Transactions
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Founded in 2018, Flip is a fintech specialized in receivables prepayment, offering a 100% digital, automated, and innovative credit journey. Through its proprietary technology, it performs real-time risk analysis, allowing entrepreneurs to choose the best credit structure for their businesses. This fast and transparent approach has enabled Flip to surpass R$ 1 billion in credit transactions throughout its trajectory.
Olist, a Brazilian unicorn valued at US$ 1.5 billion, is a platform of integrated commerce solutions, with an ecosystem that already includes the Tiny ERP, the Vnda e-commerce platform, and the PAX logistics solution.
Strategic Rationale
The acquisition of Flip marks Olist’s official entry into the SME credit segment, expanding its financial services unit launched in 2024. The transaction aims to address one of the biggest challenges faced by small and medium-sized entrepreneurs in Brazil: access to credit.
With this integration, Olist strengthens its position as the main partner for Brazilian entrepreneurs, offering comprehensive solutions that now cover technology, operations, and credit. The acquisition also represents the resumption of Olist’s M&A agenda as part of its strategy for sustainable growth and business diversification.
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Founded in São Paulo and also present in Rio de Janeiro, Inove Investimentos is one of the leading investment advisory firms in the XP network, with R$ 7 billion in assets under custody, approximately 8,000 clients, and a team of 50 advisors. The firm was recognized as the best in the Southeast Region at the Brazil Advisor Awards 2025, held during Expert XP, and stands out for its excellence in client service and mature, efficient management.
XP Inc., the largest investment platform in Brazil, has been expanding its ownership in high-performance partner offices as part of its strategy to strengthen and grow its advisor network. This was the 11th transaction of this kind carried out by XP.
Strategic Rationale
With XP becoming a minority shareholder, Inove Investimentos will accelerate its growth plans, both organically and through acquisitions. The partnership supports the goal of reaching R$ 10 billion in assets under management by 2026, while also driving expansion into new segments such as corporate client services and the development of strategic partnerships.
For XP, the transaction reinforces its strategy of investing in high-performance advisory firms, further strengthening its advisor network and ensuring excellence in investor service. For Inove, the partnership enables new investments in technology, governance, and expansion, while keeping the founding partners in control of operations.
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Founded in 2001, Labsoft is widely recognized for the usability and flexibility of MyLIMS, its cloud-native platform, serving hundreds of clients across over 10 countries. The company has a strong presence in highly regulated industries such as food & beverage, mining, chemicals, and pharmaceuticals. Its customer base includes major national and international brands such as Femsa, Shell, Clariant, Eurochem, and BRK.
The transaction marks the exit of Kilimanjaro Capital, a search fund that acquired a majority stake in Labsoft in 2022. It represents a successful liquidity event for search fund investors in Brazil, with the company being sold to an international strategic buyer.
Confience is a global laboratory software platform, created by STG through the combination of leading companies in quality management, compliance, and data integrity software. With over US$12 billion in assets under management, STG has a proven track record of building and scaling global software platforms in specialized sectors.
Strategic Rationale
With this acquisition, Confience strengthens its presence in Latin America and expands its portfolio with a solution known for its best-in-class usability and configurability. The company plans to accelerate the international expansion of the combing company, leveraging Labsoft’s multinational customer base and its highly scalable technology to reach new markets worldwide.
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Elite Advanced Polymers, founded in 2001, is a specialty rubber compounder that develops customized elastomer formulations for demanding applications. The company rebranded from Elite Elastomers in 2021 and today is headquartered in Dallas, Texas with manufacturing operations in Ripley, Mississippi, supported by an R&D infrastructure focused on polymer compounding innovation.
Robbins LLC, established in 1921 and based in Muscle Shoals, Alabama, is a leading manufacturer of tire retreading solutions—most notably inner and outer envelopes, curing tubes, and OTR envelopes—engineered for durability and low cost per cure.
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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.
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Founded in 2020, BITKA has a team of over 140 data specialists and develops sophisticated analytical solutions by combining techniques in AI, Optimization, Software Engineering, and Machine Learning. With a strong presence in the mining sector and a client portfolio that includes Vale, Anglo American, Vibra, and CSN, BITKA is recognized for its technical excellence and pragmatic approach, applying its expertise in AI, Prescriptive and Predictive Modeling, and Generative AI to solve high-complexity business challenges.
Founded in Italy, BIP operates in 40 countries and employs more than 5,700 professionals of 47 nationalities. The company is one of the world’s leading consultancies in management and digital transformation. Since 2021, it has been backed by CVC Capital Partners, one of the largest global private equity funds, with over €200 billion in assets under management.
Strategic Rationale
The acquisition of BITKA strengthens BIP’s international network of specialists, reinforces its ambition to operate as an end-to-end consultancy, and marks another step in its expansion strategy in Latin America, highlighting its commitment to becoming a leading consulting player in strategic markets such as mining.
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3A RIVA Investimentos is one of Brazil’s leading investment advisory firms, with a presence in strategic regions of Minas Gerais and São Paulo. The firm manages over R$ 17 billion in assets under custody, serves 18,000 active clients, and has a team of more than 300 professionals.
With XP Inc. becoming a minority shareholder, 3A RIVA strengthens its market position and gains access to XP’s structure in management, technology, and governance, further enhancing its growth potential.
Strategic Rationale
The new partnership will allow 3A RIVA to accelerate its expansion plan, with the goal of reaching R$ 35 billion in assets under custody by 2027, while also investing in new business lines such as corporate services, insurance, international investments, and a new partnership model to attract and retain talent.
For XP, the transaction reinforces its strategy of investing in high-performance offices within its network, consolidating its position as the largest investment platform in the country and strengthening its ability to offer complete and innovative solutions for different client profiles.
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Positioned as a supplier of ingredients for the Nutrition and Flavors industries, Aplinova was acquired by Prinova, a leading distributor in the food ingredients market.
Founded in 1987, Aplinova became a leader in the food ingredients industry, distributing and producing high-quality solutions for a wide range of customers in Brazil. Headquartered in São Paulo, in the state of São Paulo, and with branches in Jundiaí and Manaus, the company has established an unparalleled reputation in the market due to the high quality, reliability, and technical service level provided to its customers.
Headquartered in Illinois, United States, Prinova is a global leader in the distribution of food ingredients, flavors, and fragrances. Since 2019, Prinova has been part of the Japanese Nagase Group, connected to a global distribution network with presence in the United States, Europe, Asia, and other regions.
Strategic Rationale
The acquisition of Aplinova, which was advised by igc partners, will drive Prinova's growth in Brazil in the food ingredients segment while also expanding its geographic presence in the consolidating chemicals distribution market.
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Vydence Medical is a leading company in the medical aesthetics market, with more than 30 years of experience and recognized for its comprehensive portfolio of high-tech equipment and strong capacity for innovation. Its factory, located in São Carlos (SP), specializes in producing laser equipment focused on dermatology, vascular surgery, and plastic surgery. With a consolidated international presence, the company exports to more than 30 countries, including the United States and Europe.
Grupo MedSystems, which counts XP as an investment partner, is a leader in the global medical aesthetics market, with a strong focus on innovation and international expansion.
Strategic Rationale
The acquisition of Vydence Medical by Grupo MedSystems strengthens MedSystems’ leadership in the global medical aesthetics market and significantly expands its innovation potential. By incorporating Vydence’s expertise, technology portfolio, and international presence, MedSystems enhances its ability to serve clients across different regions of the world and consolidates its position as one of the leading global players in high-performance medical aesthetics solutions.
The transaction also reinforces MedSystems’ strategy of sustainable growth and internationalization, while opening new opportunities for Vydence to continue developing cutting-edge technology with global reach.
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Founded in 2007, GreenYellow is a French multinational and global leader in decentralized energy transition, operating in more than 15 countries. Globally, it has already invested over €2 billion in photovoltaic solar energy and energy efficiency, with over 1.7 GWp of installed capacity and more than 1,700 UFSs. In Brazil, with over a decade of presence and about 80 solar assets connected or under construction across 16 states, GY is a major operator in distributed solar generation.
The transaction comprises the sale of 23 photovoltaic solar plants to Athon Energia, totaling 50.7 MWp of installed capacity, located across six states. This deal is part of GreenYellow’s global strategy to rotate assets and reinvest in new projects in Brazil.
