craft competitive processes that create sustainable value.
Deals completed in this sector
Countries where deals took place
Specialists dedicated to this sector
trade shows, exhibitions, and conferences mapped globally
billion USD transacted with international investment funds
Context
Lola From Rio, one of the pioneering vegan product brands in Brazil, and Skala, recognized for its democratization in the cosmetics sector, have joined forces to form one of the largest beauty groups in the country, with the support of private equity firm Advent International.
Founded in 2011, Lola From Rio stands out for its innovative formulas and humorous communication, offering a diverse portfolio of around 180 products, primarily focused on hair care, as well as lines for body and home. The brand has gained presence in over 40 countries, with a strong emphasis on Latin American markets.
In 2024, Advent International, one of the leading global private equity firms, acquired a controlling stake in Skala, marking its first investment in the cosmetics sector in Brazil. With a track record of over US$ 15 billion invested in 85 consumer companies globally, the investment will come from a US$ 2 billion fund dedicated to opportunities in Latin America to support the expansion of the new group.
Strategic Rationale
The transaction, advised by igc partners, represents a milestone in the Brazilian beauty market and reinforces igc’s position as the leading advisor in the sector. By bringing together two complementary brands, this deal creates one of the largest and most dynamic beauty groups in the country. Backed by Advent International’s capital, global experience, and strategic guidance, the new group is well-positioned to accelerate growth, expand internationally, and strengthen its leadership in the beauty industry.
Context
Skala Cosmetics, the leading hair treatment creams company in Brazil, has received a majority investment from private equity firm Advent International.
Established in 1986, Skala Cosmetics brand is a leader in hair treatment creams in Brazil and the fourth largest haircare brand in the country. The company boasts a portfolio of 155 products, with nearly 90% focused on hair care, including lines for hair restoration and styling creams. Internationally, Skala is present in over 40 countries, with its main markets in Latin America.
Advent International is one of the largest global private equity investment firms. Over the past 25 years, Advent funds have invested over $7 billion in 70 companies in Latin America. In the consumer and retail sectors, they have invested $15 billion globally in over 85 companies, 24 of which are in Latin America.
Strategic Rationale
The investment in Skala Cosmetics marks Advent International's inaugural investment in the cosmetics sector in Brazil. This investment aims to increase the company's production capacity, strengthen Skala's distribution, and enhance its international expansion efforts.
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
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
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
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
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
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.
Context
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.
Context
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.
Context
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.
Context
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.
Context
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.
Context
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.
Context
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.
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A strong presence of strategic and financial buyers from North and South America, including private equity funds, family offices, and corporate acquirers across diverse industries.
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We’ve executed numerous transactions across the region, ranging from middle-market deals to cross-border acquisitions involving leading players in key sectors.
Context
Lola From Rio, one of the pioneering vegan product brands in Brazil, and Skala, recognized for its democratization in the cosmetics sector, have joined forces to form one of the largest beauty groups in the country, with the support of private equity firm Advent International.
Founded in 2011, Lola From Rio stands out for its innovative formulas and humorous communication, offering a diverse portfolio of around 180 products, primarily focused on hair care, as well as lines for body and home. The brand has gained presence in over 40 countries, with a strong emphasis on Latin American markets.
In 2024, Advent International, one of the leading global private equity firms, acquired a controlling stake in Skala, marking its first investment in the cosmetics sector in Brazil. With a track record of over US$ 15 billion invested in 85 consumer companies globally, the investment will come from a US$ 2 billion fund dedicated to opportunities in Latin America to support the expansion of the new group.
Strategic Rationale
The transaction, advised by igc partners, represents a milestone in the Brazilian beauty market and reinforces igc’s position as the leading advisor in the sector. By bringing together two complementary brands, this deal creates one of the largest and most dynamic beauty groups in the country. Backed by Advent International’s capital, global experience, and strategic guidance, the new group is well-positioned to accelerate growth, expand internationally, and strengthen its leadership in the beauty industry.
Context
Skala Cosmetics, the leading hair treatment creams company in Brazil, has received a majority investment from private equity firm Advent International.
Established in 1986, Skala Cosmetics brand is a leader in hair treatment creams in Brazil and the fourth largest haircare brand in the country. The company boasts a portfolio of 155 products, with nearly 90% focused on hair care, including lines for hair restoration and styling creams. Internationally, Skala is present in over 40 countries, with its main markets in Latin America.
Advent International is one of the largest global private equity investment firms. Over the past 25 years, Advent funds have invested over $7 billion in 70 companies in Latin America. In the consumer and retail sectors, they have invested $15 billion globally in over 85 companies, 24 of which are in Latin America.
Strategic Rationale
The investment in Skala Cosmetics marks Advent International's inaugural investment in the cosmetics sector in Brazil. This investment aims to increase the company's production capacity, strengthen Skala's distribution, and enhance its international expansion efforts.
Context
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.
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
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.
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
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.
Context
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.
A strong presence of strategic and financial buyers from North and South America, including private equity funds, family offices, and corporate acquirers across diverse industries.
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We’ve executed numerous transactions across the region, ranging from middle-market deals to cross-border acquisitions involving leading players in key sectors.
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.
A strong presence of strategic and financial buyers from North and South America, including private equity funds, family offices, and corporate acquirers across diverse industries.
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We’ve executed numerous transactions across the region, ranging from middle-market deals to cross-border acquisitions involving leading players in key sectors.
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
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
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.
Context
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.
Context
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.
Context
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.
A strong presence of strategic and financial buyers from North and South America, including private equity funds, family offices, and corporate acquirers across diverse industries.
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We’ve executed numerous transactions across the region, ranging from middle-market deals to cross-border acquisitions involving leading players in key sectors.
igc is a leader in Consumer & Retail transactions, with a strong focus on various segments. We understand the dynamics of each market and, through the sector specialization of our teams, have successfully adapted to the unique characteristics of each one.
With a broad team of professionals dedicated to specific sectors, each transaction benefits from specialized expertise and deep market insight.
We focus exclusively on sell-side deals to ensure the best outcome for our clients—free from conflicts of interest.
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