TTR Ideals Brazil Venture Capital Handbook 2022

M&A HANDBOOK
VENTURE CAPITAL
BRAZIL . 2022
An analysis of transactions in 2021,

including Venture Capital.
M&A HANDBOOK
2022
BRAZIL
VENTURE CAPITAL
NOTE FROM THE AUTHORS
The M&A Handbook 2022 is a result of local research and market analysis by TTR’s
Research and Business Intelligence team. Our team follows the transactional markets
analysed in this Handbook at a local level, in local language, and on a daily basis
researching transactional and financial data by contacting market players, collecting
their input and crosschecking and analysing the data throughout the year.
For full access to all of the transactional data on Brazil, Latin America, and the Iberian
market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition Finance
and Project Finance) visit TTR at www.TTRecord.com.
Move beyond the status quo.
iDeals is delighted to present the 2022 Handbook for the Brazilian M&A, Private Equity,
and Venture Capital market, published in association with Transactional Track Record.
In spite of the challenges unveiled by both political and fiscal uncertainty, Brazil
continued to prosper throughout 2021, with an extremely competitive landscape.
By the end of 2021, in comparison to the previous year, we had already observed a
105% growth in deal size. Private equity took a bigger slice of the pie, and transactions
involving bidders from outside the region reached new highs in value.
We expect to see these healthy levels of activity persist in 2022, with our corporate
clients refocusing their strategy to develop new ecosystems, particularly in terms of
digital transformation.
This is a unique moment in history, and technology paves the way to face the
intensification of M&A, Venture Capital, and Private Equity activity. It comes as no
surprise that 2021 was an outstanding year for iDeals. We established ourselves as the
fastest-growing Virtual Data Room around the globe, both by the number of clients and
by revenue.
The market is changing rapidly, and to take an active role in this new industry expansion
phase, we have been developing cutting-edge technology to offer the most efficient and
reliable solutions to market leaders. With this in mind, we present this report to provide
you with the full scale of Brazil’s investment activity in 2021.
Evgeny Sergeev
Co-Founder & CEO iDeals
5 Brazil
A . Definitions
5 Transactional Track Record (ww w.TT Record.com ) -

CONTENTS
1.Visual Summary .............................................................................................................. 7
2.Venture Capital .............................................................................................................11
3 . Sectors & Subsectors....................................................................................................22
4. Advisors..........................................................................................................................53
This report includes consolidated data about the Private Equity sector. To read the full details of Brazil's
investment activity, including M&A and Venture Capital, please access the complete report:
2022 Handbook for the Brazilian M&A, Private Equity, and Venture Capital.
DEFINITIONS
CORPORATE / STRATEGIC M&A
A transaction in which for strategic reasons a corporate entity acquires a controlling or minority position in another
company or in which two companies combine their shares in a merger. In the case of a company partnering with a Private
Equity / Venture Capital firm to execute an acquisition, the transaction is classified as both Corporate / Strategic M&A
and Private Equity / Venture Capital. However, if the acquiring company is already controlled by a Private Equity firm, the
transaction is classified only as Private Equity. If the company is backed (not controlled) by a Private Equity or Venture
Capital firm, then the transaction is classified only as Corporate / Strategic M&A.
PRIVATE EQUITY
All investments or divestments carried out by Private Equity firms and/or funds under management are registered as
Private Equity deals. When the purchase or sale of a specific target company is carried out through one of the Private Equity
firms’/funds’ subsidiaries, the deal will only be considered a Private Equity deal if the subsidiary is controlled by the referred
to Private Equity/fund. In the case of a corporate entity acquiring a PE portfolio company (Trade Sale), TTR classifies the
transaction as “Corporate/Strategic M&A - Control Acquisition” and “Exit Private Equity - Trade Sale”.
VENTURE CAPITAL
Investments carried out by private funds which concentrate their activity on companies in a startup phase, including Angel/
Seed Capital, Early Stage and Expansion.
DOMESTIC TRANSACTIONS
A transaction in which the buyer, seller and target, and their respective ultimate owners, are from the same country.
CROSS-BORDER TRANSACTIONS
A transaction in which the buyer, seller and target, and their respective ultimate owners, are from two or more countries.
1
VISUAL
SUMMARY
1 . Visual Summary
Visual Summary .Brazil 8
VISUAL SUMMARY OF 2021
TRANSACTION VOLUME AND AGGREGATE VALUE BY TYPE AND YEAR

PE/VC transactions not included among total M&A deals
BRLm 137,456.56 222,820.57 162,9941.88 343,909.76
400k
350k
300k
250k 747
200k 136
466
150k 328
220 108 130
100k 108
1,518
925
50k 96
743
0
2018 2019 2020 2021
Corporate - Strategic M&A Private Equity
Venture Capital Total Value (M&A; Private Equity; Venture Capital)
2021
1,192
Corporate - Strategic M&A
1,209 Total 1,518 | BRL 234,618.16m
Total Volume
Private Equity
2,401 Total 136 | BRL 42,983.16m
57.9%
Venture Capital
Total 747 | BRL 66,308.44m
Disclosed value
Undisclosed value
Transactional Track Record (ww w.TT Record.com ) - 8

9 Visual Summary .Brazil
AGGREGATE VALUE BY TRANSACTION TYPE
BRLm
250k
234,618.16
189,993.66
200k
150k
128,807.91
100k
105,041.42 66,308.44
50k 25,422.15 20,461.16 17,796.94

42,983.16
0 12,365.75 16,337.03
6,992.99
2018 2019 2020 2021
Corporate /Strategic M&A Private Equity Venture Capital
MOST ACTIVE SUBSECTORS BY TRANSACTION TYPE
440 16 491
Technology
82,792.22
234 15 194
Financial and
Insurance
82,720.16
163 24 93
Distribution and Retail
35,271.58
Healthcare, Hygiene, 197 15 40

