Your tailor-made M&A advisor in Brazil and Latin America
Caravel CF : Your tailor-made M&A advisor in Brazil and Latin America
• Caravel CF offers independent financial advisory services throughout
Latin America, particularly in Brazil (headquarters) and Colombia
(partner), as well as in Chile and Mexico Mexico City
• We specialize in assisting multinationals with their cross-border Bogotá
transactions, particularly transatlantic, in a wide range of sectors
• With high standards of execution, our mission is to provide tailor-
made solutions to create maximum value for our clients
• Our team is highly committed, and the managing partners are directly
involved throughout the project to ensure the best possible execution
São Paulo
Our natural differential is over 20 years' experience in the Santiago
Brazilian and
de Chile
Latin American markets, based on our European/American origins and
our knowledge of these cultures
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Why invest in Brazil
• Although Brazil is still a developing country, it has some particularly attractive features for foreign buyers:
9th largest economy in the world with a projected GDP of USD 2,13 trillion in 2023
99 US$ bi trade surplus in 2023 - Main trading partners: USA, China, Europe, Argentina. Guaranteed
inflow of foreign currency, reducing exchange-rate risk
Stable regime, supported by strong institutions and constitution, reducing political risk
Independent central bank, highly praised for its management of inflation: it is one of the
countries where inflation has been best contained
• To sum up, Brazil is an attractive country in terms of acquisition size for multinationals, with significant growth
prospects, in a market open to foreign investment and with excellent opportunities in many sectors
Positive outlook for debt, driven by tributary reform
Spurred on by an ambitious tributary reform that should
BB- BB
drastically simplify the current tributary system, the rating
agencies have revised their ratings: BB- BB-
Sources: World Bank, Trading Economics, Les Echos Stable Positive 4
Why invest in Brazil: Good economic fundamentals post Covid19
GDP (annual variation in %) Unemployment rates (%)
5,3
13,8
3 3,2 13,2
2,3 2,7 2,3 12,1
1,2
2019 2020 2021 2022 2023 2024 2025 2026 8,2 8
-4,2
2019 2020 2021 2022 2023
Public Debt (in % of GDP) Inflation & SELIC rates (%)
13,75
11,75
86,9 10,1
9 8,5
78,3 75,3
74,4 72,8 9,3 5,8
65,3 4,3 4,5 4,9
3,4 3,1
4,3
2
2019 2020 2021 2022 2023 2024 2025
2019 2020 2021 2022 2023 2024
SELIC (taux interbancaires)
(interbank rates) Inflation (eop)
Sources: Oxford Economics, IBGE, Ministerio da Fazenda 4
Our expertise
Mergers & Acquisitions Fundraising
Buy-side mandates Sell-side mandates
• Adjusting the scope and criteria of the • Preparing the necessary documentation • Understanding the capital needs
transaction • Performing a valuation of the company • Identifying and evaluating capital options
• Identifying and approaching the selected and highlighting the key negotiation issues available including bank debt, mezzanine,
target companies • Identifying and approaching potential debentures and private placements
• Performing a valuation of the selected investors • Preparing all necessary documentation
target company (ies) • Giving advice on the optimal deal • Giving advice on the optimal
• Giving advice on the optimal deal • Coordinating the entire due-diligence financers/investors
including acquisition financing process • Coordinating the entire due-diligence
• Coordinating the entire due-diligence • Participating in all negotiations (terms of process
process the deal, legal documentation, etc) • Participating in all negotiations with
• Participating in all negotiations (valuation, • Post closing follow up financers/investors until closing
legal documents, etc) until deal closing
• Post closing follow up
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The Caravel CF team
FRANÇOIS DECAMPS ULRIKE ZILZ DECAMPS WAGNER CIMINO
Managing Partner Managing Partner Director
• Created Caravel Corporate Finance in 2014 • 30 years of international experience in • 15 years' experience in investment
• Founding partner of Galia Finance (2003 - strategic consulting banking (CCF, HSBC and Banif)
2013) • Director at DML & Associés/Oneida • 10 years' experience in the shopping
• 25 years' experience in Corporate Finance • Senior Director of Change Management at sector (Head of Asset Management and
in Portugal and France (CCF Charterhouse), Accenture M&A at Sonae Sierra Brasil (2007-2017))
then in Brazil (HSBC, Executive Director, • Independent life sciences consultant with • Degree in Business Administration and
1999-2003) Muram since 1999 Accounting from the University of São
• Master's degree from Paris-Dauphine and • Graduated from the University of Tübingen Paulo (FEA-USP)
MBA from City University of New York & M.S. SUNY Stony Brook (New York) • Fluent in Portuguese, French and English
• Fluent in French, English, Portuguese and • Fluent in German, French, English,
German Portuguese and Spanish
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The Caravel CF team
JEAN-LOUIS GALLEGO ALEXIS PARISELLE, CFA
Director Associate
• 36 years of experience in the food sector, including • 3 years with Caravel
industry, food service, ingredients, and packaging • Previous internships at Wavestone (financial
• Held leadership positions in companies such as Cryovac, consulting) and PAI Partners (Private Equity)
Sealed Air, Fresh Start Bakeries, Aryzta, Sofruta, Bimbo • Master's degree in Corporate Finance (NEOMA
Brasil and Bimbo QSR Global BS)
• Board member of ABIA (Brazilian Food Industry • CFA Charterholder
Association) for 18 years, creator of the ABIA Food • Fluent in French, English, Portuguese and Spanish
Service Congress, writer for Food Service News magazine
and Curator of the Rede Food Service
• A food engineer graduate from the Federal University of
Viçosa with an MBA from Fundação Dom Cabral
• Fluent in Portuguese, Spanish and English 7
CCF advises clients across borders and sectors based on our cross-cultural intelligence
Examples of International groups we advised:
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Our former clients say it best
“Caravel played a key role in the 2 acquisitions Loxam made in Brazil. They made sure
THOMAS TÖRNQUIST negotiations progressed smoothly avoiding any cultural misunderstanding and addressing key
Strategy & M&A director issues in a timely, calm and rational manner. Their local presence and in-depth knowledge of the
country's cultural, financial and fiscal specificities were key factors in bringing the parties
involved in the transactions together!"
