Advent buys Brazilian bond business

The international private equity firm acquires a controlling interest in J. Malucelli Seguradora, which provides ‘surety bonds’ for private business contracts.

Advent International, the global private equity firm, has purchased a controlling interest in J. Malucelli Seguradora, a provider of ‘surety bonds’ in Brazil.


Terms of the deal were not disclosed.


The stake was purchased from the J. Malucelli family group.


The company’s bonds are used to guarantee contractual obligations between private companies, such as construction firms, according to a statement.


Advent calls Brazil’s surety bond market ‘underdeveloped,’ as the country is one of the last in Latin America to deregulate its reinsurance market.


The deal was led by Erwin Russel, a director in Advent’s Sao Paulo office.


Advent’s headquarters are in Boston.


This investment follows two recent Advent deals in Latin America. In February, the firm invested in Dufry Group, a duty-free retailer with significant operations in Mexico. In January, Advent acquired OCA, a private courier service in Argentina.