Medical Aesthetics and
20,463.50
Cosmetics 117 8 98
Consultancy, Audit and
Engineering
15,418.44
M&A Private Equity Venture Capital Aggregate Value (BRLm)

Visual Summary .Brazil 10
ADVISORS
Legal Advisors Financial Advisors
292 1,282 deals advised*

140 526 deals advised*
Law BRL 209,630.51m Financial BRL 153,542.53m
Firms Advisory
Firms
Private Equity Private Equity
54 107 deals advised

39 72 deals advised
Law Financial
BRL 36,166.24m BRL 14,649.89m
Firms Advisory
Firms
Venture Capital Venture Capital
84 333 deals advised

33 58 deals advised
BRL 29,450.71m Financial
Law BRL 9,118.04m
Advisory
Firms
Firms
* Includes Private Equity and Venture Capital
CROSS-BORDER TRANSACTIONS
Outbound Inbound
171 deals 415 deals

BRL 38,666.32m BRL 116,938.20m

2 VENTURE
CAPITAL
2 . Venture Capital
Venture Capital .Brazil 12
VENTURE CAPITAL OVERVIEW

DEAL FLOW 2018-2021
BRLm
25K 250
20K 200
15K 150
10K 100
5K 50
0 0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2018 2019 2020 2021
Deal Volume Aggregate Value (BRLm)
Year Deal Volume Aggregate Value (BRLm)
2021 747 66,308.44

2020 466 17,796.94
2019 328 12,365.75
2018 220 6,992.99
DEAL VOLUME & AGGREGATE VALUE BY MARKET SEGMENT

168
151 148
135
Undisclosed
101 Deal Value
96
80
71
59 62
50
BRL 1m
30 33 29 BRL 5m
BRL 5m
BRL 10m
2021 BRL 62,219.93m 2020 BRL 15,856.94m
BRL 10m
BRL 20m
92
84
69
70 BRL 20m
BRL 50m
51
32 >BRL 50m
21 20 24 24 21
17 12
11
2019 BRL 10,826.93m 2018 BRL 6,092.28m

13 Venture Capital .Brazil
LARGEST VENTURE CAPITAL TRANSACTIONS IN BRAZIL

(Excluding Cross-border transactions)
Target Subsector Buyer Seller Value
Nexway
1 Electric Energy Perfin Mercury FIP - 1,000.00
Eficiência
Technology; Financial and

2 E-ctare Alfa Collab - 600.00
Insurance
BTG Pactual High Growth

Marketing and Advertis-
Opportunities FIP, Crescera
3 Rock Content ing; Media, Multimedia - 172.43
Capital, Provence Capital,
and Editorial
Unbox Capital
Banco BTG Pactual, Canary,
Financial and Insurance;
4 Pier Mercado Livre, Monashees, - 103.01
Technology
Raiz Investimentos
Glass, Ceramic, Paper,
Plastics, Wood and Tim- Private Shareholders, Dx
5 Urbem - 103.00
ber; Construction (Materi- Ventures
als and Machinery)
Cars, Motorcycles and Atmos Capital, Beecap,

6 Origem Motors - 100.00
Other Vehicles Visagio
Automotive and Recrea-

7 Voltz Creditas, UVC Investimentos - 100.00
tional Vehicles
8 Quicko Technology Grupo CCRR, J2L Partners - 100.00
Marketing and Advertis-

Juntos ing; Distribution and Gerdau, Tigre, Votorantim
9 - 100.00
Somos Mais Retail; Construction (Ma- Cimentos
terials and Machinery)
Trademaster
Financial and Insurance; Banco BV
10 Serviços e - 100.00
Technology
Participações
Financial Advisors Legal Advisors

1 1
13 3 13 7 Lefosse Advogados 5 Perroni Sanvicente & Schirmer
Banco BTG Pactual
4 8 13 4 Pinheiro Neto Advogados Michiles Tavares Advocacia
6 Empresarial
5 RGS Partners
3
Cescon, Barrieu Flesch &
Barreto Advogados Souto, Correa, Cesa, Lummertz
6 & Amaral Advogados
6 Beecap
3 Morrison & Foerster US
Cursino Marvão Bruscky
7 Steamboat Capital Partners
7
Zilberberg Chueiri & Potenza Advogados
3 Advogados
10 IGC Partners
7 FM/Derraik Advogados
4 Gunderson Dettmer
7 Harneys
BMA - Barbosa Müssnich
5 Aragão Machado, Meyer, Sendacz e
10 Opice Advogados
5 Madrona Advogados
10 Dias Carneiro Advogados

VENTURE CAPITAL INVESTMENTS

Most active subsectors for Venture Capital investments in 2021
Deal Volume
Technology 490
Financial and Insurance 195
Consultancy, Audit and Engineering 98
Distribution and Retail 93
Education 60
Healthcare, Hygiene, Medical Aesthetics and Cosmetics 39
Internet 37
Marketing and Advertising 27
10,000.00
12,0
Aggregate Value (BRLm)
Technology 40,024.97
Financial and Insurance 24,352.99
Internet 9,140.04
Consultancy, Audit and Engineering 8,849.96
Distribution and Retail 6,175.84
Real Estate 5,291.94
Transport, Aviation and Logistics 4,296.38
Food 2,125.09
Education 2,067.06

Geographical Distribution of Investments*

*Based on target headquarters location
2021
Deal Volume / Aggregate Value (BRLm)
Amapá
1 / ND
Pará
Tocantins
3 / ND
1 / 13.5 Ceará
7 / 9.55
Rio Grande do Norte

