3. 3
Agenda
Section 01
About RGS
Section 02
M&A Brazil | 10-year review up to 6M2023
Section 03
M&A Brazil | 5-year review of largest transactions
Section 05
Brazil | Country overview
Section 04
Brazil | 6M2023 review
5. 5
We are The financial advisory and strategic partner for your M&A or
fundraising journey
Our mastery in mergers and acquisitions and fundraising
comes from a successful combination of rigorous technical
standards, close attention and human touch, amplifying
businesses' value for the client and the market
6. 6
RGS overview
We act in all transaction stages, seeking to find the right tone for each business
and each client
Compose, tune and align. The same mastery in Mergers and
Acquisitions expands to fundraising advisory and debt capital
markets (DCM)
⁄ Private Equity and Venture Capital
⁄ Structured Debt Issuance (Debt Capital Markets)
This is our specialty. This is what we have been doing with
mastery for a decade. What drives us is helping our clients and
companies start a new and prosperous chapter in their stories.
⁄ Sell-side advisory
⁄ Buy-side advisory
Mergers
and acquisitions Fundraising
7. 7
Middle market
US$ 10mm <
> US$ 200mm
Banks
Informal Service
Providers
Between US$10mm and
US$200mm
Our clients:
Family-owned business
Private equity portfolio
companies and platforms
Public companies
Their Motivations:
Industry consolidation
Reward for dedication
Lack of succession
8. 8
M&A Brazil - Ranking 2020,
2021, 2022 e 2023
Ranked as the best M&A
independent advisor
1º
Combining expertise and
harmony, we lead the top
financial market rankings
We completed 16
transactions in 2022 and
positioned ourselves as the
leading financial advisor in
Brazil
M&A Brazil - Ranking 2022
Ranking by Completed
Transactions
M&A Brazil - Ranking 2022
Ranking by Completed
Transactions
1º 1º
Leading M&A
independent financial
advisor in Brazil
9. 9
2022
2019
2016
2013 We created RGS with the objective of strengthening the middle market by
offering a high level of service and increasing entrepreneurs’ access to good
opportunities in the market
We created a specialized department focused on preparing
companies for M&A, nowadays we have higher success rates in
M&A than the market average
We started conducting transactions for the most relevant companies in
different industries, standing out for our commitment to excellence
We began to offer structured debt
issuances so that your company has access
to capital and can grow
10. 10
André Levy
⁄ CFO at Phosfaz, and CFO and Head of People at Qulture.Rocks
⁄ MBA from Wharton
⁄ Industrial Engineering at Polytechnic School of the University of
São Paulo
Guilherme Stuart
⁄ Private Equity Principal at BTG Pactual
⁄ Investment Banking at J.P. Morgan (São Paulo and New York)
⁄ Civil Engineering at Polytechnic School of the University of São
Paulo, and graduated from the Stanford Executive Program
Jonathan Kim
⁄ M&A at RGS Partners
⁄ Specialization in M&A from AMT and TTS New York
⁄ Business Management at FGV
Pedro Scharam
⁄ M&A at RGS Partners and Board member at Fundo Realiza
⁄ Specialization in M&A from AMT and TTS New York
⁄ Business Management at FGV
Victor Barreira
⁄ Responsible for structuring the CapitalMarkets areas at Banco
CaixaGeral and Banco Modal
⁄ Business Management at FAAP
⁄ Post Graduate Degree from Insper
Fabio Jamra
⁄ Investment Banking at Deutsche Bank
⁄ Specialization in M&A from Wharton Business School,
University of Pennsylvania
⁄ Business Management at FGV
Hugo Pacheco
⁄ BBM Bank and BBM Investments
⁄ Specialization in M&A from AMT and TTS New York
⁄ Mechanical-Aeronautical Engineering at ITA
Lucas Pogetti
⁄ Investment at Itaú BBA, Deutsche Bank, Santander, BNP Paribas
and XP
⁄ Executive Education at Columbia Business School
⁄ Business Management at Insper
Renato Stuart
⁄ Vice President of Investment Banking at BTG Pactual
⁄ Leadership Development at Harvard Business School
