Transactions
Context
Crescimentum, founded in Brazil and recognized as a top leadership and management training provider, achieved €7.7 million in turnover in 2019—a 31% increase over the previous year. It is renowned for premium positioning and serving major multinational clients, including Carrefour, Honda, Microsoft, Nestlé, Uber, and Whirlpool.
Cegos Group, established in 1926 in France, is a global leader in learning and development, offering training solutions across 50+ countries, with over 250,000 learners annually and revenues of approximately €250 million in 2019. The transaction was announced in October 2020, as Cegos acquired a majority stake in Crescimentum to strengthen its Latin American presence.
Strategic Rationale
Through the acquisition of Crescimentum, Cegos advances its Latin American strategy—building on prior entries in Chile and Mexico—by strengthening its presence in Brazil's thriving leadership training market.
This alignment combines Cegos’ global digital learning tools, such as LearningHub@Cegos and a multilingual e learning catalog, with Crescimentum’s market-leading local content, expertise, and client portfolio. The synergies enable cross-border training projects and enhanced offerings backed by a robust regional infrastructure.
Context
Agrosema Comercial Agricola Ltda., founded over 30 years ago in southern Brazil, operates approximately 12 farm centers with annual sales near US$60 million and around 200 employees, serving a strong regional presence in crop retail.
Nutrien Ltd. is the world’s largest provider of crop inputs and services, producing and distributing over 25 million tonnes of potash, nitrogen, and phosphate worldwide and serving more than 500,000 growers through nearly 2,000 ag retail centers across three continents. In Brazil, Nutrien Ag Solutions already maintains a central fertilizer blending facility and six additional facilities in the states of São Paulo and Minas Gerais.
Strategic Rationale
The acquisition of Agrosema marks Nutrien’s first on-the-ground expansion in Brazil, complementing an initial US$1 billion investment plan announced in 2019 to grow its Brazilian ag-retail presence.
Agrosema provides an immediate channel to reach farmers in southern Brazil and advances Nutrien’s ambition to achieve approximately 30% market penetration in the country’s distribution landscape. The transaction adds another touchpoint for its product suite, including specialty liquid fertilizers from its Agrichem unit and reinforces its long-term strategy of combining acquisitions with organic facility growth.
Context
Founded in 1980 and based in Pouso Alegre, Minas Gerais, Adubos Real S.A. is a leading Brazilian agri-input retailer offering a full range of services and products, including proprietary fertilizers, pesticides, and seeds through its wholesale unit Diamig, which serves local retailers
Marubeni Corporation, headquartered in Tokyo and founded in 1858, is a major Japanese trading and investment conglomerate with diverse operations spanning food, agricultural inputs, chemicals, energy, industrial machinery, and transportation
In October 2019, Marubeni made an equity investment, acquiring a partial stake in Adubos Real, making the latter its subsidiary to support expansion in agribusiness
Strategic Rationale
Marubeni’s investment in Adubos Real aligns with its global expansion strategy in agri-input retail, particularly in Brazil. The partnership enables Marubeni to share its international experience and support local growers with advanced solutions that boost productivity and sustainability, addressing evolving agricultural challenges across limited farmlands.
Context
Founded in 1957 and headquartered in Vargem Grande do Sul, São Paulo, Café Pacaembu is a traditional Brazilian coffee roaster, operating one of the most modern coffee roasting plants in the market and recently recognized as producing the best extra strong coffee in Brazil.
Massimo Zanetti Beverage Group (MZBG), based in Italy, is a global leader in roasted coffee production, processing, and distribution, present in over 100 countries and managing the entire coffee value chain—from green bean sourcing to retail—through renowned brands like Segafredo Zanetti and Boncafé.
Strategic Rationale
This acquisition positions MZBG to capitalize on Brazil’s coffee market—world’s largest producer and second-largest consumer—by integrating Café Pacaembu's high-tech roasting facility and strong brand reputation. It reinforces MZBG’s production capacity, enhances local distribution, and aligns with its strategy to expand in high-growth geographies through key local assets.
Context
Founded in 2010 in Brazil, Semantix is a technology company specializing in big data and artificial intelligence, with international operations and offices in São Paulo, Mexico City, and Bogotá. Recognized for its ability to transform data into business intelligence, the company delivers cutting-edge solutions across multiple industries, supporting organizations in decision-making, process automation, and the development of data-driven strategies.
Crescera Investimentos is a private equity and venture capital firm with a track record of investing in high-growth companies with scalable business models. Inovabra Ventures is Bradesco’s corporate venture capital arm, focused on strategic investments in innovative companies with the potential to generate synergies within the group’s ecosystem.
Strategic Rationale
The investment from Crescera and Inovabra Ventures will enable Semantix to accelerate the execution of its business plan, develop new verticals and strategic initiatives, and strengthen its international presence. The capital infusion also enhances the company’s ability to innovate, expand its product portfolio, and grow its customer base, consolidating its position as a reference in big data and artificial intelligence in Latin America.
The entry of two strategic investors with experience in scalability and innovation creates additional opportunities for both organic and inorganic growth, enabling new partnerships and expansion into markets not yet explored by the company.
Context
Founded in 1959 and headquartered in Brusque, Santa Catarina, Quimisa is a leading distributor of industrial and specialty chemicals in Southern Brazil. The company supplies industrial chemicals—including caustic soda and hydrogen peroxide—and specialty products like textile auxiliaries, dyes, and polymers to industries such as textiles, household care, food & beverage, and paper. Quimisa operates four strategically located branches and owns Quimilog, a transportation subsidiary ensuring agile and efficient logistics.
Brenntag SE, headquartered in Essen, Germany, is the global leader in chemicals and ingredients distribution. Founded in 1912, the company has a presence in 76 countries with over 580 offices and employs more than 16,600 people worldwide.
Strategic Rationale
Brenntag’s acquisition of Quimisa and its logistics unit Quimilog strengthens the company’s position in Brazil by expanding its industrial and specialty chemicals offering. The transaction enhances Brenntag’s infrastructure and market capabilities in key Brazilian states—Santa Catarina, Paraná, Rio Grande do Sul, and São Paulo—enabling improved service to the textile and household chemical industries.
