Pequenas Empresas & Grandes Negócios: contatos de 19/09/2021
Reag founder Mansur sells stake to partners Business valorinternational.txt
Jo?o Carlos Mansur,www.jogos da loteria founder of Reag Investimentos, which encompasses fund and wealth management activities, reached an agreement with the firm’s executive partners to sell his stake in the company through a management buyout. The deal was approved at a board meeting on Saturday (6) and disclosed on Sunday (7) in a notice of material fact filed with the Securities and Exchange Commission of Brazil (CVM). The transaction involves 87.38% of the company’s capital, at an estimated value of R$100 million, subject to a variable contingent installment linked to the company’s net operating revenue over five years. On Friday (5), shares traded on the B3 exchange at R$2.81, which would value Mr. Mansur’s stake at around R$345 million. The company began trading in January following a series of corporate arrangements and a reverse IPO stemming from the acquisition of GetNinjas. At the time, shares were priced at R$5.32. No cash outlay is expected in the initial stage, according to a source familiar with the negotiations. The transaction was carried out through Reag Asset Management and Reag Alpha Fundo de Investimento Financeiro em A??es on one side, and Arandu Partners Holding—owned by the company’s main executives—on the buyer’s side. A takeover bid will be launched once the procedures required for this type of deal are completed, extending the effects to minority shareholders. The controlling shareholder is leaving the business entirely but will remain active in other companies of the group, such as Ciabrasf, which operates in fund administration and fiduciary management. Mr. Mansur formally resigned from his position as chairman of Reag Investimentos. Altair Tadeu Rossato also stepped down as an independent member and member of the audit committee, while Fabiana Franco resigned from her position as the company’s chief financial officer. Mr. Mansur’s agreement with the partners seeks to contain a reputational crisis that hit the group after Operation Hidden Carbon, which carried out search and seizure warrants at the headquarters of Reag and Ciabrasf on August 28, as well as at other firms in S?o Paulo’s financial hub, the Faria Lima district. The investigations pointed to more than a dozen funds under the group’s management that may have been used for illicit purposes by organized crime. On September 2, Reag disclosed in a notice of material fact that it was negotiating the sale of its controlling block. However, in the midst of a reputational crisis, closing a deal quickly with so many outstanding issues proved difficult to execute. “The most suitable format for the company was a management buyout aimed at maintaining and preserving its teams, professionals, clients, and the firm’s integrity,” a source close to the financial group said. “The operation was structured to align the long-term interests of Reag Investimentos, ensuring the continuity of its activities and the protection of its clients and employees, given the current scenario of short-term uncertainties and risks.” Reag Capital, the group’s holding company, also released a notice of material fact regarding the buyout. “The decision was made to protect the integrity and reputation of Reag Investimentos S/A, its employees, clients, and shareholders in light of the recent unfounded speculation surrounding the company. This was considered the most prudent measure to ensure that business operations and corporate governance remain intact, without interference from such narratives.” With more than R$340 billion under management, Reag has grown rapidly in recent years, accelerating through acquisitions and winning single-investor funds mandates from high-net-worth individuals and companies seeking greater tax efficiency. In 2020, the company managed about R$25 billion. As an administrator, the company has a duty to carry out due diligence, know its clients, and verify the origin of assets. As an asset manager, it must ensure that funds are not used for money laundering or to back illicit activities. Of the 12 funds cited in Operation Hidden Carbon, under Reag’s responsibility—many tied to specific investors—the company renounced management of eight since May 2024, according to a source with knowledge of the matter. Some were transferred to other administrators. Reag manages nearly 1,000 funds in total. The company launched an internal investigation to determine whether there were compliance failures in its routines. An employee who appeared in wiretaps by the Federal Police complaining about compliance had already been dismissed in the first half of the year, according to the same source. The firm delayed the release of two financial statements, and some of the funds mentioned in the investigation were also targeted by proceedings at the CVM. The regulator also questioned the acquisition of GetNinjas shares, having rejected a settlement agreement proposed in an administrative proceeding. This article was translated from Valor Econ?mico using an artificial intelligence tool under the supervision of the Valor International editorial team to ensure accuracy, clarity, and adherence to our editorial standards. Read our Editorial Principles.
