Arandu Partners Takes Control Of Reag Investimentos In Management Buyout

Reag Investimentos has shifted control to Arandu Partners Holding, a vehicle created by senior executives, closing on October 14, 2025.

Arandu bought 123.1 million common shares—87.38% of voting capital—using a performance-linked price: 60 monthly installments equal to 5% of Reag’s prior-month net revenue, plus R$100 million ($18.87 million) paid on behalf of Reag Asset to clear acquisition-related debts.

By rule, the new controller must launch a tender offer to minority shareholders, and the company signaled it intends to delist within a year.

The backstory is key. In late August, Brazil’s Federal Police opened “Operação Carbono Oculto,” probing alleged laundering schemes involving parts of the financial and fuel chain.

Founder João Carlos Mansur and related entities began unwinding positions afterward. Reag says it is cooperating and denies wrongdoing. The management buyout is designed to steady the franchise, keep clients onside, and separate the operating businesses from legal turbulence.

The deal caps a rapid restructuring. In September, Reag agreed to sell Empírica Holding for R$25 million ($4.72 million) in six semiannual installments, with the buyer assuming contingent liabilities that could take total consideration toward R$75 million ($14.15 million).

Berkana sale streamlines Arandu operations

On the wealth side, Berkana was sold back to its founder for R$1.6 million ($0.30 million), alongside the offset of about R$45 million ($8.49 million) in credits.

Together with the R$100 million ($18.87 million) debt payment embedded in the control transaction, these moves aim to simplify the balance sheet and refocus the group.

Post-closing, the platform is expected to operate around R$8.0 billion ($1.51 billion) in client assets across wealth and asset management under the Arandu name.

For readers outside Brazil, the story is a clear example of how enforcement pressure in emerging markets can quickly reshape finance: control changes hands, brands are retired, and deal payments lean on verifiable cash flows rather than large upfront checks.

For clients and minorities, it promises operational continuity now and a regulated exit route via tender offer.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.