The acquisition also accelerates Brenntag’s regional growth strategy, combining local market leadership with global reach in a high-potential economy.
Context
Padtec S.A.,founded in 1999 and headquartered in São Paulo, is a global leader in opticalcommunications systems, particularly in DWDM technologies. The company’s OTN-Switch platform and related intellectual property were transferred as part of this deal.
Ekinops, based in Paris, France and listed on Euronext, provides optical transport solutions for telecom operators and data networks worldwide.
Strategic Rationale
This acquisition strengthened Ekinops’ product portfolio, enabling it to deliver scalable OTN/DWDM solutions to support 5G and high-bandwidth transport markets. For Padtec, the deal unlocked R&D capital and validated its engineering excellence.
Context
BSN Medical, part of the Essity Group, is a global developer, manufacturer, and distributor of medical products in the areas of wound care, compression therapy, and orthopedics. Neve Indústria e Comércio de Produtos Cirúrgicos, founded in 1986 and headquartered in Bragança Paulista (SP), manufactures surgical, orthopedic, protective, and hospital apparel product lines. It serves over 1,500 hospitals and employs approximately 400 people.
Strategic Rationale
In August 2019, BSN Medical sold all assets of its Neve division to a group of Brazilian investors. The transaction allowed BSN to focus on its core global strategy, while Neve gained greater operational autonomy under local management, maintaining domestic production and direct service to the hospital market.
Context
Founded in 1965 and headquartered in São Paulo State, Wolpac Sistemas de Controle Ltda. is a leading Brazilian manufacturer specializing in access control equipment for transportation and security sectors. The company is renowned across Latin America for its comprehensive portfolio of pedestrian and vehicle entry solutions and maintains strong production capabilities and around 200 employees.
FAAC Group, established in 1965 in Italy, is a global pioneer in automation and access control systems, operating across three business units (Access Automation, Parking Technology, and Access Control) with over 3,600 employees in 29 countries. Through its subsidiary Magnetic Autocontrol (Brazil), FAAC completed the acquisition of Wolpac in June 2019.
Strategic Rationale
This acquisition reinforces FAAC’s strategic focus on expanding in Latin America, integrating Wolpac’s deep market presence, manufacturing capacity, and product expertise into its Access Control business unit. The transaction aligns with FAAC’s broader strategy to combine global innovation with local specialization, enabling it to offer enhanced access control solutions across the region.
Context
igc partners is pleased to announce it advised Grupo Setin on the contribution of the Pullman Ibirapuera and Ibis Expo SP hotels to the XP Hotéis FII real estate fund. Both properties are located in prime areas of São Paulo.
Based in São Paulo, Setin is one of the largest real estate development groups in Brazil. The company has delivered more than 6,600 hotel rooms across 30+ properties and holds a solid track record in the hospitality sector, alongside operations in the residential and commercial segments.
Strategic Rationale
The transaction supports Setin’s strategy of portfolio rotation and liquidity generation while reinforcing XP Hotéis FII’s position as a key platform for acquiring high-quality urban hospitality assets.
Context
Founded 15 years ago, Grão de Ouro Agronegócios is one of the leading agricultural input distributors in the state of Minas Gerais. The company serves over 4,000 farmers and also operates a wholesale division — Grão de Ouro Insumos — supplying agricultural inputs to local resellers.
Strategic rationale
igc partners advised Grão de Ouro on the sale of a majority stake to Aqua Capital, a private equity fund focused on agribusiness and food in Latin America. The investment aims to strengthen and expand Grão de Ouro’s regional operations, leveraging Aqua Capital’s experience and position in the sector.
Context
Femme Laboratório da Mulher is a diagnostic center exclusively focused on women's health, currently operating five units in São Paulo. Founded by doctors Professor Dr. Rogério Ciarcia Ramires and Professor Dr. Décio Roveda Júnior, Femme offers services including diagnostic gynecology, ultrasound, fetal medicine, breast imaging, genetic testing, pathology, and blood tests.
L Catterton is the world’s largest consumer-focused private equity firm, founded as a joint venture between Catterton, LVMH, and Groupe Arnault. It manages over US $15 billion across multiple funds focused on the consumer and health sectors.
Strategic Rationale
L Catterton’s investment is intended to fuel Femme’s national expansion by scaling its clinic network, adding new services, and enhancing marketing efforts. The strategic partnership leverages L Catterton’s deep expertise in growing consumer-health platforms across Latin America, positioning Femme to elevate its brand and accelerate growth.
Context
Padtec S.A., founded in 1999 and headquartered in São Paulo, is a global leader in optical communications systems, specializing in DWDM technologies. Its Submarine Networks Division (Padtec SND), based in São Paulo with about 30 employees, developed submarine networking technology and systems, including optical line amplifiers (repeaters), as well as planning, deployment, and maintenance services for undersea cables.
IPG Photonics Corporation, based in Oxford, Massachusetts, is a world leader in high-power fiber lasers and amplifiers, with a global presence and a focus on high-performance optical systems.
Strategic Rationale
In January 2019, IPG Photonics acquired 100% of Padtec’s Submarine Networks Division for R$ 75 million (approximately US$ 20 million). The sale was part of Padtec’s strategy to refocus on high-capacity terrestrial optical transport, reallocating resources to R&D, debt reduction, and international expansion. For IPG, the acquisition strengthened its entry into submarine networking systems, combining its high-power amplifier technologies with Padtec’s undersea expertise.
Context
Casa do Adubo is an ag-input company with over 80 years of history, operating 20 stores across Espírito Santo, Bahia, Rio de Janeiro, Minas Gerais, Mato Grosso, Rondônia, Pará, and Acre. The company employs over 500 professionals across retail locations and field sales. It also controls Casal Distribuidora, a business focused on supplying agricultural inputs to small and mid-sized resellers.
Strategic rationale
igc partners advised Casa do Adubo on a capital raise with Axxon Group, a private equity firm focused on generating value in mid-sized Brazilian companies. The investment aims to strengthen and expand the national operations of both Casa do Adubo and Casal Distribuidora.