⁄ Industrial Engineering at Polytechnic School of the University of
São Paulo
Professional qualification
11. 11
Main transactions (1/7)
June 2023
Financial advisor to Gripmaster
on the merger with Cantu Store,
a portfolio company of L
Catterton
April 2023
Financial advisor to DHL
Tratores on the sale to Grupo
Vamos, for R$93mm
April 2023
Financial advisor to Jazz Side on
the sale to BeFly
February 2023
Financial advisor to Fazenda da
Toca and Rizoma Agro on the
sale of its organic egg and grain
production to Mantiqueira Brasil
October 2022
Financial advisor to Boa Vista on
the creation of a Joint Venture
with Red Ventures
September 2022
Financial advisor to KMM on the
sale to Nstech
August 2022
Financial advisor to CasaTema
on the sale to MadeiraMadeira
August 2023
Financial advisor to Cinnecta on
the sale to Matera
12. 12
Main transactions (2/7)
April 2022
Financial advisor to
Qulture.Rocks on the sale to
UOL Edtech
June 2022
Financial advisor to Grupo
Educacional Anchieta on the sale
to Inspira Rede de Educadores
July 2022
Financial advisor to ZEG Biogás
on the sale to Vibra Energia for
up to R$571mm
January 2022
Financial advisor to Colégio
CCPA on the investment made
by Great Schools Platform
March 2022
Financial advisor to VADU on
the sale to Dimensa
April 2022
Financial advisor to Noverde on
the sale to Dotz
April 2022
Financial advisor to Matrix
Energia on the merger with the
energy assets of Prisma Capital,
in the amount of R$1bn
July 2022
Financial advisor to Cemitério
Parque Hortolândia in the
association with Grupo Zelo, a
portfolio company of Crescera
Capital
13. 13
Main transactions (3/7)
July 2021
Financial advisor to Isatec on the
sale to AmSpec International
Services
August 2021
Financial advisor to Grupo
Flamboyant in the association
with Grupo Zelo, a portfolio
company of Crescera Capital
September 2021
Financial advisor to Urbem in a
R$103mm investment round led
by Dexco
October 2021
Financial advisor to Micromed
on the sale of a minority stake to
Omron Healthcare
June 2021
Financial advisor of The AMO
Clinic, invested by H.I.G. Capital,
on the sale to Dasa, for
R$750mm
August 2021
Financial advisor to CrediHome,
a portfolio company of Finvest,
on the sale to Loft
October 2021
Financial advisor to Bomi Group
on the acquisition of Linex
December 2021
Financial advisor to Remessa
Online on the sale to Ebanx, for
R$1.3bn
14. 14
Main transactions (4/7)
March 2021
Financial advisor to Boa Vista, on
the acquisition of Konduto, for
R$172mm
January 2021
Financial advisor to Portobello in
the restructuring of the stock
buyback program
December 2020
Financial advisor to Opentech on
the sale to Niche Partners, a
Private Equity fund founded by
Vasco Oliveira and SK Tarpon
December 2020
Financial advisor to Tecnogera,
controlled by Patria
Investimentos, on the sale to
CBG
October 2020
Financial advisor to Verde
Agrícola on the sale to Rech
Agrícola, controlled by Aqua
Capital
June 2020
Financial advisor to Remessa
Online/BeeTech in a R$110mm
(Series B) investment round led
by Kaszek Ventures
May 2021
Financial advisor to dtm, on the
sale to Plusoft
June 2021
Financial advisor to Portobello in
the restructuring of the stock
buyback program
15. 15
Main transactions (5/7)
March 2018
Financial advisor to Prumo’s
minority shareholders on the
Tender Offer process
June 2018
Financial advisor to Loop on the
sale of a controlling stake to
Webmotors
February 2019
Financial advisor to Portobello in
the restructuring of the stock
buyback program
June 2019
Financial advisor to Bergus on
the sale to it’sSeg Company,
controlled by Actis
December 2019
Financial advisor to Dr. Hato on
the sale of a controlling stake to
Pet Care, controlled by
VCA/Mars Incorporated
January 2020
Financial advisor to inGaia in the
partnership with Jive
Investments comprising a
R$400mm fund for real estate
Febraury 2020
Financial advisor to Búfalo
Dourado on the sale to Lac Lélo,
controlled by Aqua Capital