1 / 2.3
000.00
Pernambuco
12 / 287.6
Alagoas
1/ 4.56
Bahia
6 / 39.45
Mato Grosso
1 / ND Distrito Federal
10 / 164.6
Goiás
5 / 16.5
Mato Grosso do Sul Espírito Santo

2 / 1.9
2 / 0.77
Rio de Janeiro
Paraná 56 / 1,454.86
41 / 2,787.04
São Paulo
404 / 44,677
Santa Catarina
41 / 351.77
Minas Gerais
47 / 1,936.9
Rio Grande do Sul

20 / 460.21

Domestic vs cross-border investments by volume and aggregate value
Deal Volume
122
279
92
125
65
52
95 299
448
66 212
327
136 146
223
147
2018 2019 2020 2021
Domestic Cross-border
59,863.80
60k
55k
50k
45k
40k
35k
30k
25k
20k
15k
14,598.41
11,446.74
10k
4,644.70 5,011.44
5k 3,012.83
789.64
345.29
0
2018 2019 2020 2021
Domestic Cross-border

Subsectors most targeted by Brazil-based Venture Capital in 2021
Deal Volume
Technology 308
Technology 2,575.38
Electric Energy 1,005.50
Consultancy, Audit and Engineering 840.17
Countries with most Venture Capital acquisitions in Brazil
Country Deal Volume Aggregate Value (BRLm)
United States 163 42,038.57
Argentina 34 12,100.21
Germany 24 5,502.12
United Kingdom 20 10,248.24
Japan 16 7,880.86
Singapore 9 5,449.33
China 7 4,681.73

Subsectors most targeted by foreign Venture capital in 2021
Deal Volume
Technology 145
Internet 8,555.26
Consultancy, Audit and Engineering 6,086.93

Countries where Brazil-based Venture Capital firms made most acquisitions
Country Deal Volume Aggregate Value (BRLm)
United States 29 1,367.34

Mexico 9 2,942.77
Argentina 9 2,446.23
Colombia 7 1,195.36
Brazil 5 36.05
United Kingdom 5 132.32
Israel 3 693.90
Luxemburgo 2 2,353.98
Subsectors most targeted by Brazil-based Venture Capital investments

Deal Volume
Technology 42
Internet 7
Agriculture, Agribusiness, Farming and Fishing 6
Transport, Aviation and Logistics 4
Education 4
Food Industry 4

LARGEST TRANSACTIONS MADE BY FOREIGN VENTURE CAPITAL FUNDS IN BRAZIL

(Excluding Cross-border transactions)
Value
Target Subsector Buyer Seller (BRLm)
Financial
1
and Absoluto Partners, Berkshire Hathaway, Sands Capital,
Nubank - 3,770.81
Insurance; Verde Asset Management
Technology
Accel Partners, Private Shareholders, Alkeon Capital
Management, Insight Partners, Kaszek Ventures, Owl
2 Nuvemshop Technology Rock Capital, Qualcomm Ventures, Sunley House Capital - 2,628.51
Management, ThornTree Capital Partners, Tiger Global
Management, VMG Partners
Advent International, Altimeter Capital, Andreessen
Horowitz, Caffeinated Capital, CPPIB - Canada Pension
Technology; Plan Investment Board, DST Global, Emerging Variant/
3 Loft - 2,328.55
Real Estate Soros, Fifth Wall, GIC, Monashees, QED Investors, Silver
Lake, Tarsadia Capital, Tiger Global Management, Vulcan
Capital, Zigg Capital
F�nancial
and Dragoneer Investment Group, GIC, Invesco, Ribbit Capi-
4 Nubank - 2,171.25
Insurance; tal, Sequoia Capital, Tencent, Whale Rock
Technology
Alta Park, Dragoneer Investment Group, Kaszek
Internet; Ventures, Lts Investments, Maverick Ventures,
5 QuintoAndar - 1,566.35
Real Estate Qualcomm Ventures, Ribbit Capital, SoftBank Latin
America Fund
Activant Capital, Balderton, G Squared, Greycroft
Distribution Partners, HV Capital, Kaszek Ventures, Mirae Assets
6 Daki - 1,466.35
and Retail Venture, Monashees, Moving Capital, Tiger Global
Management
7 Facily Technology Citius, Delivery Hero, Dx Ventures - 1,374.68
Internet
Capsur Capital, GGV Capital, Microsoft, Monashees,
Transport,
8 Loggi SoftBank Group, Sunley House Capital Management, - 1,180.58
Aviation and
Verde Asset Management
Logistics
Private Shareholders, Banco BTG Pactual, IDB
Technology;
Invest, Lightrock, Oikos Wealth Management, Pattac
Transport,
9 Frete.com Empreendimentos e Participações, Pipo Capital, - 1,096.86
Aviation and
Reinvent Capital, SoftBank Latin America Fund, Tencent,
Logistics
Valor Capital Group
Sports and General Atlantic, Kaszek Ventures, Moore Strategic
10 Gympass - 1,087.36
Leisure Ventures, SoftBank Group, Valor Capital Group

9 Banco BTG Pactual 1 Davis Polk US
9 BofA Securities Europe 2 5 8 Bronstein Zilberberg Chueiri & Potenza Advogados
2 Carey Olsen
2 Estudio Garrido Abogados
2 FM/Derraik Advogados
2 González Calvillo
2 Marval O’Farrell Mairal
2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
2 Pag Law - Private Advising Group
2 Willkie Farr & Gallagher

3 SECTORS &
SUBSECTORS
3 . Sectors & Subsectors

. Brazil 23
SECTORS AND SUBSECTORS

MOST ACTIVE SUBSECTORS IN 2021
Deal Volume
Technology 947
Education 143
Other Services 121
Real Estate 106
Telecoms 93
Internet 89
Electric Energy 89
Food Industry 70
Food and Beverage 54
Media, Multimedia and Editorial 53
Construction (Materials and Machinery) 51
Oil and Gas 36
Waste Management, Pollution and Recycling 30
Mining 26