Context
In June 2018, Origin Enterprises PLC, an Irish-based agri-services company listed on Euronext Dublin and AIM, entered the Brazilian market through the acquisition of a 20% equity stake in Ferrari Zagatto E Cia Ltda., a Brazilian distributor of agronomy services, inputs, and crop marketing solutions headquartered in Paraná.
Ferrari Zagatto, founded in 1988, is recognized for providing agronomy services, crop inputs, and marketing support to grain and specialty crop growers—approximately 4,000 farmers—throughout Paraná, the second-largest soybean and corn producing region in Brazil
Context
Fortgreen Commercial Agrícola Ltd., founded in 2004 and headquartered in Paiçandu, Paraná, develops and markets advanced crop technologies, including foliar fertilizers, biostimulants, adjuvants, and slow-release fertilizers. The company serves around 1,200 customers via B2B and retail channels.
Origin Enterprises plc, founded in 1897 and headquartered in Dublin, Ireland, is an international agri-services group supplying crop technologies, agronomic consultancy, and digital solutions. It holds operations across Europe and has been actively expanding in Brazil and Latin America since 2018.
Strategic Rationale
In mid-2018, Origin acquired a 65% stake in Fortgreen as part of its expansion into South American agri-input markets. The investment aimed to bolster Origin’s technological capabilities in crop nutrition, diversify its geographic footprint, and provide access to products designed for Brazil’s large-scale agriculture sector.
Context
Founded in Brazil in 2012, Decora is a 3D visualization and augmented reality (AR) startup specializing in product imagery, realistic CGI scenes, 360° videos, and AR-ready files aimed at retailers and marketers. By March 2018, Decora’s scalable platform and growing team of 3D designers enabled production of over 15,000 images and 7,000 scenes per month—a more than 1,000% increase in production during 2017.
CreativeDrive, a global content creation company operating over 150 production studios worldwide, acquired Decora in March 2018 in a deal reportedly worth over US $100 million. The acquisition aimed to enhance the company’s capabilities in motion, digital, photography, CGI, and AR/VR content creation.
Strategic Rationale
With this acquisition, CreativeDrive aimed to meet growing demand for scalable, high-quality content creation that is AR/VR ready and platform-agnostic. Decora’s proprietary technology and global network of 3D artists allowed CreativeDrive to deliver “intelligent content” at scale, overcoming traditional barriers in CGI production and enabling brands to deliver immersive experiences efficiently across channels.
Context
ACS (Brazil), founded in the 1980s and headquartered in São Paulo, is a leading provider of energy efficiency services in Brazil, specializing in remote monitoring of energy, water, temperature, and gas consumption. ACS held around 40% market share and served over 600 clients, including major corporations in retail, banking, and industry.
Engie SA is a French multinational utility company, headquartered in La Défense, France, founded in 2008 (originating from Gaz de France and Suez). Engie operates globally across electricity, natural gas, renewables, and energy services.
Strategic Rationale
In January 2018, Engie Soluções (Engie’s services arm in Brazil) acquired ACS to enhance its integrated energy services offering. The acquisition enabled Engie to broaden its platform, combining remote monitoring with services such as efficient lighting, solar generation, HVAC and industrial maintenance. The deal aligned with Engie’s global strategy to grow its energy services segment and achieve R$ 1 billion in revenue within two years in Brazil.
Context
Founded in 1990, Abase is a Brazilian distributor of veterinary health care products based in Jaguariúna, São Paulo. The company serves companion animals, swine, poultry, and bovine segments and offers pharmaceuticals, pet food, diagnostic equipment, and consumables.
Henry Schein, headquartered in Melville, New York, is the world’s largest provider of health care products and services to dental, animal health, and medical practitioners.
Strategic Rationale
Henry Schein’s majority investment in Abase strengthens its position in Brazil’s animal health market, complementing an earlier investment in Tecnew in Rio de Janeiro. The deal diversifies Henry Schein's supplier relationships, approximately doubles its Brazilian volume, and supports its ambition to help veterinarians in Brazil run more efficient, successful practices while delivering high-quality care.
Context
RZF Projetos, Construções e Serviços Rodoviários, based in Araras, São Paulo, specialized in roadworks, landscaping, and infrastructure services. Its acquisition by Grupo GPS marked a strategic expansion into road maintenance, complementing GPS’s existing portfolio in facilities and infrastructure services.
Strategic rationale
The transaction reinforced Grupo GPS’s leadership in infrastructure and outsourced services across Brazil. Integrating RZF expanded its operational reach into road maintenance in key states including SP, MG, PR, SC, and RS, generating synergies and enhancing service capabilities.
Context
Ourolac Indústria de Alimentos S.A., founded in 2002 and based in Rio Verde (GO), is a leading provider of UHT dairy solutions to the foodservice market. Its products are used by major chains including Burger King, Bob’s, KFC, Giraffas, Chiquinho Sorvetes, Cinepólis, Cacau Show, and a wide network of distributors.
2bCapital, the private equity arm of Grupo Bradesco, invests in Brazilian growth-oriented companies, often alongside institutional backers.
Siguler Guff & Company, a U.S.-based private equity firm with over US $12 billion in assets, has significant investment presence in Latin America.
Strategic Rationale
The joint investment of R$ 90 million by 2bCapital and Siguler Guff aims to:
Strengthen Ourolac’s presence in Brazil by increasing production capacity, launching complementary solutions, and expanding national coverage.
Support Ourolac’s strategic plan, which includes geographic growth into Latin America and Central America.
Bring new strategic expertise and high-level networking to accelerate execution of business goals across short, medium, and long-term horizons.
Context
Agro 100 is an agricultural inputs distributor headquartered in Paraná, also operating in Mato Grosso do Sul, focused on ag input sales and grain handling.
Strategic rationale
igc partners advised Agro 100 on the sale of a majority stake to Aqua Capital, a private equity firm focused on agribusiness, food, and logistics. The deal was part of a broader consolidation strategy that led to the creation of Agro Galaxy, formed through a series of regional acquisitions backed by Aqua Capital in 2017.
Context
CBL Alimentos S.A., operating under the Betânia brand, is a Brazilian dairy company founded in 1975 and headquartered in Quixeramobim and Fortaleza, Ceará. It is the largest dairy producer in Brazil’s Northeast, manufacturing fluid milk, dairy drinks, yogurt, cheese, condensed milk, and more across five production plants in Ceará, Pernambuco, Paraíba, and Sergipe, with eight distribution centers.