February 2020
Financial advisor to Medcom on
the merger with Elfa, controlled
by Pátria Investimentos
16. 16
Main transactions (6/7)
March 2017
Financial appraiser
March 2017
Financial advisor to Artplan on
the creation of Pullse, a joint
venture with Revolution
March 2017
Financial advisor to Symetis on
the acquisition of Acurate and
subsequent sale to Boston
Scientific
June 2017
Financial advisor to Priner on the
acquisition of Smartcoat
February 2018
Financial advisor to Oppa on the
sale to Meu Móvel de Madeira
February 2018
Financial advisor to Wheaton
Brasil on the acquisiton of
Verescence Brasil
March 2018
Financial advisor to Hive on the
sale of a minority stake to
private investors
March 2018
Financial advisor to SouthRock
on the acquisition of Starbucks’
operation in Brazil
Hive
17. 17
Main transactions (7/7)
December 2016
Financial appraiser
January 2017
Financial advisor to Priner on the
acquisition of Isolafácil
January 2017
Financial advisor to Concremat
on the sale to CCCC
Março 2017
Assessor financeiro exclusivo da
Artplan na criação da Pullse, uma
joint venture com a Revolution
April 2016
Financial advisor to Stone on the
acquisition of Elavon
December 2014
Financial advisor to Tecnogera
on the sale of a controlling stake
to Pátria
September 2014
Financial advisor to Matrix on
the sale of a minority stake to
DufEnergy
19. 19
108
60
6M2022 6M2023
153 161
119
142
107
121
134
156
186
279
201
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
M&A Brazil | 2012 to 6M2023 (1/4)
The number of transactions(1) decreased 44% from 6M2022 to 6M2023
Number of transactions by
year(1)
Number of transactions
6M2022 vs. 6M2023(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
-44%
In # of transactions In # of transactions
Average:
160
20. 20
-47%
101
54
6M2022 6M2023
97 95
104 107
118
179
143
112
219
302
214
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
M&A Brazil | 2012 to 6M2023 (2/4)
The value transacted(1) decreased 47% from 6M2022 to 6M2023
Transaction value by year(1) Transaction value 6M2022
vs. 6M2023(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
In R$bn unless otherwise indicated In R$bn unless otherwise indicated
Average:
R$ 154bn
21. 21
153 161
119
142
107
121
134
156
186
279
201
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Others Materials Healthcare
Retail & Consumer FIG Industrials
Energy & Utilities Tech Education Services
108
60
6M2022 6M2023
Others Materials Healthcare
Retail & Consumer FIG Industrials
Energy & Utilities Tech Education Services
M&A Brazil | 2012 to 6M2023 (3/4)
Energy & Utilities is the sector with the highest number of transactions(1)
between 2012 and 6M2023 (388). Most recently, Tech has seen the largest
increase in the number of transactions, which should be the new standard
Number of transactions by
sector(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Number of transactions by
sector 6M2022 vs. 6M2023(1)
In # of transactions In # of transactions
22. 22
101
54
6M2022 6M2023
Others Materials Healthcare
Retail & Consumer FIG Industrials
Energy & Utilities Tech Education Services
97 95 104 107
118
179
143
112
219
302
214
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Others Materials Healthcare
Retail & Consumer FIG Industrials
Energy & Utilities Tech Education Services
M&A Brazil | 2012 to 6M2023 (4/4)
Energy & Utilities is the sector with the highest value transacted(1) between 2012
and 6M2023 (R$ 418bn). Besides, Retail & Consumer(2) and Materials stood out
in the first half of 2023, transacting more than R$ 25bn combined
Transaction value by sector(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Retail & Consumer higher transaction value in 6M2023 was largely affected by the Natura & L’Oréal transaction
Source: S&P Capital IQ
Transaction value by sector
6M2022 vs. 6M2023(1)
In R$bn unless otherwise indicated In R$bn unless otherwise indicated
23. 23
88
112
132
149
170
175
