What Condere does

Condere is a Brazilian independent investment banking and strategic advisory firm specializing in mergers and acquisitions (M&A) and capital raising, founded in 2006 by Paulo Cury, a former senior executive at JP Morgan Chase and Banco Patrimônio/Salomon Brothers with an MBA from Duke University's Fuqua School of Business. Headquartered in São Paulo with a secondary office in Lisbon, Portugal, the firm serves primarily family-owned businesses, mid-market companies, and private equity funds in Brazil, executing both sell-side and buy-side mandates with a strong emphasis on cross-border transactions. Since founding, Condere reports more than 150 completed transactions and projects with combined value exceeding R$15 billion, spanning sectors including aerospace and defense, agribusiness, financial services, fintech, food and beverage, healthcare, education, offshore, transportation, and industrial services.

The firm's core offerings consist of M&A advisory (sell-side, buy-side, divestitures, and cross-border mandates) and capital raising advisory (debt and equity, including structured finance and alternative credit solutions), supplemented by strategic consulting, valuation, and fairness opinion services. Condere operates a senior-led engagement model in which partners — many with pedigreed backgrounds at JP Morgan, Credit Suisse, Banco do Brasil, BTG Pactual, Whirlpool, and other major institutions — directly lead transactions rather than delegating to junior staff. Revenue is generated through professional services fees, typically structured as success fees tied to transaction completion with retainer components for ongoing mandates.

Condere's distribution advantage rests on its controlling stake and Latin American leadership role in REACH (Global M&A Partners), a network of 30+ independent M&A advisory firms across 30+ countries, enabling cross-border deal execution and access to international strategic investors and acquirers. The firm also operates a specialized agribusiness M&A joint venture with Ecoagro launched in 2024, and a content platform (Condere Insights on YouTube/Spotify plus Data Condere and Condere Insiders research publications) supporting brand-led pipeline development. The firm is privately held, with ownership concentrated among founding partners under a partnership/meritocracy model.

Name

Condere

Legal name

Condere Consultoria

Website

https://condere.com.br

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Condere is a Brazilian independent M&A and capital raising advisory firm founded in 2006, serving family-owned businesses, mid-market companies, and private equity funds across 150+ transactions totaling over R$15 billion in deal value, with cross-border capabilities via the REACH global network.

Ownership category

akta.pro rank

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. M&A Advisory Fees: Advisory fees for mergers and acquisitions transactions, including sell-side and buy-side mandates. Revenue is generated through success fees tied to transaction completion.
2. Capital Raising Advisory: Advisory services for debt and equity capital raising for mid-market and family-owned companies, including structured finance and alternative credit solutions.
3. Strategic Consulting: Strategic advisory services including valuation, fairness opinions, and strategic positioning for corporate transactions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Condere is a Brazilian M&A advisory firm that advises corporate clients on mergers and acquisitions, capital raising transactions, strategic consulting engagements, and company valuation services. The firm supports buyers, sellers, and companies seeking growth capital across the Brazilian market.

Product overview

Condere is an independent consulting firm offering a unified suite of M&A advisory and capital-raising services. The core offerings consist of Fusões e Aquisições (M&A Advisory) and Captação de Recursos (Capital Raising), supported by sector-specific expertise in aerospace/defense, agribusiness, fintech, healthcare, and food & beverages. Condere operates globally through the REACH network (Global M&A Partners), enabling cross-border transaction execution across 30+ countries. The firm also produces Condere Insights, a content platform with webcasts and podcasts sharing strategic perspectives on M&A and corporate finance. A specialized agribusiness joint venture with Ecoagro provides integrated M&A and debt structuring services for the agricultural sector.