Arlon Group is a New York–based private equity firm specializing in food and agriculture. Founded in 2007 and backed by Continental Grain Company and Rabobank, Arlon manages over US$ 1 billion in assets and focuses on middle market companies across the Americas.
Strategic Rationale
In July 2017, Arlon acquired a 20% stake in CBL Alimentos. The transaction aimed to fund investments of around R$ 100 million over three years to double production capacity, especially at the Morada Nova plant, and launch higher value products. Arlon also gained a board seat, supporting the scaling of production, expansion of distribution networks across the Northeast, and entry into new states such as Bahia, Maranhão, and Piauí.
Context
Casa da Vaca, one of Brazil’s largest distributors of veterinary products and agricultural inputs, was advised by igc partners in the sale of a majority stake to Aqua Capital, a private equity fund focused on agribusiness, food, and logistics sectors. Headquartered in Perdões, Minas Gerais and founded in 1975, the company maintains a stock of over 4,000 items, with sales concentrated in Minas Gerais, Rio de Janeiro, and Espírito Santo.
Strategic rationale
The investment aimed to consolidate Casa da Vaca’s operations in the Southeast region and expand its pet-care product businesses.
Context
Founded in 1993, Muxi specializes in solutions for the payments industry, developing platforms that serve the entire value chain of the sector. Its technology is embedded in more than 3 million devices — including POS terminals, mPOS, tablets, and smartphones — ensuring integration with multiple transactional systems. The company is headquartered in Rio de Janeiro, with offices in São Paulo, Lima, Mexico City, and Miami, and has a client portfolio that includes Cielo, Visanet Peru, First Data, Nexxpago, PagaTodo, Redeban, Banrisul, Sicredi, Ipiranga, and BR Distribuidora.
Confrapar, one of Brazil’s leading investment managers focused on technology, made an investment of up to R$ 16 million in Muxi.
Strategic Rationale
The investment from Confrapar will allow Muxi to accelerate the development of new products, strengthen its presence with key players in the payments sector, and expand its international operations, particularly in the United States.
With the capital injection, the company is betting on innovation, including the launch of muxiWAY, a solution patented in the U.S. that turns any mobile device into a POS terminal, while also strengthening its operations in Latin American markets where it is already present, such as Mexico, Peru, Venezuela, and Colombia. The partnership with Confrapar also supports Muxi’s strategy to consolidate itself as a global reference in payment technology.
Context
Osler Laboratory, a Brazilian manufacturer of insect repellents, is best known for its Exposis® brand, a premium line of picaridin-based products widely sold in pharmacies across Brazil. The company built a strong reputation in the Brazilian market for effective, high-quality repellents targeted at consumers seeking advanced protection.
SC Johnson, headquartered in Racine, Wisconsin (USA), is a global leader in household and personal care products. Founded in 1886, SC Johnson owns iconic brands like OFF!®, Raid®, Glade®, Windex®, and Pledge®, and operates in over 70 countries.
Strategic Rationale
The acquisition of Osler Laboratory enables SC Johnson to strengthen its insect-repellent portfolio in Brazil, adding a premium, locally recognized brand to complement its existing pest-control products. The transaction expands SC Johnson’s footprint in Brazil and enhances its ability to meet consumer needs in the insect protection segment.
Context
Vivante — a facilities and industrial maintenance company owned by private equity funds Axxon Group and Marceau Finance — acquired a 40% stake in BC2 Construtora, which specializes in maintaining and conserving privatized highways in Brazil. Investment was structured as a capital injection with a disclosed value potentially reaching up to R$100 million over the following five years, aimed at supporting BC2’s growth in transport infrastructure services. At the time, Vivante’s revenue was around R$250 million (in 2015), and the funds were intended entirely for growth initiatives.
Strategic rationale
The transaction aimed to elevate BC2 to become one of Brazil’s largest providers of infrastructure maintenance services, including ports, airports, and railroads. Vivante’s involvement, underpinned by Axxon and Marceau, reflects a strategic emphasis on investing in high-potential infrastructure sectors.
Context
Founded in 2008, YesSinergy is a Brazilian biotechnology company specializing in natural animal nutrition and health additives, aimed at replacing antibiotics while promoting sustainability. Based in Campinas (SP) with production plants in Lucélia and Borá, the company serves multiple animal species and exports to over 40 countries.
Strategic rationale
Aqua Capital’s majority investment in March 2016 brought professionalization and value-focused growth to YesSinergy. The transaction enabled 24% annual organic revenue growth and 25% EBITDA growth, international expansion, adoption of robust ESG practices, and recognition by LAVCA for best-in-class impact.
Context
Moip Pagamentos S.A., founded in 2008 and based in São Paulo, is a Brazilian digital payment processor offering end-to-end solutions for e-commerce platforms, marketplaces, and small and medium-sized businesses. The company provides services including automated onboarding, buyer protection, and payment guarantees, serving nearly 100,000 clients and processing over BRL 1 billion in annual payments at the time of the transaction.
Wirecard AG, headquartered in Germany, was a global payment services and technology company offering electronic payment processing, risk management, and issuing services, operating across Europe, Asia, and the Americas.
Strategic Rationale
The acquisition of Moip allowed Wirecard to establish a strong presence in Latin America, leveraging Moip’s scalable technology, local expertise, and customer base to expand Wirecard’s global payment and issuing solutions into the Brazilian and regional markets.
Context
ASSA ABLOY Brasil, part of the Swedish global leader in door opening solutions, acquired Vault, a Brazilian company specialized in physical barriers, access control, and high-security integrated systems.
Strategic rationale
The acquisition strengthened ASSA ABLOY Brasil’s position as the company offering the most complete lineup of security solutions — including locks, fire doors, panic bars, as well as armored booths, windows, security guards, gates, and more. It also accelerated Vault’s ambitious growth trajectory while retaining its local management.
Context
Selectchemie LTDA, founded in 1970 and based in São Paulo, Brazil, is a leading distributor of pharmaceutical ingredients and excipients, representing major producers from the US, Europe, and Asia.
