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Private equity managers who are in the process of closing down funds and launching new phases of investment put a number of companies on sale and began – or resumed – negotiations for direct sale and others for an IPO. Patria, Carlyle, Bozano, Warburg and General Atlantic are in the final stages of divestment, especially medium-sized companies that remain in the portfolio, representing a volume of at least R 7 billion for transactions. Some of these managers have closed or are closing new funds and are focusing on the next round of purchases.
According to management estimates, the volume of divestments would rise to R 3.5 billion this year. In the previous year, outflows had reached a record R9.8 billion – the annual average of the sector was R5 billion.
"We have seen few exit contracts this year and many portfolio funds invested between 2011 and 2013 are already entering the disinvestment phase," said Piero Minardi, president of the Brazilian Private Equity Association. venture capital firm (Abvcap) and managing partner of Warburg Pincus in Brazil. "The trend is for the recovery of this activity at the beginning of the year, but with caution.We are also witnessing a normalization of the fundraising rhythm in a little longer term, about a year, depending on the progress of the new government. " [19659002] With a lower takeover volume this year and the number of mergers and acquisitions transactions, the funds had fewer pay options. In addition, the electoral scenario, characterized by uncertainties about the outlook for the Brazilian market and international volatility, has made it more difficult to define the price and search for demand.
Managers and experts consulted point out that one of the characteristics of the investment capital industry is precisely
"There has been a reduction in operations this year. exit transactions in the first half of the year and a new growth rate, "said Pedro Dias, a partner at Mattos Filho Advogados, responsible for ten M & A transactions related to the exit of private equity funds.
Bozano is currently negotiating the sale of the $ 250 million Estapar parking system, according to Value . The investment of the fund by Estapar began in 2012. Bozano has already mobilized two other funds this year, which are currently in the investment phase mainly in the areas of education and health. Acciona has also renewed its efforts to sell SulAmericana de Distribuição and Atlantic Energias Renováveis, two sources said.
The management company Vinci, which has already launched a new fund and launched a new portfolio, is currently negotiating the sale of its can proceed to an IPO of the reinsurer Austral Re. The manager is also giving up the network Cecrisa ceramic tile, in negotiation with two foreign groups, according to Value . Aqua Capital, specializing in agribusiness, discusses the sale of the importer and retailer of Gran Cru wines, according to two sources – which the official denies.
A smaller venture capital fund transaction could attract large buyers, according to one source. The Kaszek fund is looking for a buyer for its minority stake in Beauty on the Web, e-commerce with more than 15,000 cosmetics and cosmetics (Kaszek does not comment on the companies in its portfolio). "This is an operation of the order of $ 200 million, but it fits into the multichannel strategy of the retail sector of cosmetics", has said an officer familiar with the subject.
Pátria Investimentos has also placed the manufacturer of Frooty acai products and hopes to reap about 250 million rand. The manager has two other operations that she intends to sell, according to two executives. One of them is the diagnostic medicine group listed on the Alliar stock exchange, which can be the subject of a complementary offer or can be negotiated directly with a new controller. Another activity is the partial sale of the shares of the Smart Fit Gym Group.
Listing on the stock market should also be an exit option for executives who were already preparing the offer this year and who eventually decided to give in to market conditions. This is the case of Carlyle in the Ri Happy toy network – the director does not rule out direct selling, which has also been trying for months, according to a source. GP Investments also wants to resume the attempt to register Centauro sports retailer and Advent should follow the same path as the retailer of building materials Quero-Quero.
According to Abvcap, since 2004, almost half of the shares proposed in B3 had a private equity stake. The forecast drawn by Itaú BBA Bank is 15 share offers in the first half – before four initial and subsequent offers this year to date. A large part of these transactions is a "backwards" takeover, of those who had to wait for volatility to move so as not to touch anything. price, according to three managers. "Some companies have been on the market for more than a year and a half, but they have not found a price and a compatible demand," one of them said. According to Abvcap's estimate, between funds raised and raised, it represents more than 30 billion rand for new investments by private equity managers, hence the interest of selling badets already expired.
Managers consider that the divestment account for the next year may be much higher than the appetite of investors. General Atlantic, for example, plans to sell its remaining stake in XP Investimentos with an IPO – which is expected to take place in the US Nasdaq market in a multi-billion dollar deal. General Atlantic also wants to try to withdraw from the Ouro Fino animal health company, in which it holds a minority stake. Warburg needs to sell the petz pet store network. Managers do not comment on their strategies.
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