These assets increased Athon’s capacity to over 210 MWp and substantially expanded its footprint in the B2B distributed generation market.
Strategic rationale
The transaction strengthens Athon Energia’s position as a leading corporate-focused solar distributed generation platform in Brazil, enhancing its asset base and national coverage. For GreenYellow, the sale enables reallocation of resources toward strategic new projects in the country.
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Founded in 2012, BR Media Group was a pioneer in the influencer marketing sector in the country. Today, the group offers a comprehensive portfolio of data- and technology-driven solutions for brands, agencies, and content creators, establishing itself as the leading creator economy ecosystem in Brazil.
Headquartered in Paris (France), with operations in over 100 countries, and a workforce of more than 100,000 employees, Publicis Groupe is the world’s largest marketing and communications holding company, owning renowned businesses such as Leo Burnett, Saatchi & Saatchi, BBH, Starcom, Zenith, Digitas, Epsilon, and Sapient.
Strategic Rationale
This acquisition strengthens Publicis’ presence in one of the fastest-growing marketing segments globally, with Brazil standing out as the second-largest market worldwide. The transaction with BR Media further consolidates Publicis as the leading global creator economy platform. With this deal, Publicis further accelerates BR Media Group’s expansion in Brazil and Latin America. The completion of the transaction is subject to approval by the Brazilian Antitrust Authority (CADE).
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Sempre Internet is one of the leading independent internet service providers in Minas Gerais, the result of the merger of seven companies in the sector. Known for its high-quality internet access services, telecommunications network connectivity, and value-added solutions, the company serves approximately 172,000 active customers and has a strong regional presence. Valued at around R$ 500 million, it has established itself as a reference in the market, particularly for its customer service and network coverage.
Brasil TecPar is an expanding telecommunications group with nationwide operations and a diversified service portfolio. The acquisition of 56.38% of Sempre Internet, with additional purchase options that could lead to full ownership, strengthens Brasil TecPar’s strategy to expand its footprint and consolidate its position in key regional markets across the country.
Strategic Rationale
This transaction is a significant step for Brasil TecPar, which will now have a stronger presence in Minas Gerais, expanding its customer base and infrastructure network. The acquisition will enable operational synergies, network optimization, and increased productivity, while boosting profitability and enhancing the range of services offered to customers.
For Sempre Internet, joining a national-scale group brings greater investment capacity, access to new technologies, and the potential for geographic and portfolio expansion.
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igc partners is pleased to announce that it has advised Oobj, a Goiânia/GO based SaaS company that offers a platform for electronic tax documents, including issuance and capture of electronic documents, for small, medium and large companies in Brazil.
Brazil was one of the first countries to adopt the electronic invoice in the world, and Oobj was one of the pioneers in the country back in 2007.
Headquartered in Durham, NC, Avalara is a leading cloud-based tax compliance automation software company. Avalara employs more than 4,700 people worldwide and serves more than 41,000 customers in 75+ countries. Avalara has in its portfolio solutions for tax calculation and determination, ancillary obligations at the federal, state and municipal levels, BPO services, among others.
Strategic Rationale
By combining forces with Oobj, Avalara will further strengthen its position as a provider of the issuance and receipt of electronic documents and tax compliance services in Brazil and in the Latin American market. This acquisition enhances Avalara’s presence in a region where electronic invoicing is deeply embedded in the economy and expands its portfolio of solutions tailored to local tax compliance needs.
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REIVAX S/A Automação e Controle is a Brazilian multinational specialized in developing and applying technological and innovative solutions for automation and control of power generation systems. The company serves large hydroelectric and thermal power plants, substations, wind and solar facilities, as well as industrial clients with their own power generation, including refineries, steel mills, and offshore platforms.
Strategic rationale
The acquisition is part of WEG’s strategy to expand its footprint in the energy generation market. With the integration of Reivax, WEG strengthens its portfolio and market presence in automation and control systems, especially for renewable energy projects and critical power infrastructure.
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Founded in 2017, Aoop has a comprehensive portfolio, covering all ServiceNow verticals and serving clients from various sectors with a focus on accelerating automated digital strategies.With a strategy focused on driving the future of organizations and providing comprehensive services throughout the entire lifecycle, Aoop has accumulated approximately 2,500 digital transformation projects and boasts over 300 certified professionals in ServiceNow solutions. This expertise has enabled the company to become an Elite Partner of ServiceNow in record time. Continuous commitment to excellence and the delivery of innovative solutions have established Aoop as a reference in the market, integrating intelligent efficiency throughout the production chain.
The complete consummation of the transaction still depends on the approval of the Administrative Council for Economic Defense (CADE).
Strategic Rationale
This transaction strengthens NTT DATA’s competitive position in Brazil by combining SAP and ServiceNow capabilities, placing the company among the market leaders in ServiceNow solutions in Latin America. By integrating Aoop’s elite certification, proven expertise, and client base, NTT DATA enhances its ability to deliver full lifecycle digital transformation services, expands its footprint in the Latin American ServiceNow ecosystem, and reinforces synergies across its global operations.
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Founded in 1971, Inapel is a traditional national flexible packaging company focused on the food sector, with a wide portfolio of products such as bags, blisters, pouches, brick packs, doy packs, flow packs and others. The Company, which has its headquarters in Guarulhos/SP and an industrial plant in Jundiaí/SP, is a supplier to the main multinational consumer goods companies in the domestic market and has a production capacity of 1,500 tons/month.
Sonoco is a global provider of consumer, industrial, healthcare, and protective packaging. With sales of $7.3 billion in 2022, the Company has 22,000 employees working in approximately 300 operations in 32 countries serving some of the world’s best-known brands in some 85 nations.
The operation stands out as one of the main transactions in the flexible packaging segment in Brazil in recent years.
Strategic Rationale
The transaction is part of Sonoco's global strategy to increase its operations in response to the growing demand for this type of packaging in Brazil, adding value to customers and facilitating the development of Sonoco Graffo's activities in Brazil. For Inapel, this will guarantee the continuity of the Company's operations with excellence in the market, new investments, and expansion of its activities.
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igc partners is pleased to announce that it has advised A.Azevedo Óleos, a pioneering company in the production of oleochemicals and a reference in the Brazilian castor oilmarket, in the sale transaction to Oleon, an Avril company and European leader in oleochemicals, transforming vegetable oils and animal fats into fatty acids, glycerin, dimers, esters and other specialties.
Founded in 1965, A.Azevedo Óleosis a family-owned business and a leader in the castor oil industry in Brazil. The company is recognized for its expertise in the extraction, industrialization, commercialization, and distribution of oleochemicals from various seeds. With a team of 250 employees, the company has become a benchmark for serving its more than 2,000 customers with quality and efficiency, offering a versatile, high-value-added, and 100% green portfolio.
Strategic Rationale
This acquisition marks a transformational moment for A.Azevedo Óleos and strengthens Oleon’s position in the rapidly growing South American market, particularly in Brazil, aligning with its long-term strategy for sustainable growth.
It represents a pivotal step in Oleon’s global expansion, reinforcing its presence in South America and strengthening its footprint in the Brazilian market — a region with significant long-term growth potential, especially in lubricants and personal care. By combining A.Azevedo Óleos’ deep expertise, strong local presence, and green, value-added portfolio with Oleon’s global leadership and sustainable growth strategy, the companies are well-positioned to deliver greater value to their customers and enhance their global positioning in the oleochemicals market.
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Founded in 1976, Sense Eletrônica has become a leading name in factory and process automation sensors across Latin America, with strong product design and engineering capabilities, exceptional customer service, and close relationships with over 2,000 clients.
Strategic Rationale
The acquisition of Sense strengthens TE Connectivity's strategy in the industrial automation market. With sensors playing an increasingly critical role in industrial operations, TE expands its portfolio itself as a provider of choice in the industrial automation market, accelerating local business growth in Brazil and enabling the expansion of Sense's robust portfolio to the rest of the world.
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Founded in 1987 in Rio de Janeiro, Plastlabor has distinguished itself over the years as one of the leading suppliers of laboratory and scientific products for microbiological analyses in Brazil.
