Um fundo para comprar empresas sem sucessão

Crescera Capital and Heartman House have formed a joint venture to acquire middle-market companies whose owners wish to exit their daily operations but lack a succession plan. Vinicius Garcia, a partner at Heartman House, told Brazil Journal that succession is one of the most critical moments for a company, which can have a greater impact than economic cycles. The partners wanted to provide an alternative for entrepreneurs who don't have someone to pass the baton to.

The massive transfer of resources between generations expected in the coming years is also encouraging the partners to act. Estimates show that around US$ 90 trillion accumulated by baby boomers and Generation X will turn into inheritance in the next 20-30 years, with Brazil ranking among the top countries. Crescera, a private equity and venture capital manager with about R$ 4 billion in funds, will select the investments.

The target is income-generating companies with low leverage and an annual EBITDA between R$ 30 million and R$ 50 million in sectors such as health, education, consumer goods, retail, technology, and B2B services.

The plan is to capture between R$ 100 and R$ 500 million in the first deal fund to invest in a company. The last private equity fund from Crescera can anchor this initial operation. Heartman, which has clients like Prosus, owner of iFood, Azzas 2154, and Ortobom, will assume management, using its own team or hiring executives from the market. Owners could completely leave the business or act as consultants or through a board. They could also maintain a minority stake.

Crescera CEO Daniel Borghi said that as investors, they had contact with promising companies that needed executive expertise in addition to capital, and they had to let the opportunity pass due to lack of expertise. They now have that expertise. The complicated macro environment could be an additional trigger for companies to seek capital and professionalize management.