Novonor

What Novonor does

Novonor S.A. is a privately-held Brazilian diversified industrial holding company headquartered in Salvador, Bahia, and historically associated with the Odebrecht Group. The company operates as an umbrella portfolio of independently operating subsidiaries rather than a unified product platform: Braskem (petrochemicals, with a controlling stake under divestiture to IG4 Capital), Odebrecht Engenharia & Construção (OEC — engineering and construction services across transport, energy, agro-industry and mining in the Americas, Europe, and Africa), OR (Brazilian residential and corporate real estate development), Nova Infra Invest (Latin American infrastructure investment platform with 25+ years of experience in energy, transport, water and sanitation), Horiens (corporate risk management and insurance brokerage), and Vexty (complementary pension provider).

The group's revenue mechanics are project- and concession-based rather than product/SaaS: engineering and construction revenue flows through public-sector tenders and private EPC contracts; concession revenue from highway and infrastructure assets (e.g., BR-116 BA/PE) flows through long-duration asset-operation models; real estate revenue from delivered units; and recurring fee/premium revenue from pension and insurance subsidiaries. Pricing is quote-based and not publicly disclosed. Customer segments span public-sector infrastructure clients, private-sector industrial clients, residential and corporate real estate buyers, and individual pension plan members.

Novonor is currently under judicial recovery (recuperação judicial) and is in the process of divesting its controlling stake in Braskem to IG4 Capital-advised funds via a ~R$20bn (~$3.71bn) debt-to-equity swap approved by CADE in March 2026 and signed in April 2026. The group has no disclosed proprietary technology platform or AI/ML capabilities, relying instead on domain engineering expertise, consortium-based project execution, and governance/compliance systems (Sistema de Conformidade) to compete in regulated infrastructure markets.

Name

Novonor

Legal name

Novonor S.A.

Website

https://novonor.com.br

Company type

Private

Founded year

1944

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Novonor is a privately-held Brazilian diversified industrial holding operating engineering and construction (OEC), infrastructure investment (Nova Infra Invest), real estate (OR), risk management (Horiens), and pension (Vexty) businesses, currently divesting its Braskem petrochemicals stake under judicial recovery.

Ownership category

akta.pro rank

Headquarters

HQ city

Salvador

HQ country

Brazil

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Engineering & Construction Services: Odebrecht Engenharia & Construção provides engineering and construction services for public and private clients across transport, energy, agri-industry, and mining infrastructure in the Americas, Europe, and Africa — project-based revenue.
2. Real Estate Development: OR serves clients in the Brazilian real estate value chain, focused on residential incorporation and corporate / lotting developments, generating sales from delivered units and ongoing projects.
3. Infrastructure Concessions: Nova Infra Invest generates revenue by structuring, executing, and operating infrastructure projects in energy, transport, water, and sanitation across Latin America, including toll-road and concession assets such as BR-116.
4. Risk Management & Insurance (Horiens): Horiens operates a risk management and insurance business within the Novonor group, generating revenue from brokerage, advisory, and risk management services.
5. Complementary Pension (Vexty): Vexty provides complementary pension products in Brazil, generating recurring fee- and premium-based revenue from pension plan members.
6. Petrochemicals (Braskem stake): Held a controlling interest in Braskem SA, a Brazilian petrochemicals producer; sale of the stake to IG4 Capital via debt-to-equity swap advances divestment of this revenue exposure.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Novonor is a Brazilian diversified industrial holding company that, through its operating subsidiaries, provides engineering and construction services for large-scale infrastructure projects (Odebrecht Engenharia & Construção), structures and operates infrastructure concessions in energy, transport, water and sanitation across Latin America (Nova Infra Invest), produces petrochemicals (Braskem — currently being divested), develops high-end residential and corporate real estate in Brazil (OR), delivers enterprise risk management and insurance brokerage (Horiens), and offers complementary pension products to individuals in Brazil (Vexty).

Product overview

Novonor operates as a Brazilian diversified holding company (formerly the Odebrecht Group) structured as a portfolio of independently operating business subsidiaries rather than a single unified software product. The portfolio combines Braskem (petrochemicals), Odebrecht Engenharia & Construção (engineering & construction services), OR (real estate development), Nova Infra Invest (infrastructure investment platform), Horiens (risk and insurance management), and Vexty (complementary pension), all under a shared corporate brand, vision and governance structure. The Novonor corporate site serves as the umbrella portal linking to each subsidiary, defining group-wide purpose, ESG positioning and integrity/compliance policies that apply across the subsidiaries.