With a comprehensive portfolio that includes ready-to-use culture media, disposable products, biosafety items, swabs, and laboratory accessories, the company has consolidated its market position, serving over 1,200 clients in laboratories, hospitals, food industries, and more.
Strategic Rationale
The acquisition by Solabia reinforces the group's strategy to expand its presence in the Brazilian market and strengthen its offering of solutions for microbiological investigations and the maintenance and transport of biological material. With this transaction, Solabia aims to integrate Plastlabor's capabilities with its own advanced technologies, creating synergies with its current subsidiary Laborclin, which will further benefit its clients and partners.
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Soft Film Indústria e Comércio de Plásticos Ltda is a leading Brazilian manufacturer of embossed films for hygiene and disposable products. The company is recognized for its strong investment in quality, innovation, and customer service. In addition to offering high value-added solutions to clients in various sectors — including food & beverage, chemicals, and agribusiness — Soft Film stands out for its solid presence in the hygiene and disposable packaging market.
Strategic rationale
The acquisition is one of the most relevant transactions in Brazil’s embossed hygiene films segment in recent years. It strengthens Packing Group’s leadership in plastic films and packaging solutions, reinforcing its position in the hygiene sector and expanding its portfolio with differentiated products and services for its customer base.
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Monitora Soluções Tecnológicas is a Brazilian technology company founded in São Carlos, specializing in customer experience, infrastructure operations, and data analytics. With a strong presence in the local market, Monitora provides innovative digital solutions to clients across various industries.
Marlabs LLC is a global digital solutions company headquartered in New Jersey, USA. Focused on delivering digital transformation services, Marlabs serves clients worldwide in sectors such as pharmaceuticals, manufacturing, retail, banking, and insurance, leveraging its expertise in emerging technologies and a diverse, multi-geographical talent base.
Strategic Rationale
The acquisition allows Marlabs to establish a stronger footprint in the Latin American market by integrating Monitora’s near-shore delivery capabilities and regional expertise. The combined organization enhances Marlabs’ ability to deliver high-quality digital transformation services globally, enriching its talent pool and expanding its reach into key markets while strengthening its portfolio of customer experience and infrastructure solutions.
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TEx Tecnologia is one of the most comprehensive ecosystems of solutions for the insurance market in Brazil. A pioneer in offering multi-quote software for brokers, the company has established itself as a leader in technology for brokers and insurers, providing solutions that include online insurance sales, data-driven market intelligence, multi-quote tools, and management systems.
Serasa Experian is one of the largest providers of information and solutions for credit analysis, fraud prevention, identity authentication, and data analytics in Brazil, and is part of the global Experian group. With operations across several sectors of the economy, Serasa Experian has been expanding its portfolio with innovative solutions for new market segments.
Strategic Rationale
This transaction represents an important milestone for both companies. For TEx, partnering with Serasa Experian will accelerate the development of new products, broaden the reach of its solutions, and enhance the application of data intelligence in the insurance sector.
For Serasa Experian, the transaction marks its entry and expansion into the Brazilian insurance market, adding to its portfolio a leading and established platform with cutting-edge technology and strong reach among brokers and insurers. This integration creates opportunities for synergy and innovation, strengthening the company’s presence in a strategic, high-growth potential segment.
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igc partners is pleased to announce that it has advised CRMBonus, the largest SaaS ecosystem for customer acquisition, engagement, and retention for businesses, in its Series B. In the round led by BOND with the participation of Valor Capital, CRMBonus raised R$ 400 million at a R$ 2.2 billion valuation. This transaction marks BOND’s first investment in Brazil.
Founded in 2018, CRMBonus has evolved from a retail cashback solution to a sophisticated customer relationship platform that uses a large set of data and AI to transform every interaction with customers into more results for the business and more value for consumers.
CRMBonus serves large companies such as Vivo, Azul, and Safrapay, as well as nationally recognized retailers such as Vivara and Arezzo&Co. The company's solutions are adopted by nearly 3,000 brands throughout Brazil.
Strategic Rationale
The fundraise aims to further leverage the development of the ecosystem and its technology, consolidating new data-driven products and driving CRMBonus's operation further.
With the backing of BOND and Valor Capital, the company gains strategic capital and expertise to strengthen its leadership position in Brazil, launch innovations like Vale Bonus and CRM Ads, and prepare for international expansion.
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Founded in 1999 in Brazil, Oligo Basics developed an innovative portfolio of feed additives based on natural ingredients (Functional Oils) for animal health and nutrition, addressing the growing global concern for antimicrobial resistance to antibiotics.
Present in 14 Brazilian states, the United States, Taiwan, Chile, Bolivia, and Peru, the Company manufactures and distributes its products with proven effects, driving animal feed efficiency improvements for multiple species, including poultry, swine, and cattle.
Headquartered in Berchem, Belgium, Innovad Group is a global supplier of animal health and nutrition solutions, with sales to over 75 countries and production facilities in Belgium and Italy.
Innovad is majority owned by IK Partners, a leading European private equity firm with an established presence of over 30 years and significant experience investing in the broader animal health industry.
Strategic Rationale
The transaction reinforces Innovad’s focus on becoming a global platform of natural ingredients for animal health and nutrition, leveraging the exclusive technology developed by Oligo Basics to continue revolutionizing the Brazilian and global markets for natural feed additives.
It enables Innovad to establish a strong foothold in the Brazilian and broader Latin American markets, while its global footprint will help accelerate Oligo Basics’ international sales, particularly in North America. The combination of both companies’ technical expertise and innovative capabilities is expected to create significant synergies.
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Soko, one of the most innovative Brazilian creative agencies, has agreed to be acquired by Accenture, a leading global consultancy firm.
Founded in 2015 within the FLAGCX ecosystem, Soko has been recognized by SCOPEN as one of Brazil’s top independent advertising agencies for its excellence in innovation and creativity. Over the years, it has delivered creative campaigns for global blue chip clients, earning international acclaim at events such as Cannes Lions, The One Show, The Clio Awards, The Effies, and Fast Company.
The acquisition adds approximately 300 employees to Droga5 São Paulo, part of Accenture Song, deepening the agency’s creative and brand capabilities across Brazil and Latin America.
Strategic Rationale
By integrating Soko’s deep creative expertise and data backed approach, Accenture strengthens Droga5’s leadership in Brazil and enhances the capabilities of Accenture Song’s tech powered marketing division. This acquisition elevates Accenture’s global creative relevance in the region, enabling more impactful, culturally resonant campaigns rooted in strategy and purpose. As one of Accenture’s largest transactions in Latin America, it underscores the firm’s commitment to combining creativity and technology to drive business value.
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As one of Brazil’s market leaders in its niche, Indicium delivers tailor-made solutions in data science, analytics, and artificial intelligence for global blue-chip clients, employing specialized teams, unique methodologies, and modern technologies.
Founded in 2017, the company has completed over 600 data and AI projects, doubled in size year-over-year, and now counts more than 250 data experts, serving clients such as PepsiCo, Burger King, Bayer, Volvo, and Whirlpool.
With over 30 years of experience in tech investing, Columbia Capital, an enterprise-technology specialist with a portfolio including nine IPOs and 83 acquisitions, made its first investment in Brazil through this $40 million round into Indicium.
Strategic Rationale
This investment enables Indicium to accelerate its expansion in the United States, including opening a New York headquarters, while further enhancing its technological capabilities and core services in Brazil. By partnering with Columbia Capital, the company gains access to deep sector expertise and significant growth capital, positioning itself to scale its end-to-end data and AI offerings globally, expand its team, and solidify its leadership across Latin America and North America.
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LiveMode raised a funding round with General Atlantic and XP Private Equity, marking one of the largest transactions in the sports sector in Latin America.
LiveMode has led the development of a new sports ecosystem in Brazil by offering a comprehensive range of business, media, and technology solutions for rights holders, with a proven track record of driving revenue growth for sports entities in the digital era.
The company also owns a proprietary sports broadcasting platform in collaboration with one of Brazil’s premier digital influencers. CazéTV has achieved record online viewership, particularly during major events such as the FIFA World Cup and Campeonato Paulista.
Strategic Rationale
The investment from growth equity firm General Atlantic and XP Private Equity is intended to accelerate LiveMode’s growth and impact across the sports and media landscape, supporting its full portfolio of solutions for rights holders and long-term investments in sports properties.