IMCD N.V., established in 1995 and headquartered in Rotterdam, Netherlands, is a global distributor and marketer of specialty chemicals and ingredients. IMCD focuses on delivering tailored chemical solutions across multiple sectors.
Strategic Rationale
In December 2015, IMCD acquired 100% of Selectchemie to strengthen its presence in the Brazilian pharmaceutical and specialty chemicals market. The acquisition provided IMCD with a robust local platform, technical formulation expertise, and access to top-tier global suppliers, enhancing its ability to support Brazil’s growing generics and pharmaceutical industries.
Context
Founded in 2001 and headquartered in Boa Vista, Brazil, Genesis Group is the country’s largest grain testing and inspection company. It serves the full agribusiness hierarchy from farmers to ports with grain and milk quality testing, certifications, and quality analysis for global trading firms. Leveraging a network of around 1,000 qualified testers and proprietary IT platforms, Genesis delivers vital pricing and compliance insights to clients in Brazil, the world’s second-largest soybean exporter and third-largest corn producer.
Strategic Rationale
Actis Capital partnered with Genesis' founders in December 2014 to support the business’s next growth stage. The investment enables Genesis to capitalize on the growing global demand for traceable, high quality agricultural inputs, addressing evolving consumer and regulatory requirements in global supply chains.
Context
Wooza is aBrazilian technology and marketing firm operating an online platform forselling telecommunications plans and services. In 2019, Wooza spun off itsTelecom division and sold 100% of its equity stake to Allied, Brazil’s largestprovider of electronic products, supported by private equity from AdventInternational.
Allied, acquired by Advent in 2014, distributes mobile phones, tablets,notebooks, cameras, gaming consoles, and other electronics across Brazilthrough more than 15,000 retail points. The acquisition included theintegration of Wooza’s platform into its e-commerce and omni-channel strategy.
Context
Founded in the mid 1990s and headquartered in São Paulo, Conductor was a leading Brazilian payment processing company specializing in private label and co branded card solutions. It held PCI DSS certification and operated across prepaid, credit, and hybrid cards partnered with networks such as Visa and Mastercard. In 2018, Conductor launched a banking-as-a-service arm called Dock. Following a strategic rebranding in 2021, the Conductor, Dock, and Muxi brands were unified under the single name Dock, reflecting its evolution into a full-stack fintech platform.
Riverwood Capital is a global private equity firm founded in 2008, with offices in Menlo Park, New York, and São Paulo. It invests in high growth technology companies across the Americas.
Strategic Rationale
The 2014 acquisition marked Riverwood’s strategic entry into Brazil’s payments infrastructure market. It provided Conductor with the necessary capital and expertise to modernize its platform and accelerate growth. The rebranding to Dock in 2021 signified a shift from pure card processing to a comprehensive BaaS and fintech services provider, enabling expansion across Latin America and participation in major infrastructure initiatives.
Context
D’Altomare Química Ltda., founded in 1972 and based in São Paulo, Brazil, is a specialized distributor of chemical ingredients serving the personal care, pharmaceutical, food-agriculture, electronics, and industrial markets. It operates multiple distribution centers, including in Embu and Manaus.
Univar Inc., founded in 1924, is a global distributor of specialty and industrial chemicals. Based in Downers Grove, Illinois, it serves over 130,000 B2B customers through more than 700 distribution sites worldwide.
Strategic Rationale
In November 2014, Univar Brasil acquired D’Altomare to deepen its footprint in Brazil and Latin America. The acquisition complemented Univar’s existing portfolio in specialty ingredients, coatings, lubricants, and adhesives and added robust logistics and service capabilities in high-growth sectors such as personal care and pharmaceuticals.
Context
Cataratas do Iguaçu S.A., headquartered in Foz do Iguaçu (PR), is the leading concessionaire of tourism services in Brazil’s national parks. It operates services including ticketing, transportation, parking, food & beverage, and retail at iconic sites such as Iguaçu National Park and Fernando de Noronha. The company also holds equity interests in the Paineiras-Corcovado concession (responsible for access to Christ the Redeemer in Rio de Janeiro) and the AquaRio aquarium.
Advent International is a global private equity firm founded in 1984 and headquartered in Boston, with operations across Latin America. The firm specializes in growth capital and buyout investments in sectors including consumer, retail, leisure, and services.
Strategic Rationale
In 2014, Advent International acquired a minority equity stake of approximately 50% in Cataratas. The investment aimed to support the company’s expansion into new tourism concessions across Brazil, improve operational capabilities, and elevate visitor experiences. It represented Advent’s strategic entry into Brazil’s ecotourism and sustainable leisure services sector.
Context
Founded in 2000, NZN is among Brazil’s top 10 most visited digital media networks, operating sites like Baixaki, Superdownloads, TecMundo, Mega Curioso, Minha Série, and Em Resumo — reaching nearly 30 million unique visitors monthly.
Click Jogos, founded in 2004, is Brazil’s largest online gaming platform for kids and teens, offering 20,000 free-to-play games across PC and mobile, with over 15 million monthly unique visitors.
In September 2014, NZN and Click Jogos merged their operations, and H.I.G. Capital, a leading global private equity investment firm, acquired a majority stake in the combined company.
Strategic Rationale
The merger and acquisition allow the combined company to consolidate its leadership position in Brazil’s fast-growing digital media and online gaming markets. With H.I.G.’s support and expertise, the business aims to expand its reach, enhance monetization of its traffic, and accelerate growth by entering new verticals — particularly capitalizing on the rising demand for online and mobile gaming among younger audiences.
Context
Renova Câmbio is a Brazilian foreign exchange brokerage firm specializing in buying and selling foreign currencies, international remittances, travel cards, and FX-related financial solutions for individuals and businesses. The company focuses on providing secure, fast, and competitively priced services, operating within Brazil’s independent network of foreign exchange houses that serve both tourism and corporate clients.
UAE Exchange is a multinational financial services company founded in 1980 in Abu Dhabi, United Arab Emirates. It is globally recognized for its international remittance operations, currency exchange, and payment services. The company built a worldwide network of more than 800 branches across about 30 countries, primarily serving expatriate workers sending remittances to their families. Today, it is part of the Finablr group, which also owned other payment and remittance brands.
