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Seneca Evercore Doubles M&A Transactions in 12 Months

Writer's picture: Seneca Evercore | NotíciasSeneca Evercore | Notícias

(Bloomberg) - Seneca Evercore, a boutique mergers and acquisitions advisory firm in Brazil, has doubled the number of transactions completed over the past 12 months, driven by a boom in the M&A market.



By Cristiane Lucchesi

August 2, 2021


The firm advised on 10 deals in the 12 months through July, up from five in the previous 12 months, according to Daniel Wainstein, managing partner of the São Paulo-based company. Seven of the transactions over the past year were in the financial services sector.

“You see many new players in investment advisory, credit, asset management, and wealth management, and they are attracting the interest of larger companies as they win more clients,” Wainstein said in an interview.


The volume of M&A transactions in Brazil has risen to $54 billion so far this year, four times more than in the same period of 2020, according to Bloomberg data, as more companies raise capital in the market to finance acquisitions.

New York-based Evercore Inc. announced in July that it had acquired a 20% stake in Seneca Evercore after a year of a “strategic alliance.” Wainstein and Rodrigo Mello, former co-heads of Greenhill & Co.’s Brazilian unit, acquired the platform alongside other partners and rebranded it as Seneca Evercore.


The boutique firm started with 15 employees and now has 20. Plans are in place to hire more staff due to the growing demand for M&A advisory services, Wainstein said.

Seneca Evercore advised the investment advisory firm Monte Bravo on the acquisition of a minority stake by XP, Brazil’s largest brokerage. It also advised the alternative investment company Jive Investments on another minority stake acquisition by XP. Both transactions were announced in June.


Another deal includes advising the asset manager Perfin on the sale of a minority stake to Banco BTG Pactual, completed in June.


Evercore, an American investment banking boutique, had previously invested in a Brazilian firm. It acquired a 50% stake in G5 Partners in 2010 for $20 million and invested further over the years through an earn-out formula. Evercore converted G5’s shares into hybrid debt in 2017.


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