Leonardo Antunes
BroadSpan Capital
Cortel
Deal Type
Company sale
Sector
Consumer
Completion Date
24th August 2018
Deal Value
Not disclosed
Company Background
Headquartered in Porto Alegre, in the State of Rio Grande do Sul, Cortel is a leading Brazilian operator on the death care sector, with eight cemeteries, four crematories, a funeral agency and a funeral plan.
It has operations in Rio de Janeiro, Rio Grande do Sul and in the Amazonas State. In 2017, Cortel had revenues of approximately R$60 million and an EBITDA of R$11 million.
Cortel also offers solutions such as cremation plans, perpetual units of graves, as well as funeral plans. In addition, it also offers immediate solutions in cremation, perpetual burial, cremation of body remains, among others.
Deal Summary
BroadSpan Capital acted as exclusive financial advisor to the Cortel Group for the sale of a minority interest in Zion Capital.
The transaction was carried out through Care11 fund, which has BRL148 million in assets and invests in cemeteries and crematories in the states of Paraná, São Paulo, Goiás and Minas Gerais. The fund is managed by Zion Capital, a fund management company focused on the Brazilian market.
Value Added
BroadSpan coordinated the entire due diligence process, which resulted in a complex restructuring of the Cortel Group, an improvement in their accounting procedures and, later, an extensive auditing process.
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