Blackstone-backed Pátria, through its Private Equity VI fund, has acquired a 20% stake in Ultra SA, a Brazil-based conglomerate operating in sectors ranging from fuel distribution and specialty chemicals production to pharmacies.

(Nasdaq) A fund managed by Brazilian private equity firm Patria Investimentos Ltda has acquired a 20% stake in Brazilian conglomerate Ultra SA, which has interests ranging from fuel and LPG distribution to pharmacies.

Ultrapar Participacoes SA UGPA3.SA, in which Ultra is the biggest shareholder, said in a securities filing late on Tuesday that, following this acquisition, a Patria fund, Parth do Brasil Participacoes Ltda and Ultra had signed a new shareholders agreement.

The three shareholders hold now a 34.17% stake in Ultrapar.

Patria, in which the U.S. private equity firm Blackstone Group Inc has a 40% stake, has also appointed Alexandre Saigh to the board of directors.

The investment by Blackstone-backed Patria in Ultrapar comes as the conglomerate is mulling a bid for refineries put on the block by state-controlled oil company Petroleo Brasileiro SA PETR4.SA.