With this capital, LiveMode plans to strengthen long-term agreements with leagues, clubs, and federations across football, Olympic sports, and emerging sports — as well as pursue international expansion, leveraging both its existing relationships and General Atlantic’s global resources and network.
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Buson and Busbud join forces to become the largest marketplace for bus tickets in the Americas.
Buson, a leading bus booking marketplace in Brazil, is joining forces with Busbud, a global ground travel booking platform, to become the major player in the Americas.
In 2023, Buson sold three times more tickets than in the pre-pandemic scenario, reaching a total of 120 million tickets sold. The company also boasts partnerships with over 300 bus companies and offers more than 70,000 travel routes.
Strategic Rationale
The merger aims to strengthen products and solutions, enhance customer experience, and leverage technology for the benefit of partner bus companies, thereby increasing operational efficiency across the sector.
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PROMAD was a pioneer in providing management software for small and medium-sized law firms and individual lawyers. Publicações Online focuses on providing management solutions and data for subpoenas, distributions, and procedural movements to leading legal departments and law firms in Brazil. Dura Software is a serial buyer that acquires and manages niche and durable software, headquartered in Texas, USA.
Strategic Rationale
The transaction marks Dura Software’s entry into the legaltech segment in Brazil and will boost the development of new products and the commercial expansion of PROMAD and Publicações Online.
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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.
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Iteris is a Brazilian business and technology consulting firm with 14 years of experience in the local market, specializing in delivering end-to-end digital transformation solutions across industries such as finance, retail, healthcare, and agribusiness. Founded in 2009 in São Paulo, Iteris has over 600 professionals and a portfolio of 70 clients, including brands like Fiserv, PagBank, Julius Baer, Nubank, Nutrien, Globo, C&A, and Reckitt. Iteris delivers solutions in areas such as payments, manufacturing, communications, education, and healthcare.
Globant is a digitally native company, present in Brazil for over ten years, with more than 1,800 professionals in the country. Focused on reinventing businesses through innovative technology solutions, Globant operates globally on high-impact social and technological digital projects. Its portfolio includes initiatives such as the FIFA+ digital platform, AI-driven solutions for detecting childhood depression, and major digital transformations for leading companies worldwide.
Strategic Rationale
The acquisition of Iteris by Globant reinforces Globant’s expansion strategy in Brazil, nearly doubling its operations in the country and consolidating its position as a leader in digital transformation. This combination leverages Iteris’s expertise and proven track record of high-quality services with Globant’s world-class, innovative projects, expanding delivery capabilities in strategic sectors and strengthening Globant’s footprint in the Brazilian and Latin American markets. The integration will offer an even more robust portfolio of technology solutions to current and new clients, supporting continued growth in the country through Innovation Labs and the recently inaugurated Emerging Technologies Innovation Center in São Paulo.
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Founded in 1999, GR Química provides chemical solutions for water treatment and industrial effluents, being one of the leading gas chlorine packagers in the country and one of the largest sodium hypochlorite producers. The company operates in 5 locations in São Paulo, Minas Gerais, and Santa Catarina, covering most Brazilian states and exporting to Paraguay and Peru.
The operation stands out as one of the first private equity transactions in the chemical distribution segment in Brazil.
Strategic Rationale
The R$120 million investment, mainly cash-in, from the global private equity firm GEF Capital and Signal Capital, for a minority stake, will allow GR Química to accelerate its geographic expansion plan and inorganic growth.
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CT Group, a leading distributor of surgical and medical devices in Brazil, has been invested in by Bunzl plc, the specialist international distribution and services Group.
Founded in 1997, CT Group is a national leader in the surgical and medical device market in Brazil, with a focus on neurosurgery and spinal area.
CT Group connects exclusive and premium manufacturers with a wide range of hospitals and insurance companies throughout the country. The company has built a strong reputation for delivering innovative and high-quality medical devices, ensuring reliable supply and specialized logistics to meet the industry's demands.
Bunzl plc is the global leader in value-added distribution and continues to expand its operations in over 30 countries across the Americas, Europe, Asia Pacific, and the UK & Ireland. With a workforce exceeding 20,000 employees worldwide, the company is aleading player in the distribution of healthcare, hygiene, safety, grocery, and food service products.
Strategic Rationale
The investment in CT Group, which was advised by igc partners, will boost Bunzl’s growth in Brazil in the medical devices segment, in addition to expanding its geographic presence in the health market.
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VExpenses is one of the leading corporate expense management platforms in Brazil, offering a complete solution that integrates a centralized management platform, an AI-powered app, and smart cards. With performance surpassing the main KPIs in the Venture Capital industry, the company serves over 3,000 clients of various sizes and sectors, establishing itself as a market reference.
VR is one of the leaders in the Brazilian market for benefits, mobility solutions, and corporate services. The company has been expanding its portfolio to position itself as a complete ecosystem for companies and workers, integrating solutions that go beyond traditional benefits.
Strategic Rationale
The acquisition of VExpenses represents a strategic step for VR, expanding its offering of digital solutions and adding to its journey with clients and partners an innovative and established expense management platform. The transaction reinforces VR’s vision of creating a more efficient corporate ecosystem, with greater integration between benefits, services, and financial management for companies.
For VExpenses, the deal brings significant synergies, access to a larger customer base, and the potential to accelerate product and feature development, further strengthening its market leadership position.
Context
Incentivale is a leading B2B gift card marketplace in Brazil, serving over 3,000 active customers — from small and medium-sized enterprises to the country’s largest corporations — with a proprietary platform offering a wide range of brands and customized incentive and retention campaign solutions.
InComm Payments is a global payments technology company with over 30 years of experience and a presence in more than 30 countries, specializing in innovative prepaid products and payment processing solutions.
Strategic Rationale
The acquisition of Incentivale allows InComm Payments to expand its footprint in the Brazilian gift card market and integrate Incentivale’s marketplace and customer base into its global ecosystem. This strengthens InComm’s ability to offer end-to-end solutions — from issuance and distribution to incentive campaign execution — tailored to the needs of Brazilian enterprises and supports its growth strategy in the Latin American incentive and prepaid market.
Context
Founded in 1994, in Barra Mansa/RJ, Lanlimp Group is a leading company in the distribution of cleaning and hygiene products, attending over 1,500 clients in more than 13,000 points across all regions of Brazil, including cleaning service providers, hospitals and clinics, foodservice, among others. The Company has its operational base in Rio de Janeiro and a distribution center in São Paulo.
Bunzl, a UK-based multinational specialized in distribution and services internationally, employs over 22,000 people, has a revenue of more than USD 15 billion worldwide, and operates across various regions including North America, Latin America, Europe, Asia and Oceania, as well as the UK and Ireland.
The transaction stands out as one of the largest deals in the cleaning and hygiene products distribution segment in recent years.
Strategic Rationale
The transaction between Bunzl and Lanlimp Group aims to strengthen the multinational's operations in cleaning and hygiene solutions in Brazil, while Lanlimp, under the leadership of its current shareholders, will enhance its national relevance and reinforce its presence with new clients and economic segments.
Context
A Geradora, established in 1989, is a leading company in Brazil's power generation rental market. With a strong fleet of high-quality equipment focused on backup and off-grid power solutions, A Geradora operates through 15 branches strategically located across the country. The company has a diverse customer base spanning various industries and employs approximately 650 individuals, with its headquarters in Salvador, Bahia.
LOXAM is the leading French and European company in equipment and tool rental for construction and worksites, industry, landscaping, event management, and services. The Group is the 4th largest player in the world, with consolidated revenue of €2.4 billion in 2022, leveraging the know-how and commitment of its 11,800 employees across more than 1,090 branches in 30 countries.
The operation stood out as one of the largest equipment rental company transactions in recent years.
Strategic Rationale
This acquisition solidifies Loxam's position in the Brazilian equipment rental market. Together, these operations are expected to generate combined pro-forma revenue of BRL 450m (approximately EUR 85 million) for Loxam in Brazil in 2022. With a consolidated network of 42 branches nationwide, Loxam will have an extensive reach and improved proximity to customers.
Context
Founded in 2010, Grupo Prime is composed of Prime Energy, Exata Energia, Ativa Energia, and Arion Energia, two energy trading companies, a consultancy specializing in the Free Energy Market and distributed generation (DG), and a company focused on energy efficiency. With offices in nine Brazilian cities, Grupo Prime serves B2B customers with a complete portfolio of energy products and services.