269
285
379
Education Services
Materials
Others
Industrials
FIG
Healthcare
Tech
Retail & Consumer
Energy & Utilities
M&A Brazil | 2012 to 2022
Between 2012 and 2022, Energy & Utilities has seen the largest number and
volume of transactions(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Number of transactions by
sector(1)
In # of transactions
Transaction value by sector(1)
In R$bn unless otherwise indicated
57
117
134
149
180
190
211
239
412
Education Services
Others
Tech
Materials
FIG
Industrials
Healthcare
Retail & Consumer
Energy & Utilities
24. 24
-
2
2
3
6
8
8
12
13
Education Services
Others
Industrials
Healthcare
Energy & Utilities
Tech
FIG
Materials
Retail & Consumer
-
3
4
5
7
7
9
10
15
Education Services
Retail & Consumer
Others
Materials
FIG
Industrials
Energy & Utilities
Healthcare
Tech
M&A Brazil | 6M2023
In 6M2023, Tech has seen the largest number of transactions(1), while Retail &
Consumer(2) was the sector with highest value transacted
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Retail & Consumer higher transaction value in 6M2023 was largely affected by the Natura & L’Oréal transaction
Source: S&P Capital IQ
Number of transactions by
sector(1)
In # of transactions
Transaction value by sector(1)
In R$bn unless otherwise indicated
25. 25
75% 75%
74%
78%
79% 79% 79% 76% 71%
61%
62%
25% 25%
26%
22%
21%
21%
21%
24%
29%
39%
38%
153
161
119
142
107
121
134
156
186
279
201
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Strategic Buyer Financial Buyer
55%
66%
45%
34%
108
60
6M2022 6M2023
Strategic Buyer Financial Buyer
Number of transactions by
buyer characteristics – 10
years(1)
Buyer characteristics
Strategic buyers represented 66% of the transactions(1) in 6M2023...
Number of transactions by
buyer characteristics –
6M2022 vs. 6M2023(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
In # of transactions
In # of transactions
26. 26
80%
91%
20%
9%
101
54
6M2022 6M2023
Strategic Buyer Financial Buyer
75% 73%
85% 82% 74%
89%
87%
78%
90%
78%
84%
25% 27%
15% 18% 26%
11%
13%
22%
10%
22%
16%
97 95
104 107
118
179
143
112
219
302
214
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Strategic Buyer Financial Buyer
Buyer characteristics (cont’d)
...and 91% of the total value transacted(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Transaction value by buyer
characteristics – 10 years(1)
Transaction value by buyer
characteristics – 6M2022
vs. 6M2023(1)
In R$bn unless otherwise indicated
In R$bn unless otherwise indicated
27. 27
54%
50%
46%
50%
108
60
6M2022 6M2023
Local Cross-Border
Number of transactions by
type – 10 years(1)
Transaction type
50% of all transactions(1) conducted in Brazil during 6M2023 involved
international players…
Number of transactions by
type – 6M2022 vs.
6M2023(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
64%
54%
70% 55% 55% 62%
65%
72%
72%
80%
57%
36%
46%
30%
45%
45%
38%
35%
28%
28%
20%
43%
153
161
119
142
107
121
134
156
186
279
201
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Local Cross-Border
In # of transactions
In # of transactions
28. 28
75%
16%
25%
84%
101
54
6M2022 6M2023
Local Cross-Border
54% 66% 69% 62%
69%
81%
83%
68%
92%
73%
71%
46% 34%
31% 38%
31%
19%
17%
32%
8%
27%
29%
97 95
104 107
118
179
143
112
219
302
214
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Local Cross-Border
Transaction type (cont’d)
...who represented 84% of the total value transacted(1)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Transaction value by type –
10 years(1)
Transaction value by type –
6M2022 vs. 6M2023(1)
In R$bn unless otherwise indicated In R$bn unless otherwise indicated
30. 30
Largest strategic transactions by value | 2018 to
6M2023
1. Exchange rate based on the day of announcement
2. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Announced
date
Target Buyer/Investor
Transaction
value (R$mm)(1)(2)
EV/
Revenues LTM
EV/EBITDA
LTM
Target sector
Oct-01-2021
Xpart S.A.