Differentiator

Problem solved

Functional benefit

Brands

• Braskem: Petrochemicals — Brazilian petrochemical producer referenced as a Novonor business on the corporate website.
• Odebrecht (Engenharia & Construção / OEC)
• OR
• Nova Infra Invest
• Horiens
• Vexty

Products and services

• Odebrecht Engenharia & Construção (OEC) Engineering and construction services company serving public- and private-sector clients in large-scale infrastructure projects across transportation, energy, agribusiness and mining in the Americas, Europe and Africa.
• Nova Infra Invest Infrastructure investment platform with 25+ years of experience structuring, executing and operating projects in Energy, Transport, Water and Sanitation across multiple Latin American countries.
• OR (Empreendimentos Imobiliários) Real estate developer serving clients across the Brazilian property value chain, focused on residential development, corporate/office developments and lot allotments with an emphasis on sustainable urban development.
• Horiens Risk management and insurance arm of Novonor, offering corporate risk-management advisory and insurance solutions to the group's businesses and external clients.
• Vexty Provider of complementary pension (previdência complementar) products and services to individuals in Brazil, generating recurring fee- and premium-based revenue from pension plan members.

Quantifiable outcome

• 25+ years of infrastructure execution in Latin America (Nova Infra Invest)
• +4 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• PetrobrascoreStrategic or Co-development Partner · 9 March 2026Petrobras shares control of Braskem with Novonor. Following CADE's approval of IG4 Capital's acquisition of Novonor's controlling stake, IG4 will share control of Braskem with Petrobras while Novonor retains a minor (4%) stake. Petrobras has indicated it would need a new shareholders agreement before considering any capital injection into Braskem.
• Galapagos Fund (Consórcio 116 Sertões)coreChannel Partner/ Reseller/ DistributorGalapagos investment fund partnered with Nova Infra Invest in the Consórcio 116 Sertões, which won a strategic highway concession on BR-116 in Brazil's Northeast via the ANTT auction.
• Tenenge / Enseada (Consórcio Tenenge-Enseada)coreStrategic or Co-development PartnerTenenge and Enseada form a consortium with Novonor group entities that builds and launches mineral barges at the Maragogipe (BA) shipyard; the 27th mineral barge was launched in June 2025.
• InovabraminorStrategic or Co-development PartnerOdebrecht's innovation area launched its third innovation e-book at an event hosted at Inovabra, indicating a partnership/relationship with the Inovabra innovation hub for corporate innovation programming.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Camargo Corrêa Infra: Brazilian engineering, construction and infrastructure concessions group with overlapping EPC and concession capabilities versus OEC and Nova Infra Invest. Closely comparable as a Brazilian-headquartered heavy infrastructure competitor with concessions and EPC exposure.
• Andrade Gutierrez: Major Brazilian construction and engineering firm participating in public-sector tenders, concessions and large EPC projects. Directly comparable to OEC in engineering & construction and to Nova Infra Invest in infrastructure concessions across Latin America.
• Queiroz Galvão: Brazilian engineering and construction group with active concessions and EPC projects in transport and energy, overlapping with Novonor's OEC and Nova Infra Invest portfolios.
• CCR Group: Brazilian highway and infrastructure concession operator holding major toll road concessions. Directly comparable to Nova Infra Invest's concession business model (e.g., BR-116) and to the broader Latin American concession strategy.
• Ecorodovias: Brazilian infrastructure concessions operator focused on highway concessions and logistics assets. Directly comparable to Nova Infra Invest's concession portfolio and to Novonor's broader infrastructure investment strategy.
• Cyrela Brazil Realty: Brazilian residential and commercial real estate developer active in São Paulo's high-end segment. Directly comparable to OR's real estate development business, particularly for upscale projects such as Baume Itaim.

Broad incumbents

• Votorantim S.A. Large Brazilian privately-held diversified industrial holding with cement, energy, metals and financial holdings. Comparable as a similarly diversified Brazilian industrial conglomerate with infrastructure and energy exposure analogous to Novonor's structure.
• J&F Investimentos: Brazilian family-controlled holding that has undergone debt restructuring and divestitures (e.g., JBS). Comparable in the sense of a Brazilian privately-held conglomerate with multi-sector operating subsidiaries and a recent history of restructuring — relevant structural peer.
• Brookfield Infrastructure Partners: Global infrastructure investor with significant Latin American concessions and energy assets. Comparable as a broader incumbent infrastructure platform overlapping with Nova Infra Invest in transport, energy, water and sanitation concessions across Latin America.

Regional players

• Energisa: Brazilian power distribution and transmission group with significant concessions. Comparable as a Latin American infrastructure concession operator with adjacent exposure to energy and utility assets, similar to Nova Infra Invest's energy vertical.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/novonorsa

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novonor