Shell Brasil Renewables & Energy Solutions Ltda., part of the Shell Group, is a global energy company focused on providing innovative solutions in renewable energy and energy trading.
Strategic Rationale
The acquisition of Grupo Prime strengthens Shell’s position in Brazil’s rapidly growing free energy market and broadens its B2B offering. By combining Grupo Prime’s established local presence and expertise with Shell’s global energy trading operations, Shell gains greater capillarity and the ability to serve a wider range of B2B customers with tailored solutions. This move prepares Shell to meet the increasing demand as the free market opens to medium-voltage B2B consumers in January 2024, reinforcing its competitive edge and complementing its existing activities through Shell Energy Brasil.
Context
STC Tecnologia, a subsidiary of Suntech International, specializes in leasing devices and providing software solutions for the vehicle tracking market. Founded in 2015, the company has established itself as a strategic partner for fleet monitoring and management businesses, delivering reliable technology and high-performance equipment for operations across Brazil.
Grupo Datora is a relevant player in the telecommunications and Internet of Things (IoT) market in Brazil, with international operations and a diversified portfolio of connectivity and technology solutions. The acquisition of STC is part of Datora’s growth and diversification strategy, aiming to expand its presence and operations in high-potential segments.
Strategic Rationale
The acquisition will allow Grupo Datora to expand its customer base and increase its product portfolio in the IoT market, integrating STC’s expertise in device leasing and vehicle tracking into its already consolidated solutions. The transaction creates opportunities for commercial and operational synergies, enabling more complete and integrated offerings for corporate clients and strengthening the group’s competitiveness in the sector.
For STC, the deal brings access to new distribution channels, resources for technological development, and expansion opportunities, supporting its growth and innovation trajectory in the tracking market.
Context
Founded in 2018, Onfly was born with the aim of democratizing access to a travel management platform for SMEs, allowing the automation of corporate travel processes, from booking to accountability and payments. The company offers a one-stop-shop platform where customers can make reservations of airline tickets, hotels and transportation, connected to an expense management Software-as-a-Service module focused on digitizing all business expenses, reports and reimbursements.
Beyond the value offered to its clients, Onfly enhances the experience of collaborators with “Azulzinho” its corporate card integrated with the platform, turning the tiring process of registering expenses for reimbursement into an automated process. igc partners acted as the exclusive financial advisor for Onfly in the transaction.
The operation stood out as the largest fundraise in the traveltech sector in Brazil.
Strategic Rationale
Left Lane Capital and Cloud9 Capital recognized the disruptive nature of Onfly’s technology and its immense growth potential. The funds bring not only financial support but also valuable industry experience and network connections to propel Onfly to new heights. Onfly’s visionary leadership is excited about the opportunities presented by this fundraise and is committed to scaling the company’s operations, expanding its market reach, and solidifying its position as a leader in the travel technology sector.
Context
Founded in 2007, SVN Investimentos is one of Brazil’s leading investment advisory firms, currently managing around R$ 20 billion in assets, with 26,000 active clients and a team of 460 professionals. The company has offices in several cities, including Maringá, Curitiba, Foz do Iguaçu, Londrina, Cascavel, Campo Grande, and São Paulo, and recently expanded into the Northeast through its merger with Bahia Partners, another XP-affiliated office.
XP Inc., the largest investment platform in the country, acquired a minority stake in SVN in a transaction that marked the first deal under the new regulatory framework for the sector. With the deal, SVN consolidates its position as the fifth largest XP-affiliated office.
Strategic Rationale
The investment from XP will allow SVN to strengthen its existing operations and invest in new growth avenues, such as its recently created M&A division. The partnership also supports the firm’s goal of surpassing R$ 40 billion in assets under custody over the next five years, boosting competitiveness and diversifying the services offered.
For XP, the transaction reinforces its strategy of strengthening high-performance offices within its network, further consolidating its leadership in the Brazilian investment market.
Context
Grupo JL Health is a holding company operating in the dermatology, plastic surgery, and ophthalmology segments, with offices in Brazil, Colombia, and Argentina. Among its companies is MedSystems, the largest distributor and importer of medical equipment for dermatological treatment, health, and wellness in Latin America, with over 20 years of experience in the sector.
The group also includes MedBanking, a platform that provides financial solutions for healthcare companies and professionals, and Med Academy, focused on training and educational programs for the dermatology and plastic surgery markets. With an end-to-end provider model, JL Health covers the entire value chain — from curation and regulatory processes to technical support — and reported R$ 520 million in revenue in 2022, with expectations to reach R$ 700 million in 2023.
XP Private Equity, the private equity investment arm of XP, acquired a minority stake in the company in one of the largest transactions ever carried out in Brazil by a private equity fund in the dermatological technology sector.
Strategic Rationale
The investment by XP Private Equity will enable Grupo JL Health to accelerate both its organic and inorganic growth plans. Key priorities include strengthening areas where it already operates more discreetly and expanding into new high-potential segments such as gynecology, ophthalmology, and orthopedics.
The partnership also enhances the holding company’s financial and strategic capacity to expand its portfolio and consolidate its leadership position as the leading integrated medical technology platform specializing in aesthetics, health, and wellness in Latin America.
Context
Laboratório Homeopático Almeida Prado is a leading Brazilian homeopathic pharmaceutical company, founded in 1959 in São Paulo by homeopath and researcher Estevam José de Almeida Prado and pharmacist Rubens Gimenes. A pioneer in industrialized homeopathy in Brazil, the company became known for launching a line of homeopathic medicines modeled after European and North American standards. Today, Almeida Prado is a benchmark in the homeopathic pharmaceutical industry, recognized for producing effective and safe homeopathic medicines.
Headquartered in Uruguay, Megalabs is one of the largest pharmaceutical companies in Latin America, with operations in 18 countries, over 8,000 employees, and a portfolio of more than 1,800 products. Since 2016, Megalabs has been strengthening its presence in Brazil through product launches, acquisitions, licenses, and partnerships, building a strong position in the country’s pharmaceutical market.
Strategic Rationale
The acquisition of Almeida Prado’s recognized and traditional product, Complexo 46 (AP46), strengthens Megalabs’ market position in the gastroenterology segment and expands its over-the-counter (OTC) portfolio in Brazil. This transaction allows Megalabs to leverage AP46’s brand equity and long-standing consumer trust, boosting sales and reinforcing its growth strategy in the Brazilian OTC and gastroenterology markets.
Context
Founded as a digital marketplace for payroll loans, BX Blue specializes in offering credit solutions for public servants, retirees, and INSS pensioners. The company has over 1 million registered clients and has already originated more than R$ 2.4 billion in contracts, combining technology, data intelligence, and partnerships in a highly secure digital platform.
PicPay, one of the largest payment and financial services apps in Brazil, acquired BX Blue as part of its strategy to expand its portfolio and diversify services within its financial vertical.
Strategic Rationale
With the acquisition of BX Blue, PicPay enters the payroll loan market with immediate scale and an already consolidated platform. The transaction broadens PicPay’s presence in the financial services sector, adding a highly relevant credit line with strong growth potential.
For BX Blue, the deal represents an opportunity to accelerate its expansion by integrating into PicPay’s ecosystem, enlarging its customer base and strengthening its capacity for innovation in the payroll loan segment.
Context
A pioneer in the production of high-tech electrical Surge Protection Devices for a wide range of economic sectors, Clamper has sold a majority stake to Legrand, a global leader in residential, commercial and industrial electrical solutions.
Conceived and founded by Ailton Ricaldoni, Clamper started its trajectory in 1991, developing entirely customized and highly complex projects for large energy, telecommunications, mining and oil and gas exploration companies. In its more than 30 years of history, the Company has achieved a leadership position for its quality, customization, and technology of its products. Besides innovating in its solutions, Clamper is also the first industry to be established in the first industrial airport in Latin America. Thus, it strengthens the performance of its subsidiaries in Mexico, Colombia and USA, in complement to the international business it already carries out in more than 20 countries.