Context
Localcred is a Brazilian company with over 30 years of experience in credit recovery, offering services such as tele-assistance, back-office support, negotiation, and specialized advisory, focused on financial reintegration and preserving consumer dignity.
Brascobra (or Brascobra Cobrança) is one of Brazil’s largest administrative debt collection firms, founded in 1988 in Brasília-DF. The firm operates nationwide and serves a diverse client base, leveraging technology and efficient processes to reduce delinquency and recover credit.
Context
LG Sistemas, founded in 1985 and based in Goiânia with branches across Brazil, is a leading provider of human-resources software serving over 400 companies with solutions like payroll, talent management, and digital onboarding.
H.I.G. Capital, a global private equity firm founded in 1993 and headquartered in Miami, manages over US$13 billion and invests in mid-market companies globally, including through its Brazil affiliate.
Strategic Rationale
In August 2013, H.I.G. Brazil invested in LG Sistemas to support the company’s growth, strengthen its R&D capabilities, and broaden its software portfolio. H.I.G.’s backing aimed to help LG Sistemas consolidate its leadership in Brazil’s HR tech sector.
Context
Creme Mel Sorvetes, founded in 1987 in Goiânia, is one of Brazil’s largest independent ice cream producers. The company is headquartered in Goiás and distributes across nine states in the Midwest. By 2013, it employed around 900 people and operated its own production facilities and refrigerated fleet.
H.I.G. Capital is a global private equity firm founded in 1993 and headquartered in Miami. The firm established a Brazilian affiliate in 2012 and focuses on growth capital and buyout investments in mid-sized companies across a range of sectors.
Strategic Rationale
In July 2013, H.I.G. Capital acquired a minority stake in Creme Mel to support its national expansion strategy. The investment was directed toward increasing production capacity, including the construction of a new plant, and broadening distribution into new regional markets. H.I.G. also aimed to bring operational support and strategic guidance to accelerate Creme Mel’s growth trajectory.
Context
CEL® LEP, founded in 1967 and headquartered in São Paulo, is a premium English-language teaching network in Brazil. The company operates 17 owned schools in São Paulo and 4 licensed units in São Paulo and Minas Gerais, serving over 10,000 students annually and having taught more than 420,000 students over its history.
H.I.G. Capital is a global private equity firm founded in 1993 and based in Miami. The firm manages more than US$10 billion in capital and focuses on growth and buyout investments in mid-sized companies worldwide, including through its Brazilian affiliate.
Strategic Rationale
In September 2012, H.I.G. Capital acquired 100% of CEL LEP in its first Brazilian investment. The acquisition aimed to accelerate CEL LEP’s regional expansion beyond São Paulo, leveraging H.I.G.’s financial and operational expertise to meet the rising demand for quality English-language education in Brazil.
Context
PlayPen, officially known as Escola Cidade Jardim | PlayPen, is an independent bilingual day school in São Paulo, offering education to children aged 1–17 years. Founded over 40 years ago, PlayPen provides a bilingual curriculum combining the Brazilian national framework with international programs like the IB and Early Years Curriculum.
Cognita, established in 2004 and backed by Bregal Capital (with later investment from KKR), is a global network of over 100 schools across 16 countries. The group expanded into Brazil in 2012 and acquired PlayPen as part of its strategy to grow its educational presence in Latin America.
Strategic Rationale
Cognita acquired PlayPen to strengthen its network in Brazil, tapping into the prestige and academic quality of one of São Paulo's premier bilingual schools. The acquisition supports Cognita’s aim to offer world-class, bilingual education in key Brazilian markets by integrating PlayPen into its global platform and facilitating best-practice exchange with other top-tier schools.
Context
Crivo Sistemas em Informática S.A., founded in 2000 and based in São Paulo, is a Brazilian provider of decisioning and analytics software for credit, fraud prevention, and risk management. Its clients include leading banks, insurance companies, telecom operators, and retailers.
TransUnion is a global credit reporting and analytics company founded in 1968 and headquartered in Chicago. It operates in more than 30 countries and offers data-driven solutions to businesses and consumers worldwide.
Strategic Rationale
In January 2012, TransUnion acquired a majority equity stake in Crivo, marking its entry into the Brazilian market. The deal combined Crivo’s local decisioning platform with TransUnion’s global analytics capabilities to deliver customized solutions across financial services, telecom, insurance, and retail sectors in Brazil.
Context
Founded in 1998, Raul Fulgêncio Negócios Imobiliários became one of the leading real estate agencies in Brazil’s interior, based in Londrina (PR). The company stood out for its performance in residential project launches, innovative marketing strategies, and close relationships with homebuyers. It played a key role in the urban transformation of underdeveloped areas in the city.
The agency built a solid reputation by partnering with large developers and delivering differentiated sales strategies focused on mid- and high-end vertical housing.
Context
Founded in 1980, Mandic S.A. is a leading Brazilian managed Infrastructure-as-a-Service (IaaS) provider offering public cloud, cloud backup and storage, and collaboration tools. Serving over 19,000 customers, Mandic merged with Tecla Internet, a data center spin-off, to form a comprehensive cloud leader in Brazil. In early 2012, Riverwood Capital acquired Mandic and combined it with Tecla as part of its Latin American expansion.
Strategic Rationale
Riverwood’s investment aimed to accelerate the creation of a top SaaS and IaaS platform in Brazil serving both large corporates and SMEs. The combined entity would leverage Riverwood’s capital, local expertise, and Mandic + Tecla’s complementary offerings to drive rapid expansion and improved customer service across the cloud ecosystem.
Context
LM Farma Indústria e Comércio Ltda., founded in 1988 and based in São José dos Campos (SP), is a Brazilian manufacturer of wound care products under the Curatec brand. Before 2011, it had built a strong presence in hospital markets with R&D-driven antiseptic dressings.
Laboratoires Urgo, part of the French Urgo Group founded in 1880, specializes in wound care and advanced healing solutions.
Strategic Rationale
The acquisition provided Urgo with local manufacturing, ANVISA certification, and an established distribution network, enabling quicker market entry and regulatory compliance in Brazil. LM Farma became Urgo’s regional platform for introducing its global wound-care portfolio, accelerating R&D investments and product expansion in Latin America.
