Internationalization

Almost 30,000 Brazilian companies export. 44 already have operations in the United States. And acquisitions abroad by Brazilian companies grew 29% in 2025.

Advisory for Brazilian companies ready to grow abroad — organically, by acquiring, or preparing to receive foreign capital.

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MDIC, Mar 2026 · FDC Ranking of Brazilian Multinationals · Bain & Company, Jan 2026
THE THESIS

Full support across the crossing

From choosing the market through to the operation abroad paying for itself.

  1. The window has opened for the mid-sized company. Acquisitions abroad by Brazilian companies grew 29% in 2025 while megadeals fell 47%. Buying an asset abroad is no longer a multinational-only move.
  2. The routes have already been opened by those who went first. United States (44 companies), Argentina (31), Mexico (24), Chile, Colombia and Peru (21 each). This is not unknown territory — it is a route with footprints.
  3. Brazil is the largest source of multilatinas in the region. 42 of the 156 companies analysed — 26.9%, ahead of Mexico (32) and Chile (30). And five of the ten largest multilatinas by revenue are Brazilian.
  4. Exporting opportunistically is not internationalising. 40% of Brazilian exporters are micro and small businesses and account for less than 1% of export value. The record 29,818 exporters conceals a base selling abroad without the structure to sustain it.
  5. The exit criterion is defined before the entry. 33% of Brazilian multinationals retreated from foreign markets in the last cycle. Those who set the exit trigger at the outset decide with numbers; those who do not, decide with losses.
DESTINATIONS

Where Brazilian companies go

44 Brazilian companies with operations in the United States — and 49 acquisitions in 2025, R$ 8.7 billion
31 in Argentina — the oldest corridor and the one with the lowest cultural barrier
24 in Mexico — gateway to the North American market via nearshoring
21 in Chile, Colombia and Peru, each — the Pacific test markets

Multilatinas operate in 7.3 countries on average — and 77% of their sales still come from Latin America itself. Leaving Brazil almost never starts with the most distant market.

IDB, "Multilatinas en Movimiento", Oct 2025
WHAT WE DO

Where we come in

  1. Market prioritisation Which country first, and why. Addressable size, product fit, barrier to entry and cost to operate — compared side by side, not chosen by relationship.
  2. Expansion model Export in a structured way, set up your own operation, or acquire. Each route has a different cash horizon and risk profile.
  3. Corporate and tax structuring abroad We support the selection and hiring of legal and tax advisors in the destination country, and coordinate their work with the business thesis: holding and investment vehicle design, use of treaties to avoid double taxation, profit repatriation and transfer pricing.
  4. International buy-side mandate Acquisition thesis, origination, valuation, diligence and negotiation — with a local network that reaches the asset that is not for sale.
  5. Partner, distributor and ally in the destination Search and diligence on whoever will represent the company in a market where it has no reputation yet.
  6. HQ–subsidiary governance What gets measured, who is accountable, at what cadence, and what headquarters decides versus what the local operation decides.
  7. Preparation for a foreign investor or buyer With 56.5% of Brazilian M&A having a foreign counterparty, structuring the international operation means building your own valuation ahead of time.

We work alongside the decision-makers, coordinating the local specialists on each front — without taking over the operation.

ROUTES

Three ways out. One decision.

Route When it makes sense Cash horizon Dominant risk
Structured exporting The product already travels and what is missing is channel, pricing and contracts Short Dependence on a single distributor
Setting up your own operation The market requires local presence, service or inventory Long Fixed costs before revenue, and governance at a distance
Acquiring an asset abroad Time is worth more than capital; client base and licences can be bought Immediate Valuation, integration and retention of the local team
M&A BRIDGE

Expanding abroad and preparing for a foreign buyer are the same work.

With 56.5% of M&A volume in Brazil having a foreign counterparty, a company structuring its international operation is simultaneously building its own valuation. The difference between the two is six to twenty-four months of preparation.

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Thirty minutes to understand where your company stands, the markets on your radar and whether it makes sense to move forward. If it does not, we will say so.

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