Features
The Kinea fund follows the strategy of investing in growth equity in medium and large companies in Brazil, applying a hands-on approach to add value across all organizational levels. Kinea transactions have an average ticket of approximately R$150 to R$300 million. There is no sectoral focus, but the manager prioritizes non-discretionary and non-cyclical sectors, such as health, education and technology. All investments have Brazil as the country with the highest operational representation. In addition, target companies usually occupy a sectoral or regional leadership level in Kinea’s target sectors.
Investment Cases
WIZARD
Education
About the company
Leader in the language teaching and professional education segment in Brazil, with more than 2,500 franchises. Investment of R$200 million in May 2011 to acquire a minority interest. In February 2014, Kinea exited after Pearson Education acquired 100% of Grupo Multi – the largest acquisition ever made in the Education sector in Brazil.
UNIDAS
Car Rental
About the company
Leading company providing rent-a-car and fleet management services in Brazil, with a fleet of more than 45,000 cars. Investment of R$100 million in July 2011 to acquire a minority interest, in a consortium with other Private Equity funds. Partial divestment through the sale of Kinea’s minority interest to Enterprise Holdings, the leading player in the global Rent-a-Car market (Nov/2016) and full sale of position to Locamerica (Dec/2017).
ABC GROUP
Advertising
About the company
ABC is the largest independent Brazilian group in the advertising and publicity segment, operating in various advertising and marketing services through its 14 agencies. Kinea made an investment of R$170 million in June 2013 to acquire a minority interest. In January 2016, Kinea exited the company after it was fully acquired by the Omnicon Group, one of the largest advertising groups in the world.
AVENIDA GROUP
Retail
About the company
Avenue is the leader in the clothing retail segment in the Midwest and North of Brazil, both regions with high growth and exposure to the booming agribusiness sector. Grupo Avenida has 130 stores distributed mainly in medium-small cities in the interior of the region and mainly in the Main street format. Kinea made an investment of R$250 million in May 2014 and exited its position to Pepkor in February 2022.
ELIANE
Ceramics
About the company
Eliane is a leading manufacturer of ceramic tiles with a wet production process and an installed capacity of approximately 35 million m²/year. Kinea made an investment of R$150 million in October 2015 to acquire a minority interest. In November 2018, the Company was fully acquired by Mohawk Industries, one of the main players in the global ceramics market.
AGV LOGÍSTICA
Logistics
About the company
AGV is one of the leading providers of logistics operations and intelligence in Brazil. Headquartered in Vinhedo (SP), it has an asset-light business model and is the leader in the animal and human health segments, in addition to outstanding performance in other consumer segments. Kinea made an investment of R$105 million in May 2016 to acquire a minority interest. In November 2019, the Company was fully acquired by FEMSA, a Mexican multinational with a strong presence in Brazil.
DELFIN GROUP
Diagnostic Medicine
About the company
Delfin is based in Salvador and is the leader in the diagnostic imaging medicine segment in the Northeast region of Brazil. Kinea made an investment of R$70 million in January 2013 to acquire a minority interest. In March 2016, the company merged with the Diagnostic Imaging Center (Alliar). In November 2016, Alliar reopened the Brazilian capital markets with an initial public offering of R$700 million on the B3 stock exchange. Kinea sold approximately 90% of its stake in Alliar in that IPO.
UNINTER
Distance Education
About the company
Uninter is one of Brazil’s leading players in the distance higher education segment, with a national footprint and approximately 170,000 students enrolled. Kinea made an investment of R$100 million in May 2016 through a debenture convertible into shares. Kinea made its exit from the company in early 2018 after the controlling shareholders repurchased their position.
+A EDUCATION
Education
About the company
+A is the main player in technological and content solutions for the Higher Education and Health segments in Brazil through their OPM (Online Program Management bundle solutions) or unbundled products (EdTech products and Artmed Programs). Kinea made an investment of R$198m in November 2018 to acquire a minority interest.
WISER
Education
About the company
Wiser is one of the leading EdTech companies in Brazil today, focusing on selling online language teaching products and platforms focused on business and entrepreneurship and with proprietary content development and omnichannel sales channels. Kinea made an investment of R$250m in 2019 to acquire a minority interest.
CCG
Healthcare
About the company
CCG is a vertical healthcare operator that provides health plans, dental plans and health services in the Rio Grande do Sul and Santa Catarina states. In 2021, the Company announced the opening of Hospital Humaniza, a new hospital operation that will have nine floors, 220 beds and ten surgical centers in Porto Alegre. Kinea made an investment of R$165m in May 2019 to acquire a minority interest and exited its position to NotreDame Intermédica on January 2022.
PANVEL
Retail
About the company
Dimed is one of the leading retailers (through the Panvel network) and distributors of pharmaceutical products in Brazil, with more than 400 stores distributed throughout the states of RS, SC, PR and SP. Kinea made an investment of R$151m in November 2019 to acquire a minority interest. In July 2020, the company carried out a Re-IPO for R$1.0 billion, and Kinea divested 40% of its stake and returned to investors their capital invested after just seven months.