48,751 - - FIG
Mar-12-2018 47,151 5.1x 10.0x Paper products
Jan-08-2021 39,517 - - Healthcare
Apr-12-2021 25,577 2.2x 9.0x Eletric utilities
Oct-07-2022 21,700 - - Mining
Feb-07-2020 16,216 - - TMT
Feb-23-2022 15,692 - - Healthcare
Sep-23-2022 14,505 1.6x 17.5x Eletric utilities
Apr-17-2018 11,630 0.7x 10.3x Eletric utilities
Sep-23-2020 11,473 - -
Passenger Ground
Transportation
31. 31
Largest financial transactions by value | 2018 to
6M2023
1. Exchange rate based on the day of announcement
2. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Announced
date
Target Buyer/Investor
Transaction
value (R$mm)(1)(2)
EV/
Revenues LTM
EV/EBITDA
LTM
Target sector
Feb-08-2021
Búzios Field of
9,582 - - Oil and Gas
Aug-08-2022 9,409 - - TMT
Jan-28-2021 5,777 - - FIG
Jan-22-2021 4,202 3.8x 9.0x
Highways and
Railtracks
Dec-01-2022 3,565 2.2x 12.8x
Education
Services
Mar-31-2017 2,908 - -
Environmental
Services
Aug-17-2021 2,622 - - TMT
Feb-16-2021 2,500 1.6x 17.5x TMT
Mar-23-2021
Group of investors led by
2,334 - - Proptech
May-28-2021
Group of investors led by
2,239 - - Proptech
32. 32
Buyer Transaction value
(R$mm)(2)
Buyer type Buyer industry Country
56,046 Strategic Materials
50,411 Strategic / Financial FIG
42,014 Strategic Healthcare
30,980 Strategic Energy
30,677 Financial FIG
27,232 Strategic Retail & Consumer
24,131 Strategic Energy
21,132 Strategic Healthcare
19,378 Financial FIG
17,054 Financial FIG
Main buyers by value transacted(1) | 2018 to 6M2023
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
Source: S&P Capital IQ
33. 33
Main buyers by number of transactions(1) | 2018 to
6M2023
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
Source: S&P Capital IQ
Buyer
Number of
transactions (#)
Buyer type Buyer industry Country
42 Financial FIG
39 Financial FIG
38 Financial FIG
36 Financial FIG
19 Financial FIG
17 Financial FIG
16 Financial FIG
15 Financial FIG
15 Financial FIG
14 Financial FIG
35. 35
Main transactions in Brazil by value | 6M2023
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023,
and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
3. 260 MW of operating wind portfolio in Brazil from EDP Renewables
Source: S&P Capital IQ
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
Jun-03-2023
Aesop Retail Pty Ltd
12,777 - - M&A
Retail &
Consumer
May-27-2023 7,405 - - M&A FIG
Apr-27-2023 5,556 - - M&A Materials
Jun-12-2023 4,928 1.8x 3.8x M&A Materials
Jun-28-2023 4,851 - - M&A Tech
Jan-27-2023 1,800 - - M&A Energy
May-04-2023 1,500 4.9x - M&A Healthcare
Mar-08-2023 1,240 8.8x 21.7x M&A Tech
Apr-25-2023 1,200 - - M&A Energy
May-09-2023 1,050 6.7x - M&A Others
(3)
36. 36
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
Jan-10-2023
Albali Fundo de
Investimento
330 - - M&A Others
Jan-11-2023 781 - -
Private
Placement
Materials
Jan-13-2023
Group of investors led by
52 - -
Private
Placement
Healthcare
Jan-17-2023 170 2.1x 13.1x M&A
Retail &
Consumer
Jan-17-2023
Group of investors led by
77 - -
Private
Placement
FIG
Jan-20-2023 500 - -
Private
Placement
FIG
Jan-24-2023 95 - - M&A Industrials
Jan-27-2023 1,800 - - M&A Energy
Jan-27-2023 250 - -
Private
Placement
Energy
Jan-30-2023 110 - -
Private
Placement
FIG
Transactions in Brazil | 6M2023 (1/6)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023,
and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
3. 260 MW of operating wind portfolio in Brazil from EDP Renewables
Source: S&P Capital IQ
(3)
37. 37
Transactions in Brazil | 6M2023 (2/6)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
Source: S&P Capital IQ
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
Feb-01-2023 250 - - M&A Others
Feb-02-2023 110 0.8x - M&A Industrials
Feb-03-2023
Group of investors led by
245 - -
Private
Placement
Tech
Feb-03-2023 81 - -
Private
Placement
Tech
Feb-09-2023 297 1.4x 5.3x M&A Materials
Feb-13-2023 290 - - M&A Utilities
Feb-14-2023 85 - - M&A Tech
Feb-22-2023 130 - - M&A FIG
Feb-28-2023 140 0.7x - M&A Agribusiness
Mar-03-2023 338 - - M&A Industrials
38. 38
Transactions in Brazil | 6M2023 (3/6)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
Source: S&P Capital IQ
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
Mar-03-2023
Pop Internet Ltda.