24 Brazil
Distribution and Retail 35,271.58

Transport, Aviation and Logistics 28,105.39
Oil and Gas 24,306.35
Mining 21,685.21
Healthcare, Hygiene, Medical Aesthetics and Cosmetics 20,463.50
Electric Energy 20,375.92
Real Estate 19,917.87
Wind Energy 16,820.24
Education 16,202.94
Telecoms
15,570.00
Consultancy, Audit and Engineering
15,418.44
Food
13,022.15
Shipbuilding
12,906.80
Internet
12,144.43
Agriculture, Agribusiness, Farming and Fishing
8,965.20
Hydraulic Energy
7,623.88
Fashion and Textile
7,359.50
Construction (Materials and Machinery)
6,847.90
Other Services
5,774.07
Chemical and Chemical Materials 3,555.76

. Brazil 25
ENERGY AND RENEWABLE ENERGIES

TRANSACTION VOLUME BY SUBSECTOR
Deal Volume
Electric Energy 89
Oil and Gas 36
Solar Energy 19
Wind Energy 16
Biofuel 7
Hydraulic Energy 5
Biomass 4
Geothermal Energy 3
Nuclear Energy 0

26 Brazil
ELECTRIC ENERGY
Deal Volume
Private equity
20
>BRL 500m Venture capital

15
10
BRL 100m - BRL 500m Foreign acquisitions in Brazil

5
BRL 50m - BRL100m Brazilian acquisitions abroad
BRL 10m - BRL 50m ≤BRL 1m
BRL 1m - BRL 10m
Largest transactions
Target Buyer Seller Value (BRLm)
OTPP - Ontario Teachers' Seville Fundo de

1 Evoltz Participações 3,000.00
Pension Plan Investimento
2 CEEE-GT Cone Sul Ceee Participações 2,670.00
BNDES, CEB Holding, CEB,

3 CEB Distribuição Bahia Geração de Energia 2,515.00
Estado do Distrito Federal
1 Banco BTG Pactual 1 Cleary Gottlieb Steen & Hamilton US
1 Banco Modal 1 Debevoise & Plimpton
1 Goldman Sachs 1 Linklaters USA
2 Banco Itaú BBA 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
3 BR Partners 1 Torys US
3 PwC Spain 1 TozziniFreire Advogados
2 Pinheiro Neto Advogados

Due Diligence
2 3 Machado, Meyer, Sendacz e Opice Advogados
1 EY Brasil
7
3 Demarest Advogados
7
1 KPMG Brasil
3 PwC Tax & Legal Spain
3 PwC Spain

. Brazil 27
OIL AND GAS

Deal Volume
Private equity
8
7
6
BRL 100m - BRL 500m 3 Foreign acquisitions in Brazil

2
1
BRL 1m - BRL 10m
Golar Power, Hygo Energy Golar LNG, Stonepeak

1 New Fortress Energy 12,906.80
Transition Infrastructure Partners
Insolo, IPA Investimentos e Private Shareholders, Solum
2 Terrus 1,800.00
Participações Agrícolas Partners
Concession of Polo Petromais Global Exploração
3 Petrobras 1,503.16
Alagoas and Paru field e Produção
2 Banco Itaú BBA 1 Lefosse Advogados

2 Banco BTG Pactual 1 Skadden, Arps, Slate, Meagher & Flom US
1 Stocche Forbes Advogados

Due Diligence 2 Bichara Advogados
1 Milbank US
7

28 Brazil
SOLAR ENERGY
Deal Volume
Private equity
>BRL 500m 4 Venture capital
2
1
BRL 1m - BRL 10m
1 Guaimbê Solar Holding Itaú Unibanco AES Tietê Energia 885.00
Usina de Energia Fotovol- Atlas Renewable Energy

2 Unipar 850.00
táica I, II and III Brasil
3 Solstar GMB Investimentos Holding Private Shareholders 100.00
1 Banco Itaú BBA 1 Pinheiro Guimarães

2 Essentia Partners 1 2 Lefosse Advogados
3 IT Investimentos 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

. Brazil 29
WIND ENERGY
Deal Volume
Private equity
BRL 1m - BRL 10m
1 Omega Geração Omega Energia - 7,525.98
2 Echoenergia Equatorial Energia Ipiranga FIP Multiestratégia 6,657.00
3 Complexo Eólico Vilas Copel Geração e Transmissão Voltalia Brasil 1,086.90
1 2 Banco BTG Pactual 1 BMA – Barbosa Müssnich Aragão

2 Lazard 1 Stocche Forbes Advogados
2 Banco Credit Suisse 2 Cescon, Barrieu Flesch & Barreto Advogados
2 Clifford Chance 2 Clifford Chance US
2 XP Investimentos 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
2 Norton Rose Fulbright US

30 Brazil
REAL ESTATE AND CONSTRUCTION
Deal Volume
Real Estate 106
Construction (Materials and Machinery) 51

. Brazil 31
REAL ESTATE
Private equity
Deal Volume
20

15
10

5
BRL 1m - BRL 10m
Value
Target Buyer Seller
(BRLm)
Advent International, Altimeter Capital, Andreessen

Horowitz, Caffeinated Capital, CPPIB - Canada Pension
Plan Investment Board, DST Global, Emerging Variant/
1 Loft - 2,328.55
Soros, Fifth Wall, GIC, Monashees, QED Investors, Silver
Lake, Tarsadia Capital, Tiger Global Management, Vulcan
Capital, Zigg Capital
2 Iguatemi Jereissati Participações - 1,897.10
Frações de imóveis na
3 Brookfield Asset Management Syn Prop Tech 1,778.67
cidade de São Paulo
2 Banco BTG Pactual 2 3 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
2 Banco Itaú BBA 2 BMA – Barbosa Müssnich Aragão
2 XP Investimentos 3 Duarte Garcia, Serra Netto e Terra