CARLO GALIMBERTI
“In a challenging context, Caravel has proven to be the right advisor for us thanks to its
President
project management skills, resilience and ability to find the right solutions thinking outside the
box”
BRUNO GROSSI “Caravel accompanied Econocom throughout a 10-year cycle in Brazil, from the acquisition of a
Ex-partner Accenture Paris technology company in 2010, followed by an "add-on" in 2015, to the exit in 2021 through a
& COO successful MBO. Special mention for the quality of the target search and the solutions found to
finalize negotiations"
"Caravel quickly understood our objectives and put us in touch with the best contacts both in JEAN-CLAUDE BRDENK
all the LATAM countries we prospected. We particularly appreciated their transparency Board member
throughout the project, respect for deadlines and the quality of the valuations presented"
Benoît Papy
“Caravel developed a very pertinent equity story. They established and provided us with an
Ex-Group M&A director
exhaustive global potential buyers list. I can warmly recommend them”
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Success case 2023: Highlight on 2 successful Buy-sides for LOXAM
Caravel accompanied the French group LOXAM, European leader in equipment rental for the construction industry, from target
identification to closing. This is a perfect example of a patient, meticulous process, in which over a period of more than 3 years
we identified and evaluated a large number of potential targets, before signing with 2 of the most interesting companies, offering
strong geographical complementarity: Motormac Rental, a specialist in the rental of elevating platforms and firmly established in
the South of Brazil, and A Geradora, a specialist in the rental of power generators and established throughout the North, North-
east and South-east of Brazil
June 2023 July 2023
Motormac's historical A Geradora's historical
presence outside São Paulo presence outside São Paulo
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Recent transactions Brazil
Real Estate
Advisor of Diamante Fundo de Advisor of Biowash, a pioneer
Investimento Imobiliário in the and leader in the plant-based
Buy-side advisor of Loxam in Sell-side advisor of DC Courbis Buy-side advisor of Loxam in
acquisition of 30% of Shopping cleaning products market, in its
the acquisition of A Geradora in the sales of its assets to the acquisition of Motormac
Estação (Curitiba) sale to a private investor
Inbrasp Rental
December 2023 August 2023 July 2023 June 2023 May 2023
Startup
Technical advisor in Advisor of MSX International Advisor (in cooperation with
arbitration proceedings at the Advisor to Tia Iza, producer of in the sale of its Brazilian
Advisor of Sociedade da Mesa frozen healthy products, in its Verter Finance) of Mr Veggy, the
Market Arbitration Chamber Staffing operation to Zeentech
(Vinoselección Group) in the sales/ captation process Brazilian Pioneer vegan frozen
sale of its assets to Chez France (Luxembourg) food brand, in its sales process
May 2023 2020 - 2023 March 2023 September 2022 August 2022
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Recent transactions Brazil
Startup Startup MBO Startup
Advisor of Home Agent in its Advisor of Troy to develop new Advisor of Econocom in its
seed-round and Follow-on business opportunities in Brazil MBO process Advisor of Hisnek in its
Advisor of Autem Medical in its seed-round fundraising
(Series A) fundraising
fundraising
April 2022/October 2020 2021 - 2022 November 2021 September 2021 December 2019
Startup
Advisor of Vivitá for Advisor of Cruzília in Advisor of Kerakoll in Advisor of Dibel in the
fundraising the sales process the acquisition Advisor of T4W in the sales process
process sales process
December 2018 February 2018 September 2017 April 2016
Abril 2019
Recent transactions Brazil
Startup
Advisor of Advanta
Connect in the Advisor of PwC in the Advisor of Econocom Group Advisor of Nutrition et Santé Advisor of Econocom in
management buyout sales process in the call option process in the acquisition process the acquisition process
process
March 2016 January 2015 January 2015 August 2014 August 2014
VEV
Advisor of MEK Advisor of Koblitz in the
Advisor to Osiatis in the Advisor to VEV in the sale of a
Advisor of Anovo in Engenharia in the sale of a sale to Areva group
acquisition of Interadapt's 55% stake in Paramount Têxtil
the acquisition of majority participation shareholding to the Mattar family
Tektronik
December 2013 March 2012 September 2011 May 2011 –Jan 2008 December 2010
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Recent transactions Brazil
Advisor of Koblitz in the
G4S advisor on the G4S advisor on the sale to Areva group
acquisition of Plantech acquisition of
Instalarme
August 2010 June 2010 May 2011 –Jan 2008
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Transactions Latam
Startup
Caravel and Paradigmax acted
Advisor in the sale of OHL, Advisor of BH together with as advisors in the successful
Caravel CF advised Pactiv Advisor of Hupi in the subsidiary of Orange SA, in Muram in the recuperation of implantation of the new unit
Evergreen in the sale of its caps investment round Mexico BH products portfolio in of DIAM International in
and closures business in South Mexico Mexico City, Mexico
America to a private investor
March 2021 May 2019 January 2017 April 2016 December 2013
In partnership with Muram Assessoria Empresarial, acted as advisor to Eurofarma in several
acquisitions in Chile, Peru and Guatemala between 2010 and 2017
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Brazil
T. 55 11 3075 2782
Rua George Ohm, 206 - Torre B - 10º andar
Conj. 101 B – CV: 3915
Cidade Monções
04576-020. São Paulo . SP
[Link]