60 - - M&A Healthcare
Mar-08-2023 1,240 8.8x 21.7x M&A Tech
Mar-09-2023
Group of investors led by
50 - -
Private
Placement
Tech
Mar-20-2023 168 5.0x 13.7x M&A Energy
Mar-21-2023
Group of investors led by
76 - -
Private
Placement
Tech
Mar-30-2023 687 0.4x 2.4x M&A Materials
Apr-06-2023 331 0.6x 5.0x M&A Industrials
Apr-14-2023
Let’s Rent a Car
306 - - M&A Industrials
Apr-14-2023 200 - - M&A Energy
Apr-18-2023
Group of investors led by
54 - -
Private
Placement
FIG
Revolution
Fintech
39. 39
Transactions in Brazil | 6M2023 (4/6)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
Source: S&P Capital IQ
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
Apr-19-2023 238 - - M&A Energy
Apr-25-2023 1,200 - - M&A Energy
Apr-25-2023
Group of investors led by
110 - -
Private
Placement
Tech
Apr-25-2023
Group of investors led by
60 - -
Private
Placement
Tech
Apr-27-2023 5,556 - - M&A Materials
Apr-27-2023 60 0.4x - M&A Industrials
May-02-2023
17 Dermacyd line
products in LatAm 366 - - M&A Healthcare
May-04-2023 1,500 4.9x - M&A Healthcare
May-09-2023 1,050 6.7x - M&A Others
May-15-2023 225 - -
Private
Placement
Healthcare
40. 40
Transactions in Brazil | 6M2023 (5/6)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
Source: S&P Capital IQ
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
May-15-2023 150 - - M&A Healthcare
May-15-2023 58 - 4.1x M&A Others
May-18-2023
Centro de Excelência
Oncológica
& Pontus
350 - - M&A Healthcare
May-27-2023 7,405 - - M&A FIG
May-30-2023
Group of investors led by
287 - -
Private
Placement
Tech
May-31-2023
Baguari hydroelectric
plant 462 - - M&A Energy
May-31-2023 70 - - M&A Tech
Jun-01-2023
Group of investors led by
91 - -
Private
Placement
Healthcare
Jun-03-2023
Aesop Retail Pty Ltd
12,777 - - M&A
Retail &
Consumer
Jun-06-2023 150 - -
Private
Placement
Tech
41. 41
Transactions in Brazil | 6M2023 (6/6)
1. Considers only transactions with disclosed values above R$50mm, from Jan/2012 to Jun/2023, and with target companies located in Brazil. Excludes real estate transactions
2. Exchange rate based on the day of announcement
Source: S&P Capital IQ
Announced
date
Target
Buyer/
Investor
Transaction
value
(R$mm)(1)(2)
EV/
Revenues
LTM
EV/EBITDA
LTM
Transaction
type
Target
sector
Jun-06-2023
RD Station
51 - - M&A Tech
Jun-07-2023 79 - -
Private
Placement
Tech
Jun-12-2023 4,928 1,8x 3.8x M&A Materials
Jun-12-2023 113 - -
Private
Placement
Healthcare
Jun-13-2023 806 - - M&A Industrials
Jun-14-2023
Group of investors led by
63 - -
Private
Placement
FIG
Jun-21-2023
Group of investors led by
100 - -
Private
Placement
Tech
Jun-23-2023 1,000 - - M&A Energy
Jun-28-2023 4,851 - - M&A Tech