32 Brazil
CONSTRUCTION (MATERIALS AND MACHINERY)
Deal Volume
Private equity
8
7
6

2
1
BRL 1m - BRL 10m
CSN Farallon Latin America

1 Cimento Elizabeth, Elizabeth Mineração 1,080.00
Cimentos Investimentos
Brpr Pdc 1 Empreendimentos Imobiliarios e
BR
2 Participações, Brpr Pdc 2 Empreendimentos HSI V FIP 832.45
Properties
Imobiliarios e Participações
3 Aenza IG4 Capital Private Shareholders 251.44
1 Banco Itaú BBA 1 Stocche Forbes Advogados

3 Banco BTG Pactual 1 BMA – Barbosa Müssnich Aragão
1 Barbosa & Acioli Advogados
2 Cescon, Barrieu Flesch & Barreto Advogados

3 Estudio Rubio Leguía Normand

3 Hernández & Cía Abogados
3 Miranda & Amado Abogados
3 Shearman & Sterling

. Brazil 33
INDUSTRY
Deal Volume
Food Industry 70
Steel, Metallurgy and Industrial Production 23
Glass, Ceramic, Paper, Plastics, Wood and Timber 22
Pharmaceutical, Parapharmaceutical and Cosmetics 22
Chemical and Chemical Materials 21
Automotive and Recreational Vehicles 13
Other Consumer Goods 10
Fashion and Textile 10
Aerospace and Aeronautical 3
Shipbuilding 1
Tobacco 0

34 Brazil
FOOD INDUSTRY
Deal Volume
Private equity
35
30
25
20
15
BRL 1m - BRL 10m
1 Kerry Consumer Foods Food Business Pilgrim's Kerry 4,061.84
2 Vivera JBS Private Shareholders 2,265.02
3 Huon Aquaculture JBS Private Shareholders 1,633.34
Legal Advisors
2 Jones Day US

. Brazil 35
STEEL, METALLURGY AND INDUSTRIAL PRODUCTION
Deal Volume
Private equity
7
6
5
3
BRL 1m - BRL 10m
Funfrap - Fundição Portuguesa,

1 Tupy Teksid 400.75
Teksid Iron do Brasil
2 Sidertul Private Shareholders, Corcre Gerdau 173.57
3 RJS Banco BTG Pactual IGB Eletrônica 120.00
Legal Advisors

1 Ulhôa Canto, Rezende e Guerra - Advogados
1 Garrigues Portugal

36 Brazil
GLASS, CERAMIC, PAPER, PLASTICS, WOOD AND TIMBER
Deal Volume
Private equity
BRL 1m - BRL 10m
1 Tiles Brasil, Tiles Investments and Holdings Grupo Lamosa Grupo Roca 1,332.45
Packaging paper unit located in the city of Klingele Paper &

2 Klabin 196.00
Nova Campina, São Paulo Packaging Group
3 Spiral Kalunga Private Shareholders 106.20
1 Alantra 1 Gómez-Acebo & Pombo Spain

1 Uría Menéndez Spain
1 Leoni Siqueira Advogados
1 Jackson Walker
2 3 Cescon, Barrieu Flesch & Barreto Advogados
2 Lefosse Advogados

. Brazil 37
PHARMACEUTICAL, PARAPHARMACEUTICAL AND COSMETICS
Deal Volume
Private equity

3

1
BRL 1m - BRL 10m
1 Schering do Brasil União Química Bayer Brasil 643.27
2 Grupo FW Viveo Private Shareholders 154.00
3 Labgard's assets Pearson Saúde Animal Labgard 116.50
1 Banco Bradesco BBI 1 2 Demarest Advogados

1 TozziniFreire Advogados
3 Finocchio & Ustra

38 Brazil
CHEMICAL AND CHEMICAL MATERIALS
Deal Volume
Private equity
BRL 1m - BRL 10m
Compass MIneral América do Sul Indústria

1 ICL Brasil Compass Minerals 2,210.00
e Comércio
2 Fertiláqua ICL Brasil Aqua Capital 669.49
3 Schering do Brasil União Química Bayer Brasil 643.27
2 Banco Credit Suisse 1 Cleary Gottlieb Steen & Hamilton US
2 Merrill Lynch 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
3 Banco Bradesco BBI 1 2 Cescon, Barrieu Flesch & Barreto Advogados
1 Freshfields Bruckhaus Deringer US

2 3 Demarest Advogados

. Brazil 39
NATURAL RESOURCES
Deal Volume
Mining 26
Forestry 9

40 Brazil
AGRICULTURE, AGRIBUSINESS, FARMING AND FISHING
Deal Volume
Private equity
30
20
15
BRL 1m - BRL 10m
1 Biosev Raízen Energia Hédera Investimentos 3,600.00
Insolo, IPA Investimentos e Private Shareholders, Solum

2 Terrus 1,800.00
Participações Agrícolas Partners
3 Slc Agricola Centro Oeste SLC Agrícola Private Shareholders 753.00
1 2 Banco BTG Pactual 1 3 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
1 BR Partners 1 Cescon, Barrieu Flesch & Barreto Advogados
1 Lazard 2 Bichara Advogados
2 3 Banco Itaú BBA 2 Demarest Advogados

