Advent International-controlled Nyx Participações S.A. signed an agreement to acquire a significant minority equity interest in Brazilian Fintech company, Easynvest. Financial terms were not disclosed and the agreement is subject to approval of the Central Bank of Brazil.
(Press Release) Partnership between Advent and current shareholders will support growth strategy of
Easynvest, a fintech company focused on investments with a leading position in Brazil. São Paulo, March 8, 2017 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, and Easynvest, one of the leaders in online financial technology (“fintech”) for investments in Brazil, today announce that Nyx Participações S.A., a holding company controlled by Advent-managed funds, has signed a binding agreement to acquire a significant minority equity interest in Easynvest. Financial terms were not disclosed.
The transaction is subject to the approval of the Central Bank of Brazil.
Founded in 1968 as a brokerage company, Easynvest in recent years has evolved from the traditional equity brokerage model into a 100% digital investment marketplace, offering a wide range of financial products to retail investors in Brazil. With more than 150,000 active users and over R$10 billion in assets under custody, the company is one of Brazil’s largest digital investment marketplaces. On the Easynvest platform, individuals can evaluate, compare and invest in a wide range of financial instruments, including government bonds (Tesouro Direto), fixed-income securities and mutual funds, as well as trade in equities, options and futures.
“Easynvest has been successful in providing excellent service to retail investors to satisfy their
growing demand for attractive, varied and digitally accessible investment options,” said Carlos Avian, a shareholder and member of the Board of Directors of Easynvest. “Advent brings to our company significant financial services experience, operational best practices and expertise in accelerating the growth of leading businesses around the world. We are pleased to have Advent’s support as we continue to capitalize on the opportunities provided by the increasing adoption of online investing by retail investors.” Carlos Avian and the other current shareholders will remain as controlling shareholders of Easynvest.
“Easynvest has achieved strong and consistent growth in recent years, and we see a number of opportunities for the company to sustain this trajectory,” said Mario Malta, a Managing Director at Advent International in São Paulo. “The current shareholders and management team have created a business that is among the leaders in meeting retail investors’ increasing demand for investment opportunities accessible through an innovative, secure and low-cost digital platform.
We will work with Easynvest to grow its customer base through continued innovation, worldclass
operations and technology and an expanded product portfolio.”
Advent has significant experience in the financial services sector globally, having invested in 40 companies in market segments such as asset management, brokerage services, payments and banking over the past 26 years. In Brazil, Advent’s investments in the sector include Cetip, the country’s largest central depository for private fixed-income securities and OTC derivatives; and J. Malucelli Seguradora, the leader in surety bond insurance in Brazil. Across other Latin American markets, Advent’s recent financial services investments include Alianza Fiduciaria, Colombia’s largest independent trust and custody services provider and asset manager; Mifel, a leading Mexican mid-sized bank; and InverCap, the largest independent mandatory pension fund administrator in Mexico.
Advent has a leading position in Brazil, where it has been present since 1997 with an office in São Paulo. Over the past 20 years, the firm has completed more than 20 investments across the country. Throughout Latin America, Advent has made over 50 investments and raised over $6 billion in capital focused on the region. Its latest Latin American fund, LAPEF VI, has $2.1 billion in capital and is being invested across Latin America by a team of 40 investment professionals based in Brazil, Mexico, Colombia and Peru.
VGL Finanças Corporativas is serving as financial advisor and Velloza & Girotto Advogados Associados is serving as legal advisor to Easynvest on the transaction. Pinheiro Neto Advogados is serving as legal advisor to Advent International.