Legrand, headquartered in France, is a leader in electrical and digital systems for building infrastructure, employs more than 36,000 employees worldwide and operates in North America, Latin America, Africa, Europe, Middle East, and APAC. In Brazil, it is known by the brands: Legrand, Pial, Bticino, HDL, SMS, Daneva and Cemar.
Strategic Rationale
The transaction between Clamper and Legrand, advised by igc partners on the sell-side, occurred to strengthen and bring synergies to both parties involved. The French Company will strengthen its portfolio of solutions for protection of electrical systems and its operations in Latin America, while Clamper, which continues under the leadership of its current shareholder and CEO, Marcelo Lobo, will increase its international relevance and strengthen its operations in new distribution channels.
Context
Founded in 2015 by Guilherme Honório in Juiz de Fora, Brazil, and fully bootstrapped, SmartNX is a reference in the CPaaS (Communication Platform as a Service) segment, being the first Brazilian company to launch a unified platform that integrates voice and text services within the same software. Its solutions help companies across various sectors — from retail to industry — reduce friction in communication between brands and consumers, delivering smoother and more efficient experiences.
Nuvini is a holding company founded by Pierre Schurmann in 2020, focused on acquiring B2B SaaS companies in Latin America. Its portfolio includes Data Hub, Effecti, Ipê Digital, leadlovers, Mercos, and Onclick. In early 2023, Nuvini announced a business combination with the SPAC Mercato Partners Acquisition Corporation, securing capital to sustain its strategic acquisition pace in the region.
Strategic Rationale
The acquisition of SmartNX strengthens Nuvini’s ecosystem with innovative corporate communication solutions, expanding its offering to the SaaS market in Latin America. By incorporating SmartNX’s CPaaS technology, the holding company will be able to provide clients with an integrated voice-and-text platform, creating synergies with the other companies in its portfolio and opening new cross-sell opportunities.
Under the leadership of Guilherme Honório, SmartNX will continue its sustainable growth, leveraging Nuvini’s support and structure to expand its market reach, accelerate new feature development, and reinforce its position as a leading name in corporate communications in Brazil.
Context
Based in Tatuí (SP), One7 specializes in credit and receivables solutions for micro, small, and medium-sized enterprises, operating through FIDCs (Receivables Investment Funds) and securitization vehicles. Since 2019, it has originated more than R$ 7 billion in receivables prepayments and also offers products such as working capital and private payroll loans. With nationwide reach and ongoing digital transformation, the company has been expanding its relevance in the financial sector, with plans to triple its revenue in the next two years.
XP Asset Management, XP Inc.’s asset management arm, is one of the largest in Brazil. Founded in 2006, it offers a diversified portfolio that includes equities, fixed income, multimarket funds, structured credit, infrastructure, real estate, private equity, and other products for both institutional and individual investors.
Strategic Rationale
XP Asset acquired a minority stake in One7 through a R$ 110 million investment, which will be allocated to accelerating investments in technology, infrastructure, distribution network expansion, new partnerships, and potential acquisitions. The deal strengthens One7’s strategic positioning in a fragmented and high-potential market, enhancing its ability to consolidate market share and offer more robust financial solutions to SMEs.
For XP, the investment represents an opportunity to strengthen its presence in the structured credit segment alongside a player with a solid track record and scalable proprietary technology. For One7, the partnership with XP validates its management, increases resilience, and provides support for sustainable growth across different market scenarios.
Context
AllStrategy is a Brazilian company headquartered in Curitiba (PR), with more than 20 years of experience in the technology sector. A pioneer in developing SaaS solutions for budgeting, cash-flow management, and financial performance management, the company supports large enterprises and multinationals in their management processes. With a strong focus on innovation, usability, and scalability, AllStrategy has reached over 30,000 active users across Latin America, consolidating its position as a reference in corporate planning software.
Prophix, founded in 1987 in Canada, is a global provider of Corporate Performance Management (CPM) software, offering solutions for planning, budgeting, forecasting, financial consolidation, and reporting. With operations in more than 100 countries, it serves over 1,600 mid- and large-sized companies, helping them turn data into strategic insights. In January 2021, Hg, a global private equity investor focused on technology, acquired a majority stake in the company. Since then, Prophix has been an Hg portfolio company, benefiting from the strategic and financial support of one of the most prominent investors in the tech sector.
Context
Passfolio Securities LLC is a U.S.-based fintech and brokerage firm founded in 2018 and headquartered in San Francisco, California. Focused on democratizing access to the U.S. financial markets, Passfolio allowed international investors — especially from emerging markets like Brazil — to easily buy and sell U.S. stocks, ETFs, and cryptocurrencies through a mobile app. The company operated under regulatory oversight from the SEC and FINRA, offering commission-free trading and seamless integration with local currency transfers, positioning itself as a gateway to global investing.
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 and other regions.
Context
Plury Química, founded in 1989 and headquartered in Diadema (SP) with an additional branch in Paraíba, is a leading importer and supplier of specialty chemicals and ingredients for the human nutrition and beverage industries in Brazil. Known for quality, reliability, and customized services, it works with major food and drink producers.
Manuchar is a global chemicals distributor based in Antwerp (Belgium), present in Brazil since 1993. Operating with 2,500 employees worldwide (450 in Brazil), Manuchar serves markets across North & Latin America, Africa, Europe, the Middle East, and Asia. It offers distribution, logistics, and supply services across key sectors including human nutrition.
Strategic Rationale
The acquisition of Plury Química strengthens Manuchar’s presence in Brazil’s human nutrition segment and enhances its product portfolio with specialty chemicals expertise and client relationships. Integrating Plury's R&D capabilities, quality-focused operations, and established market reputation supports Manuchar’s growth strategy, providing stronger local reach and expanded offerings for its global client base.
Context
Adfert, based in Uberlândia, Minas Gerais, is a pioneer and one of the largest manufacturers of specialty fertilizer additives and crop nutrition solutions in the Brazilian market. Founded in 2009, Adfert has developed a complementary and efficient portfolio of high-technology, patent-protected products supplied to fertilizer producers and agricultural distributors.
Indorama Corporation, headquartered in Singapore, is a leading global materials organization with diverse interests in fertilizers, polymers, medical gloves, fibers, and yarns. The group operates 25 manufacturing sites across 8 countries and serves customers worldwide.
Strategic Rationale
The acquisition of Adfert strengthens Indorama’s geographic footprint in the Brazilian fertilizer market, consolidating its presence in one of the most important agricultural regions globally. By integrating Adfert’s innovative portfolio of specialty additives and fertilizers, Indorama expands its agricultural solutions offering and enhances its ability to serve Brazilian fertilizer producers and distributors with cutting-edge, high value products.
Context
BR Media Group is the largest influence and content hub for brands and creators in Brazil, consolidating itself as a leader and one-stop shop in the influencer marketing sector. The company creates, plans, and executes campaigns for a wide range of major brands. The group also includes MIS, a platform that connects micro and nano influencers with brands; Farol, a content creator accelerator that provides full support in career development; and Farol Space, a content house that enhances production quality both for BR Media’s client campaigns and for creators’ proprietary projects.
Bridge One is a fund specialized in the technology sector, focusing on strategic investments in innovative, high-growth potential companies.
Strategic Rationale
BR Media Group received an investment of R$ 105 million from Bridge One in exchange for a minority stake. The transaction will enable the company to accelerate its growth trajectory, expand current businesses, and further strengthen its position as a reference in the influencer marketing market.
The proceeds will be directed towards increasing investments in proprietary technology and data analytics, reinforcing the company’s proposition of delivering increasingly sophisticated and scalable solutions for brands and creators, while consolidating its leadership in the sector.
Context
Founded in 1974, Yoshida & Hirata operates four agricultural input retail stores in São Paulo’s Green Belt region. Known for its culture of excellence, the company provides tailored solutions to farmers in the state, with a strong focus on leafy greens production.
Strategic rationale
igc partners advised Yoshida & Hirata on its transaction with Adubos Real. The acquisition aims to strengthen both companies’ presence in the region and support the development of a more sustainable agribusiness sector in Brazil. The integration enables Yoshida & Hirata to contribute to Adubos Real’s long-term growth strategy and commitment to responsible agriculture.
Context
Caif, a supplier of premium, naturally sourced ingredient solutions, was acquired by Caldic, an Advent invested company, which is one of the global leaders in the specialty ingredients market.