Differentiator

Problem solved

Functional benefit

Brands

• Condere Insights: Video and podcast series sharing experiences in buy-side, sell-side, merger, and capital raising operations
• Data Condere
• Condere Insiders

Products and services

• M&A Advisory Advisory service supporting corporate buyers and sellers through mergers, acquisitions, divestitures, and related corporate transactions. Intended for Brazilian corporates, shareholders, and investors evaluating M&A opportunities.
• Capital Raising Advisory service assisting companies in raising debt or equity capital from investors, lenders, and the financial markets. Intended for Brazilian corporates seeking growth capital, refinancing, or balance sheet optimization.
• Strategic Consulting Consulting engagements supporting corporate clients on strategic decisions such as positioning, growth, restructuring, and transaction readiness. Intended for Brazilian corporate management teams and boards.
• Valuation Services Independent valuation of companies, business units, and assets to support M&A, financial reporting, taxation, and strategic decision-making. Intended for corporates, financial sponsors, and reporting entities in Brazil.

Quantifiable outcome

• 150+ transactions executed successfully since 2006
• +2 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• EcoagroflagshipStrategic or Co-development Partner · 4 March 2024Condere and Ecoagro launched a joint venture focused on M&A advisory for the agribusiness sector. The JV combines Condere's M&A expertise with Ecoagro's debt structuring capabilities for agribusiness companies via capital markets. Joint venture split equally; all agribusiness M&A will be worked within this structure. Projected to conclude at least 2 transactions in 2024.
• REACH (Global M&A Partners)coreStrategic or Co-development PartnerCondere is controlling shareholder and board member of REACH (Global M&A Partners), a network of 30+ independent M&A advisory firms across 30+ countries spanning Americas, Europe, Asia, and Africa. Founded in 1999, REACH provides global coverage with local expertise enabling cross-border transactions. Condere leads the Latin America region through this partnership.
• Crosbie & Co.coreStrategic or Co-development PartnerCanadian M&A advisory partner within REACH network. Collaborated with Condere on Lots Group (Scania) acquisition of Munden in Canada.
• Columbus (Argentina)minorStrategic or Co-development PartnerArgentine M&A firm partner for Bibam Group transaction, working on cross-border deal between Argentina and Brazil.

Scale indicators6 records

Recent moves1 record

Expansion highlights6 records

Direct peers

• BR Partners: Brazilian independent investment bank focused on M&A advisory, capital markets, and corporate finance for mid-market and large-cap clients. Most directly comparable to Condere in terms of independent advisory model, Brazil focus, and senior-led engagement.
• VPS Partners: Brazilian independent M&A and corporate finance advisory firm serving mid-market and family-owned companies. Directly comparable given similar target client base, deal size range, and focus on Brazilian sell-side and buy-side mandates.
• Lincoln International: Global mid-market investment bank with deep cross-border M&A advisory capabilities and sector specialization (industrials, healthcare, technology, consumer). Comparable in mid-market positioning and cross-border execution model to Condere's REACH-enabled practice.

Broad incumbents

• Itaú BBA: Investment banking arm of Itaú Unibanco, one of Brazil's largest financial institutions. Competes with Condere for Brazilian mid-market and large-cap M&A mandates, with broader product suite including equity capital markets, debt, and equities research.
• Banco BTG Pactual: Latin American investment bank offering M&A advisory, capital markets, wealth management, and asset management. Competes with Condere for mid-to-large M&A in Brazil; former employer of partner Luiz Eduardo Andrade.
• Lazard: Global financial advisory and asset management firm with strong M&A practice. Competes with Condere for cross-border mid-market and large-cap transactions involving Brazilian targets or acquirers.
• Houlihan Lokey: Global investment bank focused on M&A, capital markets, and financial restructuring across mid-market and large-cap. Direct competitor in cross-border mid-market M&A advisory, particularly involving Latin American targets.
• Rothschild & Co: Global financial advisory firm with strong European roots and global M&A practice. Competes for cross-border mid-to-large mandates involving Brazilian family-owned businesses and strategic acquirers.

Regional players

• Galeazzi & Associados: Independent Brazilian M&A advisory. Direct competitor in the domestic mid-market segment with comparable senior-led engagement model.

Emerging players

• ACHE Partners (formerly Acquisitions Consulting): Independent Brazilian M&A advisory focused on lower mid-market transactions. Competes with Condere at the smaller end of the deal-size spectrum and shares the family business target segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@condereconsultoria
• LinkedInlinkedin.com/company/condere-consulting

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

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 Condere