3 Banco Bradesco BBI
Virtual Data Room
1 iDeals

. Brazil 41
SERVICES AND DISTRIBUTION

Deal Volume
Education 143
Food and Beverage 54
Media, Multimedia and Editorial 53
Waste Management, Pollution and Recycling 30
Tourism, Hotels and Restaurants 24
Cars, Motorcycles and Other Vehicles 18
Sports and Leisure 13
Event Production and Management 10
Security and Private Arms, Ammunition and Explosives 8
Water and Sanitation 7
Printing and Binding 6
Courier 4
Inspection and Certification 3
Luxury Goods and Services 2
Funeral Services 2

42 Brazil
FINANCIAL AND INSURANCE
Deal Volume
Private equity
200

150
100

50
BRL 1m - BRL 10m
1 Getnet Banco Santander Banco Santander Brasil 9,686.40
2 Echoenergia Equatorial Energia Ipiranga FIP Multiestratégia 6,657.00
Absoluto Partners, Berkshire

3 Nubank Hathaway, Sands Capital, - 3,770.81
Verde Asset Management
1 2 Banco BTG Pactual 2 Cescon, Barrieu Flesch & Barreto Advogados
2 Banco Credit Suisse 2 Norton Rose Fulbright US

2 XP Investimentos 2 Clifford Chance US
3 Davis Polk US

. Brazil 43
DISTRIBUTION AND RETAIL
Deal Volume
Private equity
100
60
40
20
BRL 1m - BRL 10m
Value
Target Buyer Seller
(BRLm)
1 Lojas Americanas B2W Companhia Digital - 8,370.75
2 KaBuM! Magalu Private Shareholders 3,500.00
Private Shareholders, Cell Participações, Monte

3 Teka Bretton Holding 2,100.00
Claro Participações, R.M.M.F Participações
1 XP Investimentos 1 BMA – Barbosa Müssnich Aragão

1 2 Banco BTG Pactual 2 Lefosse Advogados
3 Banco Itaú BBA 2 Machado, Meyer, Sendacz e Opice Advogados

3 Ferrara Garcia Advogados

44 Brazil
HEALTHCARE, HYGIENE, MEDICAL AESTHETICS AND COSMETICS
Deal Volume
Private equity
40

30
20

10
BRL 1m - BRL 10m
1 Rede D'Or São Luiz Private Shareholders Carlyle, GIC 2,600.00
Biodinamo Empreendi-
2 mentos e Participações, DASA Private Shareholders 1,772.00
Hospital Leforte
3 Descarpack Elfa Private Shareholders 1,012.76
2 Banco Safra 1 Demarest Advogados

2 Madrona Advogados
2 Machado, Meyer, Sendacz e Opice Advogados

. Brazil 45
CONSULTANCY, AUDIT AND ENGINEERING
Deal Volume
Private equity
100
60
40
20
BRL 1m - BRL 10m
Value
Target Buyer Seller
(BRLm)
Advent International, Altimeter Capital, Andreessen Horowitz,

Caffeinated Capital, CPPIB - Canada Pension Plan Investment
1 Loft Board, DST Global, Emerging Variant/Soros, Fifth Wall, GIC, - 2,328.55
Monashees, QED Investors, Silver Lake, Tarsadia Capital, Tiger
Global Management, Vulcan Capital, Zigg Capital
Araújo Fontes Private
2 Banco BMG 150.00
Consultoria Shareholders
Anadoc,
Private
3 Autodoc, Ambar 100.00
Shareholders
Consdoc
2 XP Investimentos 2 VBSO Advogados

3 Bronstein Zilberberg Chueiri & Potenza Advogados
3 SABZ Advogados
3 Malheiros Penteado e Toledo Advogados

46 Brazil
EDUCATION
Deal Volume Private equity
60
40
30
10
BRL 1m - BRL 10m
Rede Internacional de
1 Ânima Educação Laureate Education 3,973.00
Universidades Laureate
Vitru Brasil Empreendimentos,
2 UNICESUMAR Private Shareholders 3,150.00
Participações e Comércio
3 iScholar Codevision Private Shareholders 3,061.84
2 Banco Itaú BBA 1 Campos Mello Advogados
2 UBS BB 1 Demarest Advogados
2 Banco Bradesco BBI 1 Jones Day US

2 Vinci Partners 1 KLA Advogados
1 Pacheco Antunes & Carvalho Advogados
1 2 Simpson Thacher & Bartlett US
2 Veirano Advogados
2 Davis Polk Brasil

2 Huck Otranto Camargo
2 Lefosse Advogados
2 Vieira Rezende Advogados

. Brazil 47
TRANSPORT, AVIATION AND LOGISTICS
Deal Volume
Private equity
25
15
10
5
BRL 1m - BRL 10m
Concessionaria Rota das Farallon Capital

1 Mubadala 2,000.00
Bandeiras Management
Hmobi Participacoes, Fundação dos Economiários Federais,
2 Invepar 1,833.88
Metrô Rio, Metrobarra Mubadala Capital IAV FIP, Petros, PREVI
NTS Nova Transportadora
3 NISA - Nova Infraestrutura Gasodutos Petrobras 1,800.00
do Sudeste
2 BR Partners 2 Stocche Forbes Advogados

2 Vieira Rezende Advogados
2 Thomaz Bastos, Waisberg, Kurzweil Advogados

48 Brazil
MARKETING AND ADVERTISING
BRL 1m - BRL 10m
Value
Target Buyer Seller
(BRLm)
Private Shareholders, TPG

1 RD Station Bematech 1,861.00
Growth
2 Squid Locaweb Private Shareholders 176.50
BTG Pactual High Growth Opportunities FIP,

