BTG Pactual Acquires Órama to Expand Retail Sector Presence

Published 7 months ago

Brazilian bank, BTG Pactual, has recently completed the acquisition of investment platform Órama for R$ 500 million (US$ 100 million). This move is part of the bank’s ongoing effort to expand its footprint in the retail sector.

The deal brings nearly R$ 18 billion (US$ 3.5 billion) in custody and 360 thousand customers under BTG Pactual’s umbrella. It’s worth noting that the acquisition does not include Órama’s fund management.

Órama’s Founding and Previous Investors

Órama was co-founded by Selmo Nissenbaum, Guilherme Horn, Roberto Rocha, and Habib Nascif. Among its main shareholders were Rede D’Or, a Brazilian network of hospitals and clinics, and Globo Ventures. Rede D’Or incorporated the 25% stake purchased by SulAmérica in 2019, with an investment of nearly US$ 20 million at that time. Globo Ventures had bought a 25% stake back in 2017.

In the 2019 funding round, the company was valued at US$ 80 million.

Órama’s Shift in Strategy

The investment platform had been seeking a partner since 2021, when it hired Bradesco BBI for what would later become a PRE-IPO round. However, the market landscape has since shifted, with a pullback in investments in stocks and higher-risk funds. This led to industry consolidation and adjustment of multiples.

Some of Órama’s partners, in addition to continuing with the management, will focus on the investment market as a service. They will offer solutions for retailers and companies from other sectors that want to provide investment products to their customers. This strategic move illustrates how the company is adapting to the evolving market dynamics.