Founded in 2016 and headquartered in South Carolina, United States, Caif offers sourcing, customized production, and distribution of natural ingredients for the food & beverage, dietary supplement, and pet industries. With a strong presence throughout the production chain, Caif ensures its clients receive products with the desired mix of ingredients that best fit their needs.
Caldic is a global provider of specialty ingredients and chemicals, offering solutions for the food, pharmaceutical, personal care, and industrial markets. Headquartered in Rotterdam, the Netherlands, and backed by Advent International, Caldic operates in over 40 countries and is recognized for its customer centric approach, sustainability efforts, and ability to deliver tailored solutions worldwide.
Strategic Rationale
The transaction, which was advised on the sell-side by igc partners, will significantly strengthen Caldic’s value-add product and services range for the dietary supplements and nutrition industry and enable further expansion in North America, specifically in the US.
Context
Vita IT is a Brazilian IT service provider headquartered in São Paulo, offering nationwide operations and serving the corporate market. The company specializes in digital transformation and technological infrastructure, focusing on improving the efficiency of large clients’ processes through technology.
Telefónica is one of the largest telecommunications companies in the world, with a strong global presence and a diversified portfolio of communication and technology services for both corporate and individual clients.
Strategic Rationale
This acquisition enables Telefónica to expand its presence in the IT consulting and services market in Brazil, accelerating its strategy to become a relevant and qualified player in the professional and managed services segments. For Vita IT, joining Telefónica represents the opportunity to be part of a global telecommunications leader and gain access to a larger potential customer base, enhancing its ability to offer its portfolio of products and services to new markets.
Context
Founded in 2005, Marca Agro Mercantil is one of the largest distributors of agricultural inputs in Triângulo Mineiro, Alto do Parnaíba, and Southwest Minas Gerais. The company has 7 stores in the region, in addition to an industrial seed treatment unit, providing support for more than 1,700 rural producers in soybean, corn, coffee, and sugar cane crops.
Nutrien is present in 13 countries and 3 continents, bringing together more than 2,000 distribution facilities, which serve more than half a million producers. Currently, Nutrien has the world’s largest network in agricultural solutions, supported by 23,500 employees.
Strategic Rationale
The acquisition of Marca Agro strengthens Nutrien’s footprint in the strategic agricultural region of Minas Gerais, Brazil. The transaction integrates seven stores and 160 agricultural consultants into Nutrien’s network, enhancing its ability to deliver customized, integrated solutions to small and medium sized farmers. This expansion increases Nutrien’s local reach and customer base while reinforcing its commitment to sustainability and farmer success in one of Brazil’s most important farming regions.
Context
Automalogica, founded in 2006, is a Brazilian technology and engineering company specializing in developing and delivering solutions for operational efficiency in the electricity sector. The company is a recognized reference in supplying systems used by the leading players in Brazil’s power sector — including distributors, transmission operators, and energy generators. Its solutions supervise, control, and protect assets while operating and monitoring wind, solar, and hydroelectric plants, covering over 28 GW of installed capacity — more than half of all centralized wind and solar generation in the country.
GEF Capital Partners is a global private equity fund manager focused on climate solutions and sustainability, with over $600 million under management dedicated to investments in renewable energy, energy efficiency, and environmental sustainability initiatives.
Strategic Rationale
The investment from GEF, combined with its deep sector expertise, aims to accelerate Automalogica’s growth and strengthen its position as a leader in technology solutions for monitoring and managing renewable energy plants. The transaction aligns with GEF’s strategy of supporting innovative, sustainable businesses in the renewable energy and energy efficiency segments, reinforcing both companies’ commitment to advancing Brazil’s clean energy transition.
Context
Nativa Agronegócios, an agricultural inputs retailer, completed the sale of its operation to Agro Amazônia, an agricultural inputs retailer in Brazil, with distribution operations in crop protection, seeds, fertilizers and animal’s health and nutrition products.
Founded in 2000, Nativa Agronegócios is considered one of the largest agricultural inputs retailers in Minas Gerais, focusing essentially on Triângulo Mineiro and Alto Paranaíba regions. With eight stores and one modern bulk blending fertilizer facility, the company serves more than two thousand rural producers in a great variety of crops.
Agro Amazônia, a Sumitomo Corporation’s subsidiary company, is currently the largest agricultural inputs distributor in Brazil, with 50 stores prepared to meet the demand for agricultural inputs on the main markets of the national territory.
Strategic Rationale
The acquisition of Nativa Agronegócios aims to consolidate Agro Amazônia’s presence in Brazil, reinforcing the company’s expansion in the country. Through this transaction, Agro Amazônia strengthens its customer base and geographical coverage, particularly in Mato Grosso and Maranhão states, where Nativa has built strong relationships with local farmers.
This move aligns with Agro Amazônia’s strategy to contribute to the development of Brazilian agriculture by providing high quality agricultural inputs and technical support to farmers. The acquisition enhances Agro Amazônia’s ability to meet the growing demand for agricultural solutions, increase its market share, and support sustainable growth in one of the most important agricultural markets globally.
Context
With over 20 years of experience, Grupo Services is a leading Brazilian provider of digital customer experience (CX) solutions. The company specializes in customer experience management, boasts around 30% annual growth, and is known for creating the first 100% digital contact center in Brazil in 2016. Fueled by proprietary technology and an award-winning AI platform, Grupo Services delivers unique experiences to customers, employees, and consumers.
Webhelp, headquartered in France, is a global leader in customer experience and business solutions, operating in 213 sites across 58 countries with over 110,000 employees worldwide.
Strategic Rationale
The acquisition enhances Webhelp's digital CX capabilities by incorporating Grupo Services’ advanced AI-driven technology, omnichannel solutions, and self-service tools such as chatbots. It also expands Webhelp's presence in Brazil, a key and growing CX BPO market, aligning with its strategy to strengthen its footprint in Latin America.
Context
Blue Health is a leading provider of medical equipment solutions, operating in the rental, maintenance, and sale of imaging equipment, as well as reagents for in vitro diagnostics. With more than 20 years of experience, the company has established itself as one of the largest healthcare solution ecosystems in Brazil, with a strong presence in cutting-edge technology and personalized services. In June 2022, it received a R$ 200 million investment from Kinea Private Equity, the private equity arm of the Itaú group, in exchange for a minority stake.
Strategic Rationale
The investment from Kinea will enable Blue Health to accelerate its organic and inorganic expansion plan in a highly fragmented market with significant growth potential. The transaction enhances the company’s ability to broaden its operations, consolidate its presence in new healthcare niches, and strengthen its infrastructure, further establishing itself as a benchmark in imaging diagnostics and medical services in Brazil.
Context
DM is a leader in the white label card processing and issuance segment, offering credit to low-income consumers (classes C, D, and E) through private label cards, co-branded cards, digital accounts, and personal loans. The company serves this audience in partnership with retailers seeking to provide attractive financial products, playing a key role in their loyalty programs. In 2023, the company’s credit portfolio grew 60%, reaching R$ 810 million, while total payment volume (TPV) hit R$ 4 billion, representing a 37% increase.
The Vinci Impacto e Retorno IV fund, managed by Vinci Partners, acquired a minority stake in the company.
Strategic Rationale
The investment will enable DM to invest in technology to enhance its clients’ digital experience, as well as to support potential strategic acquisitions. The partnership with Vinci strengthens the company’s ability to accelerate expansion, broaden its portfolio of financial products, and consolidate its leadership in the credit segment focused on lower-income consumers in Brazil.
Context
Bexs Banco, specialized in foreign exchange and payments, was acquired by the London-based fintech Ebury.
Founded in 1989, Bexs has processed over 30 million transactions in 2021 — integrating FX with Pix — and handled over R$20 billion in foreign exchange in that year alone.
Ebury, established in London in 2009 with operations in more than 25 countries, is one of the world’s largest fintechs serving SMEs in international payments and foreign exchange.
Strategic Rationale
This acquisition broadens Ebury’s offering of international money transfer and foreign exchange solutions in Brazil, particularly for SMEs, marketplaces, SaaS companies, and e commerce platforms.
Leveraging Bexs’s scalable technology and FX banking license, Ebury can now enable large-scale payments from abroad directly to Brazil, support account opening in other currencies, and replicate this model in other markets.