3 Rock Content - 172.43
Crescera Capital, Provence Capital, Unbox Capital
1 Morgan Stanley 1 FM/Derraik Advogados

1 Rothschild 1 Lefosse Advogados
2 Ártica Investimentos 1 Ulhôa Canto, Rezende e Guerra - Advogados
3 Banco BTG Pactual 1 2 3 Bronstein Zilberberg Chueiri & Potenza Advogados

1 Veirano Advogados
2 Tauil & Chequer Advogados Associado a Mayer Brown
3 Cescon, Barrieu Flesch & Barreto Advogados
3 Morrison & Foerster US

. Brazil 49
TECHNOLOGY AND TELECOMS

Deal Volume
Technology 947
Telecoms 93
Internet 89
Electronics 12
Biotechnology 5

50 Brazil
TECHNOLOGY

500
300
200
100
BRL 1m - BRL 10m

Banco Santander
1 Getnet Banco Santander 9,686.40
Brasil
2 Linx STNE Participações - 6,800.00
Absoluto Partners, Berkshire Hathaway,

3 Nubank - 3,770.81
Sands Capital, Verde Asset Management
Financial Advisors
2 Banco BTG Pactual 2 JPMorgan Corporación Financiera
2 3 Banco J.P. Morgan 2 Morgan Stanley
2 Goldman Sachs do Brasil Banco Multiplo

2 Goldman Sachs do Brasil Corretora
Legal Advisors
2 Spinelli Advogados 2 Skadden, Arps, Slate, Meagher & Flom US

2 3 Davis Polk US 2 TozziniFreire Advogados
2 JPMorgan Corporación Financiera 2 Ulhôa Canto, Rezende e Guerra - Advogados
2 Levy & Salomão Advogados 2 White & Case US
2 Pinheiro Neto Advogados

. Brazil 51
TELECOMS
Deal Volume
Private equity
14
12
10
6
BRL 1m - BRL 10m
1 Copel Telecom Bordeaux FIP Copel 2,506.83
2 FiberCo IHS Fiber Brasil TIM 1,637.00
Private
3 Vogel Telecom Algar Soluções em TIC 600.00
Shareholders
1 Rothschild Brasil 1 Cascione Pulino Boulos Advogados
2 Banco Itaú BBA 1 Cescon, Barrieu Flesch & Barreto Advogados
3 Banco Bradesco BBI 1 Wald, Antunes, Vita e Blattner Advogados
2 Souza, Mello e Torres

Due Diligence
2 Mundie e Advogados
1 Cescon, Barrieu Flesch & Barreto Advogados 2 Palma Guedes Advogados
2 3 Pinheiro Neto Advogados


52 Brazil
INTERNET
Deal Volume
Private equity
40

30
20

10
BRL 1m - BRL 10m
Value
Target Buyer Seller
(BRLm)
Private Shareholders,
1 RD Station Bematech 1,861.00
TPG Growth
Alta Park, Dragoneer Investment Group, Kaszek Ventures,
2 QuintoAndar Lts Investments, Maverick Ventures, Qualcomm Ventures, - 1,566.35
Ribbit Capital, SoftBank Latin America Fund
Capsur Capital, GGV Capital, Microsoft, Monashees,
3 Loggi SoftBank Group, Sunley House Capital Management, Verde - 1,180.58
Asset Management
1 Morgan Stanley 1 FM/Derraik Advogados

1 Rothschild 1 2 3 Bronstein Zilberberg Chueiri & Potenza Advogados
1 Lefosse Advogados
1 Ulhôa Canto, Rezende e Guerra - Advogados
1 Veirano Advogados

4 ADVISORS
- FINANCIAL
- LEGAL
4 . Advisors
. Brazil 54
FINANCIAL ADVISORS
Most active advisors in 2021
A Advisia Investimentos J JBR Partners Capital

Alvarez & Marsal Brasil JK Capital
Ártica Investimentos
L Lazard Brasil
B Banco Bradesco BBI
Banco BTG Pactual
Banco Credit Suisse Brasil
Banco Itaú BBA M Magma
Banco J.P. Morgan Brasil
Banco Safra
Banco Santander Brasil
Biz Invest
BR Partners
N Nello Investimentos
Brasilpar
O Olimpia Partners
Órama Investment Banking
C Condere
CRG Core
Cypress
P Pipeline Capital
Pulsar Invest
PwC Brasil
D DealMaker
Deloitte Brasil
R RGS Partners
Rothschild Brasil
E EY Brasil
S Setter
F Fortezza Partners
T TCP Partners
G Goldman Sachs
Grant Thornton Brasil V VGRI
Vinci Partners
I IGC Partners X XP Investimentos

Imeri Capital
IT Investimentos

55 Brazil
LEGAL ADVISORS
Most active advisors in 2021
A Araujo Fontes L L. O. Baptista Advogados

ASBZ Advogados Lacaz Martins, Pereira Neto, Gurevich & Schoueri Advogados
Azevedo Sette Advogados Lacerda Diniz Sena Advogados
Lefosse Advogados
B Baptista Luz Advogados Leite, Roston | Chaves & Saciotto Advogados
Barbosa, Raimundo, Gontijo, Câmara & Zanotta LGT Advocacia
Barcellos Tucunduva Advogados Lino, Beraldi, Belluzzo e Caminati Advogados
Bichara Advogados Lobo de Rizzo Advogados
BK & Partners Loyola Advogados
BMA Barbosa Müssnich Aragão
Boccuzzi Advogados Associados M Machado, Meyer, Sendacz e Opice Advogados
Brolio Goncalves Advogados Madrona Advogados
Bronstein Zilberberg Chueiri & Potenza Advogados Manassero Campello Advogados
BVA Barreto Veiga e Advogados Martinelli Advogados
Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
C Cammarota & Abreu Advogados Melcheds || Mello e Rached Sociedade de Advogados
Campos Mello Advogados MNA - Miguel Neto Advogados
Candido Martins Advogados Mundie e Advogados
Carneiro de Oliveira Advogados
Cascione Pulino Boulos Advogados N Novotny Advogados
Cazetta, Zangirolami Sociedade de Advogados
Cescon, Barrieu Flesch & Barreto Advogados
Chediak Advogados
O Orizzo Marques Mesquita Gabrilli Coltro Advogados
Coelho & Dalle Advogados