Context
Arinos Química Ltda., founded in 1997, is a Brazilian distributor of specialty and commodity chemicals. The company partners with over 60 chemical manufacturers and supplies more than 1,600 products to over 6,500 customers across various industries. Headquartered in Osasco (SP), Arinos also develops proprietary formulation products through its own branded product lines.
Univar Inc. is a global distributor of industrial and specialty chemicals, representing over 2,500 producers and serving approximately 80,000 customers worldwide. Founded in 1924 and headquartered in Downers Grove, Illinois, Univar operates more than 170 facilities across North America, Europe, Asia-Pacific, and Latin America.
Strategic Rationale
In September 2011, Univar acquired Arinos to strengthen its presence in the high-growth Brazilian chemical distribution market. The transaction provided Univar with a complementary business model, a broad local distribution network, and extensive market knowledge. It also allowed for synergies by expanding customer offerings, improving supplier access, and leveraging Univar’s global sourcing capabilities.
Context
Founded in 1980, Sisgraph was a Brazilian software and services provider specializing in tailored solutions based on Intergraph technologies for Latin American clients. It employed a team of over 100 engineers and specialists, supporting sectors such as power, process, marine, government, and security. In August 2011, Hexagon AB, a Swedish global provider of design, measurement, and visualization technologies, acquired 100% of Sisgraph, integrating it into its global business operations.
Strategic Rationale
Hexagon aimed to strengthen its presence in South America by gaining full access to Sisgraph’s technical expertise, customer relationships, service capabilities, and proprietary technology. The acquisition was designed to accelerate Hexagon’s expansion in key industries, including offshore oil, power, infrastructure, and government, leveraging Brazil’s growth opportunities leading up to major events like the 2014 World Cup and the 2016 Olympics.
Context
Allied Advanced Technologies (AAT), founded in 2001 and based in São Paulo, is one of Brazil’s largest independent distributors of mobile handsets, electronics, and technology solutions. The company has expanded its presence into retail and digital channels, managing partnerships with global brands and operating branded stores and e-commerce platforms.
One Equity Partners (OEP) is a U.S.-based private equity firm founded in 2001, formerly the private investment arm of JPMorgan Chase. It specializes in middle-market investments and has a strong presence in Latin America, with a portfolio spanning technology, healthcare, and industrials.
Strategic Rationale
One Equity Partners acquired a significant equity stake in AAT as part of a strategy to expand its presence in Brazil’s consumer electronics and retail distribution sectors. The investment supported AAT’s growth across retail, logistics, and brand partnerships, enhancing its national reach and operational scale.
Context
Prismapack, founded in 2001 and headquartered in Camaçari, Bahia, is a market leader in manufacturing high-performance hygienic films for personal care products such as diapers and sanitary pads. Prismapack had a strong growth trajectory.
Huhtamaki Oyj is a Finnish packaging company established in 1920 and headquartered in Espoo, Finland. It specializes in consumer and specialty packaging with a global presence, including facilities in Asia, Europe, North America, and South America.
Strategic Rationale
In August 2011, Huhtamaki acquired 100% of Prismapack via its Brazilian subsidiary. The acquisition strengthened Huhtamaki’s position in hygienic films within the fast-growing Brazilian market and expanded its global films segment footprint. It complemented Huhtamaki’s strategy to focus on flexible packaging, enhancing its ability to serve global hygiene customers from a local base.
Context
Drakar and Voga, part of the Ledervin Group, are established producers of synthetic laminates serving markets such as fashion, furniture, decoration, technical fabrics, and coverings. Both brands have a strong presence in Brazil and abroad, with industrial operations in São Paulo state.
Matec is an industrial company focused on technical surface solutions, and its operations were integrated with Ledervin’s during the merger.
Context
LDI Desenvolvimento Imobiliário S.A., the holding company of the Lindenberg Group and owner of the development company Cipasa, sold its majority stake in Cipasa to Prosperitas in 2010. Cipasa, founded in 1989, had launched more than 38 developments, reaching approximately 21,000 lots sold and over 22 million square meters developed across São Paulo.
Strategic Rationale
The transaction initiated a new growth phase under Prosperitas’s management. The investor acquired around 75% of the company for an estimated value of R$150 million, bringing in capital and governance suited to scale expansion—shifting away from LDI’s prior strategy focused on high-end residential projects.
Context
In 2010, Ernst & Young (EY) merged with Terco, a Brazilian audit and consulting firm founded in 1982 with strong presence in the middle-market and real estate sectors. The newly formed Ernst & Young Terco commenced operations on October 1, 2010, with approximately 3,500 employees, serving around 3,700 clients and auditing 94 companies listed on the Bovespa. The merger combined EY’s global expertise with Terco’s local market presence, making it the second-largest audit and advisory firm in Brazil.
Strategic rationale
The merger aligned with EY’s global strategy to strengthen its presence in emerging markets by leveraging local expertise and integrating it with its international platform.
Context
CPQ Brasil S/A, the operator of the renowned Casa do Pão de Queijo bakery and café chain especially popular in airports and franchise locations, sold a majority equity stake to Standard Bank, South Africa’s largest lender. Standard Bank had originally invested in CPQ in 2009, and this transaction increased its ownership to a controlling position.
Context
Frango Assado is a prominent Brazilian chain of roadside restaurants, known for its grilled chicken and baked goods, operating along highways and in food plazas. In 2008, International Meal Company (IMC)—backed by Advent International—acquired Frango Assado, integrating it into IMC’s portfolio of foodservice brands including Viena, Pizza Hut, KFC, and Margaritaville.
Strategic Rationale
The acquisition enabled IMC to expand its presence in Brazil’s highway concession market, leveraging Frango Assado’s strong regional brand and high-traffic locations to enhance its footprint in the casual dining sector. It served as a cornerstone in IMC's growth strategy to build a diversified restaurant network across captive-food markets such as highways, airports, and shopping centers.
Context
Yuny is a prominent real estate developer based in São Paulo, known for its high-end residential and commercial projects located in prime neighborhoods with strong appreciation potential. The company has a solid and consistent track record, combining excellence in real estate development with a long-term strategic vision and a diversified portfolio aligned with urban market trends.