With this deal, Ebury aims to onboard 3,000 clients in Brazil by 2025, accelerating its strategic entry into Latin America and reinforcing Brazil as its gateway to the region’s cross-border trade ecosystem.
Context
Ecotec Fumigation is a Brazilian pest control and fumigation services company, specializing in providing innovative and effective solutions to protect businesses, homes, and public spaces from pests and infestations. Known for its technical expertise and commitment to safety and quality, Ecotec has built a strong presence and reputation in the Brazilian market.
Rentokil Initial is a global leader in pest control and hygiene services, headquartered in the UK, with operations in over 80 countries. The company provides pest control, fumigation, and hygiene solutions to commercial and residential customers worldwide, leveraging its scale and innovation to deliver safe, sustainable services.
Strategic Rationale
The acquisition of Ecotec consolidates the presence of Rentokil in Brazil, and allows entry into the Argentine market. The strategy also allows the buyer to expand its operations in the fumigation market in Brazil and leverage its global expertise in pest control, increasing its customer base and contributing to growth in Latin America.
Context
Founded in 2013, Absolute Investimentos is one of Brazil’s largest independent multimarket fund managers, with more than R$ 21 billion in assets under management. The firm is recognized for its true partnership culture and for its cohesive team of professionals with complementary backgrounds, which has enabled the delivery of consistent, above-market-average returns in strategies such as macro, arbitrage, and equities.
BTG Pactual, the largest investment bank in Latin America, acquired a minority stake in Absolute, in what represented the largest deal in the asset management segment in Brazil to date.
Strategic Rationale
The partnership with BTG Pactual will allow Absolute to expand its operations by entering new business areas and strengthening the distribution power of its products. For BTG, the investment reinforces its strategy of diversification and consolidation in the asset management market, partnering with one of the most respected and well-regarded firms in the country.
The transaction also highlights IGC Partners’ role as a reference in the sector, having advised on five transactions in the asset management segment over the last 12 months.
Context
Tangerino is an HR Tech specialized in solutions for the people management departments of small and medium-sized enterprises (SMEs). Its fully proprietary, 100% digital platform offers complete workday management, automating manual processes and transforming the HR department into a strategic area.
The solution enables real-time monitoring of time clock records, provides key indicators, and automates calculations and workflows. With precise identification technology, it prevents fraud and allows employees to electronically sign their timesheets directly through the app. Currently, Tangerino serves nearly 8,000 highly engaged clients and over 500,000 people clock in daily, accessing the platform at least four times a day. This high volume of interactions generates data that translates into more than 20 personalized reports per client, offering valuable insights for people management.
Sólides is one of Brazil’s leading HR Tech companies, providing complete solutions for talent management and human development, with a focus on SMEs. After announcing a R$ 530 million capital raise with the international fund Warburg Pincus, the acquisition of Tangerino marks the beginning of its sector consolidation strategy and reinforces its goal of becoming a one-stop-shop solution for the HR departments of small and medium-sized businesses.
Strategic Rationale
The acquisition of Tangerino strengthens Sólides’ portfolio by adding a leading platform in workday management, complementing its existing offerings in recruitment, development, and talent retention. Integrating the solutions will enable Sólides to deliver a more complete client experience, combining people management and operational processes in an automated, data-driven manner.
For Tangerino, the deal provides access to new resources to accelerate innovation and expand its customer base, enhancing its impact in the SME segment. The partnership also opens opportunities for commercial and technological synergies, leveraging Sólides’ brand strength and nationwide reach.
Context
Founded in 2016, Suno is a reference in financial market content production and data analysis, serving more than 150,000 clients and employing over 280 professionals. The group operates across several areas, including Suno Research, content portals, as well as its recently launched asset management, wealth management, and securities advisory services.
In this transaction, XP Inc., the largest investment platform in Brazil, acquired a minority stake in the group.
Strategic Rationale
With XP becoming a shareholder, Suno will continue to operate independently but will have the opportunity to accelerate its growth and expand access to its services. For XP, the transaction reinforces its strategy of partnering with high-performing and innovative companies in the financial market, consolidating its ecosystem of solutions for investors.
Context
Kenoby is one of the leading HR Tech companies in Brazil and a reference in the ATS (Applicant Tracking System)segment, offering software that organizes and structures end-to-end recruitment processes. The company has also developed proprietary assessments based on organizational psychology to evaluate candidates’ profiles and aptitudes, combining science and technology in talent selection.
Gupy is a leader in human resources technology in Brazil, providing comprehensive solutions for recruitment, selection, onboarding, and talent development. With a strong market presence, the company has been expanding its reach through innovation and strategic acquisitions.
Strategic Rationale
The integration of Kenoby into Gupy’s operations strengthens the company’s leadership in the HR Tech sector and increases its ability to meet the needs of companies of all sizes and industries. With this transaction, Gupy now serves a portfolio of more than 2,300 clients, 36 million users, around 80,000 job postings per month, and a team of over 600 employees.
The combination of solutions will expand the technological offerings for recruitment and selection, merging Kenoby’s expertise with Gupy’s integrated platform, creating commercial, product, and data synergies. For Kenoby, the deal represents an opportunity to scale its technology and impact an even larger number of companies and candidates across Brazil.
Context
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.
Context
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.
Context
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.
Context
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.
Context
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.
Context
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.
Context
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.
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.
Context
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.
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 1986, Economatica is a pioneer and reference in the financial data segment in Latin America. Its platform provides information on stocks and funds from the main economies in the region and the United States, covering more than 250 sectors, 5,000 companies, and 27,000 investment funds. Renowned for the high accuracy of its data and indexes, Economatica supports the decision-making process of a broad client base, which includes major financial institutions and universities in Brazil.
TC Traders Club is one of the largest market intelligence and content platforms for investors in Brazil. With solutions that combine data, analysis, and interaction among investors, TC has been expanding its reach and diversifying its offerings to establish itself as a comprehensive ecosystem of information and services for the financial market.
Strategic Rationale
The acquisition of Economatica by TC represents an important step in expanding the company’s presence in the B2B segment, adding one of the most respected financial data platforms in the region to its portfolio. Integrating Economatica’s database and technology into TC’s B2C platform will provide greater accuracy and depth of information to users, strengthening the company’s value proposition for both institutional and individual investors.
For Economatica, the transaction brings access to a new audience and creates technological and commercial synergies, enhancing the distribution of its data and increasing its market presence.
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
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
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
Aldo Solar, founded by Aldo Teixeira 40 years ago in Maringá, Brazil, is one of the country’s largest distributors of solar generator systems, serving over 11,000 resellers and installers. The company generated R$1.6 billion in revenue in 2020 and sold about one-third of all rooftop solar systems installed in Brazil, with more than 160,000 units.
Brookfield Business Partners, a private equity arm of Brookfield Asset Management (which has USD 600 billion in global assets under management), acquired a 35% stake in Aldo Solar in August 2021, financing approximately USD 115 million as part of a USD 320 million deal. Aldo’s founder remains CEO and joined the board.
Strategic Rationale
This strategic investment by Brookfield strengthens Aldo Solar’s capacity to scale its digital platforms, expand its product and service offerings, and support accelerated growth in Brazil’s fast-growing distributed solar energy market. Brookfield brings global expertise, technological know-how, and long-term vision—enabling Aldo to enhance operational processes, support integrators more effectively, and launch new solutions while maintaining its trusted market presence.
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 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
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.
Context
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.
Context
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.
Context
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 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 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 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
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
Founded in 2011 in Uberlândia (MG), ZUP IT is a technology consulting firm specialized in digital transformation projects, developing customized solutions according to each client’s needs. With more than 1,000 employees, the company is recognized for creating systems that facilitate the integration of new digital developments with legacy corporate systems, accelerating the technological modernization of large enterprises.
Itaú Unibanco, the largest private bank in Latin America, has been expanding its role in innovation and digital transformation, focusing on delivering increasingly complete and integrated experiences to its clients.
Strategic Rationale
The acquisition of ZUP IT by Itaú Unibanco will accelerate the development of the bank’s digital transformation projects, enabling faster delivery of new functionalities and digital products to customers. The transaction also strengthens Itaú’s strategy to consolidate itself as a leader in digital financial solutions in the region, while expanding its capacity for innovation and technological integration.
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