Coimbra Chaves Batista Advogados P Pantoja Advogados
CPN Advogados Peixoto & Cury Advogados
Pereira Neto Macedo
Perroni Sanvicente & Schirmer
D dcom - Drumond Cunha Oliveira Milagres
De Faro Caraciolo Pinhão e Koiffman Advogados
Demarest Advogados Pinheiro Guimarães
Dias Carneiro Advogados Pinheiro Neto Advogados
Duva e Pistoresi Sociedade de Advogados PSQA Advogados
Pupe Braga Monteiro Zirpoli Advogados
E Emerenciano, Baggio e Associados Advogados
R R. Amaral Advogados
ESLS Advogados
Radi, Calil e Associados
Rolim, Viotti, Goulart Cardoso Advogados
F Faria, Cendão & Maia Advogados
Farroco, Abreu, Guarnieri e Zotelli Advogados S Salusse Marangoni Parente Jabur Advogados
Felsberg Advogados Santos Neto Advogados
Ferrara Garcia Advogados Schmidt, Valois, Miranda, Ferreira & Agel Advogados
Fialho Salles Advogados SFCB Advogados
Finocchio & Ustra Silva Lopes Advogados
FLH - Franco Leutewiler Henriques Advogados Silva, Santana & Teston Advogados
FM/Derraik Advogados Souto, Correa, Cesa, Lummertz & Amaral Advogados
Focaccia, Amaral e Lamonica Sociedade de Advogados Souza, Mello e Torres
Freitas Ferraz Advogados Spinelli Advogados
Freitas Leite Advogados Stocche Forbes Advogados
G Gasparini Nogueira de Lima Barbosa Advogados T Tauil & Chequer Advogados Associado a Mayer Brown
Graboski Advogados Associados TozziniFreire Advogados
Trench, Rossi e Watanabe Advogados
H Hapner Kroetz Advogados
Huck Otranto Camargo U Ulhôa Canto, Rezende e Guerra - Advogados
I Issaka, Ishikawa, Peyser Advogados V VBSO Advogados

Veirano Advogados
Vella Pugliese Buosi e Guidoni Advogados
K KLA Advogados Vieira Rezende Advogados
W Wald, Antunes, Vita e Blattner Advogados
Z Zavagna Gralha Advogados

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M&A HANDBOOK

An analysis of transactions in 2021,

NOTE FROM THE AUTHORS

5 Transactional Track Record (ww w.TT Record.com ) -

2.Venture Capital .............................................................................................................11

3 . Sectors & Subsectors....................................................................................................22

VISUAL SUMMARY OF 2021

TRANSACTION VOLUME AND AGGREGATE VALUE BY TYPE AND YEAR

BRLm 137,456.56 222,820.57 162,9941.88 343,909.76

Corporate - Strategic M&A Private Equity

Venture Capital Total Value (M&A; Private Equity; Venture Capital)

Transactional Track Record (ww w.TT Record.com ) - 8

AGGREGATE VALUE BY TRANSACTION TYPE

50k 25,422.15 20,461.16 17,796.94

2018 2019 2020 2021

Corporate /Strategic M&A Private Equity Venture Capital

MOST ACTIVE SUBSECTORS BY TRANSACTION TYPE

Healthcare, Hygiene, 197 15 40

M&A Private Equity Venture Capital Aggregate Value (BRLm)

9 Transactional Track Record (ww w.TT Record.com ) -

Legal Advisors Financial Advisors

292 1,282 deals advised*

Private Equity Private Equity

54 107 deals advised

Venture Capital Venture Capital

84 333 deals advised

* Includes Private Equity and Venture Capital

171 deals 415 deals

Transactional Track Record (ww w.TT Record.com ) - 10

VENTURE CAPITAL OVERVIEW

Deal Volume Aggregate Value (BRLm)

Year Deal Volume Aggregate Value (BRLm)

2021 747 66,308.44

DEAL VOLUME & AGGREGATE VALUE BY MARKET SEGMENT

2019 BRL 10,826.93m 2018 BRL 6,092.28m

Transactional Track Record (ww w.TT Record.com ) - 12

LARGEST VENTURE CAPITAL TRANSACTIONS IN BRAZIL

Target Subsector Buyer Seller Value

Technology; Financial and

BTG Pactual High Growth

Cars, Motorcycles and Atmos Capital, Beecap,

Automotive and Recrea-

8 Quicko Technology Grupo CCRR, J2L Partners - 100.00

Marketing and Advertis-

Financial Advisors Legal Advisors

13 Transactional Track Record (ww w.TT Record.com ) -

VENTURE CAPITAL INVESTMENTS

Financial and Insurance 195

Consultancy, Audit and Engineering 98

Distribution and Retail 93

Healthcare, Hygiene, Medical Aesthetics and Cosmetics 39

Marketing and Advertising 27

Aggregate Value (BRLm)

Financial and Insurance 24,352.99

Consultancy, Audit and Engineering 8,849.96

Distribution and Retail 6,175.84

Real Estate 5,291.94

Transport, Aviation and Logistics 4,296.38

Transactional Track Record (ww w.TT Record.com ) - 14

Geographical Distribution of Investments*

Rio Grande do Norte

Mato Grosso do Sul Espírito Santo

Rio Grande do Sul