GTIS Partners is a global investment firm focused on real estate, with operations across the United States and Latin America. In Brazil, GTIS is one of the leading institutional investors in the sector, with a strong presence in residential, logistics, commercial, and hospitality segments.
Strategic Rationale
First direct investment by a foreign fund in a real estate developer in Brazil. The transaction involved three competitive proposals and resulted in a R$700 million capital injection from GTIS Partners, ensuring predictable returns for the fund and strong dividends, while also driving Yuny’s growth.
Context
In 2008, Even Construtora e Incorporadora S.A., a leading Brazilian property development company with vertically integrated operations across São Paulo, Rio de Janeiro, and Porto Alegre, established a strategic joint venture with Melnick Desenvolvimento Imobiliário, a highly profitable real estate developer from Rio Grande do Sul, known for its strong ROAE and sustained regional growth. The partnership was driven by shared business values and models.
Strategic Rationale
The joint venture allowed Even to deepen its regional footprint, while enabling Melnick to leverage Even's operational capabilities to accelerate expansion. It was a collaborative move combining technical prowess, compatible corporate cultures, and market knowledge to drive high-quality development.
Context
Farmasa (Laboratório Americano de Farmacoterapia S.A.) is a Brazilian pharmaceutical company specializing in high-growth prescription and direct-to-consumer medications. In November 2007, GP Investments, a major Brazilian private equity firm, acquired a significant minority stake in Farmasa through an investment and association agreement, which also included a subsequent merger with Hypermarcas, a leading Brazilian consumer health company.
Strategic Rationale
GP Investments’ stake enabled Farmasa to leverage synergies from the merger with Hypermarcas—strengthening its distribution reach, product portfolio, and operational scale. The combination created a more robust platform in Brazil’s pharmaceutical and consumer health market, positioning the merged entity for sustained growth.
Context
Fototica, founded in 1920 in São Paulo, is one of Brazil’s oldest photo and optics retail chains, operating over 100 stores nationwide. In 2007, the company was acquired by Dutch investment firm Hal Investments (owner of GrandVision), initiating a strategic shift retiring photo development services and focusing exclusively on eyewear retail under the GrandVision by Fototica brand.
Strategic Rationale
The acquisition was driven by Hal Investments' goal to establish a strong optical retail platform in Brazil. It enabled the network to exit photo services and capitalize on the growing eyewear market. Under new leadership, Fototica pursued aggressive store expansion, opened new regional hubs, and leveraged its rebranded identity to strengthen market positioning.
Context
Viena is one of Brazil’s largest casual dining restaurant chains, founded in 1975 and well-known for its cafés in airports, highways, shopping centers, and business districts. It became a flagship brand in Brazilian foodservice, recognized for its quality and reach.
Advent International, a Boston-based global private equity firm founded in 1984, entered the Brazilian market through the acquisition of Viena. This transaction marked one of Advent’s early investments in Brazil’s restaurant sector and was part of its broader Latin American expansion strategy.
Strategic Rationale
Advent International aimed to establish a platform in Brazil’s high-growth casual dining sector. Viena was targeted due to its strong brand recognition, extensive network of locations, and established customer base. The deal provided Advent with a local market foothold and served as a springboard for further investments and consolidation efforts in the region’s foodservice industry.
Context
Setin is one of Brazil’s most established real estate companies, with a strong track record in residential, commercial, and hospitality development in São Paulo. Known for its technical excellence and consistent delivery of landmark projects, Setin has built a reputation for quality, execution, and credibility in the local market.
Klabin Segall was a publicly traded real estate developer, recently listed on Bovespa’s Novo Mercado at the time of the acquisition. With national ambitions, the company was seeking to accelerate growth through strategic acquisitions and the integration of complementary development platforms.
Strategic Rationale
The acquisition brought Setin’s construction expertise, landbank, and brand strength under the Klabin Segall platform, supporting its strategy of becoming a nationwide real estate group. It also marked one of the first major consolidation moves in the Brazilian real estate sector following the IPO wave of the mid-2000s.
Context
Even is a real estate developer and construction company with strong operations in São Paulo, Rio de Janeiro, and Porto Alegre. The company is known for its financial strength and focus on mid- and high-end residential developments, combining operational efficiency, construction quality, and strategic urban positioning across its portfolio.
Spinnaker Capital Group is a London-based investment firm specialized in emerging markets, with a strong presence in Latin America.
Strategic Rationale
Spinnaker Capital Group, an international fund with limited prior exposure to the real estate sector, made a capital investment in Even. igc structured an original investment thesis, connecting foreign capital with one of Brazil’s leading players in the real estate industry.
Context
Copag, founded in 1908 in São Paulo, is Brazil’s leading playing card manufacturer, known for durable plastic and paper decks used in poker, bridge, and board games. It holds ISO 9001, ISO 14001, and SA 8000 certifications and became the official supplier for major poker tournaments like the World Series of Poker.
In 2005, Copag sold a 50% stake to Carta Mundi, alongside gaining global production and distribution support. Carta Mundi, founded in 1970 in Turnhout, Belgium, is the world’s largest playing card and board game manufacturer, operating 11 plants and 13 offices across multiple continents.
Strategic Rationale
The 2005 partial acquisition gave Carta Mundi access to Copag’s centennial brand, experienced workforce, and strong presence in Latin American markets. This strategic move allowed Carta Mundi to enhance its global portfolio with premium plastic cards and leverage Copag’s Brazilian factory to serve both regional and international clients, including high-end casino and poker tournament segments.
Try adjusting your filters or search criteria to find what you're looking for
© 2025 IGC Partners. All rights reserved. All content, materials, and information presented on this website are intended solely for general informational purposes and do not constitute legal, financial, investment, or professional advice. IGC Partners makes no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of the information provided. Users should seek appropriate independent professional advice before acting on any information contained herein. Unauthorized use, reproduction, or distribution of any part of this website is strictly prohibited. By accessing and using this website, you agree to be bound by our Privacy Policy and Terms of Use. For further through the channels provided on our Contact page.
We use cookies to improve your experience and analyze traffic with Google Analytics.