MATERA SYSTEMS
IT Solutions
About the company
Matera is a national leader in providing SaaS and BaaS solutions for core banking and digital payment solutions for retailers, digital banks, fintechs and other sectors of the economy. The company positions itself as a one-stop-shop for companies and banks looking to become a fintech, with a complete suite of products. Kinea made an investment of R$100m in March 2020 to acquire a minority interest.
VERZANI & SANDRINI
Service Outsourcing
About the company
V&S is a leading group in providing outsourcing services, with solutions for cleaning, property security, electronic surveillance, asset management and maintenance. They are present in all regions of Brazil, with more than 45,000 employees and a customer base of more than 1300 clients. Kinea made an investment of R$160m in December 2020 to acquire a minority interest.
COBASI
Pet Retail
About the company
Cobasi is the pioneer in the mega-store format and one of the leaders in pet retail in Brazil – a sector with high growth, resilience, and potential for consolidation. Cobasi is well-positioned for growth in the coming years through expanding its store base, increasing digital sales penetration and also through M&A. Cobasi currently runs 110 stores in 11 Brazilian states and has 4,200 employees. Kinea made an investment of R$300m in June 2021 to acquire a minority interest, which made Cobasi the most capitalized company in the sector at that time.
BLUE HEALTH
Healthcare
About the company
Blue Health is a leading provider of medical equipment solutions such as the rental, maintenance and sales of imaging equipment and in vitro diagnostic reagents. Kinea made an investment of R$200m in June 2022 to acquire a minority interest, and the proceeds will be used to accelerate the company's organic and inorganic expansion plan in a fragmented market with high growth potential.
ALVORADA
Agribusiness
About the company
Founded in 1986, Alvorada is the national leader in the retail of livestock and agricultural products in Brazil, with 37 stores in seven states in the Midwest and North Brazil. The company is a one-stop-shop with a wide range of products, offering over 30,000 SKUs that vary from veterinary drugs to pasture equipment, animal nutrition, machinery and equipment. Over 70% of sales are related to livestock products, and the company is present in locations that concentrate over 60% of Brazil’s beef market. In addition, Alvorada has private-label product lines focused on pasture seeds and animal nutrition.
SEB GROUP
Education
About the company
‘SEB Alta Performance’ Group is one of the main basic education groups in the country (K12 segment), with 29 units, more than 25,000 students distributed across 11 states. Led by businessman Chaim Zaher, one of the biggest entrepreneurs in the education segment in Brazil and the world, the ‘SEB Alta Performance’ Group focuses its operations on delivering high-performance education, with the aim of guaranteeing high approval rates in the country's main entrance exams.
Equipe
André Figueira
Head Kinea Equity Infra
André Figueira joined Kinea Investimentos in 2022 as responsible for the Private Equity in Infrastructure area. From 2015 to 2021 André worked in the infrastructure area of Pátria Investimentos, also serving as CFO of Argo Energia between 2016 and 2020. Prior to Pátria, he worked as an associate in the investment banking team at Bank of America Merrill Lynch. He began his career at Czarnikow Group, a sugar and biofuels trading company. André has a degree in business administration from PUC-Rio and an MBA from London Business School.
Leonardo Gadelha
Vice President
He joined Kinea Investimentos in 2022 to join the Infrastructure Private Equity area. From 2016 to 2022, Leonardo worked in the Infrastructure team at Pátria Investimentos. During this period at Pátria, Leonardo participated in the structuring and management of FIPs-IE invested in wind and hydroelectric energy generation companies. Furthermore, Leonardo participated in the Initial Public Offering of Hidrovias do Brasil. Previously, he had already participated in the team that won the ARTESP auction for Lot D in 2017, creating the current road concessionaire Entrevias. Leonardo has a degree in mechanical-aeronautical engineering from the Technological Institute of Aeronautics (ITA)
Saulo Gallegos
Associate
He joined Kinea Investimentos in October 2022 to join the Infrastructure Private Equity area. From 2020 to 2022, Saulo worked at HIX Capital, initially as an intern and later as an investment analyst in publicly traded companies, being responsible for covering the oil and gas, logistics and transport and sanitation sectors. Prior to HIX, he was an intern at the NBFA law firm, associated with the Spanish law firm Garrigues, participating in project financing operations, mergers and acquisitions and in strategic litigation cases. Saulo has a law degree from PUC-SP
Eduarda Saurin
Analyst
He joined Kinea Investimentos in April 2023 to join the Infrastructure Private Equity area. Prior to Kinea, she was an investment banking intern at Morgan Stanley. In 2021, she was an intern on the investment banking team at One Partners. Eduarda has a degree in business administration from Insper Instituto de Ensino e Pesquisa.