Comexport to acquire Cisa Trading operationsJun, 16, 2021 Posted by Ruth Hollard
Comexport, one of the largest foreign trade companies in the country, will acquire the Cisa Trading operation. The deal will involve transferring Cisa’s customers and staff to the competitor group in a process that should last up to two years. The amount was not disclosed, but according to market sources, the payment should be between R$ 150 million and R$ 180 million, depending on the success of the transition.
Cisa is headed by Portuguese businessman Antonio Pargana, who is also its shareholder. His partners are Espirito Santo businessman Fernando Camargo and Coimex (held by the Coser family from Espirito Santo). Cisa’s group of shareholders has a broad investment portfolio. One of them is a 30% stake in BCR, a company created to operate the Brisa concession of 1,100 km on 11 motorways in Portugal. It recorded 501 million euros in operating income in 2020.
“Foreign trade is an insane area of work,” Pargana told Valor, noting that there is still an additional challenge due to bureaucracy in Brazil. “We want to grow more in energy, roads, and other services in which we operate,” he said, pointing to the logic of selling the trading company business to Comexport. Pargana also holds shares in Companhia Energética de Petrolina and Quanta Geração.
Cisa’s activities are mainly directed at importing manufactured goods from countries in Asia and Europe. According to the executive, the company’s net profit was around R$ 70 million per year.
Together, Comexport and Cisa should account for a turnover of R$ 20 billion a year, said Alan Goldlust, CEO of Comexport. The company is responsible for importing about 20% of the finished vehicles entering Brazil. One of their customers is Volvo.
Comexport accounts for around 1% of Brazilian imports. There are around 28,000 companies in Brazil that operate in the import and export segment. Its scope of action also includes the transport of textile, pharmaceutical, chemical, and steel products.
Source: Valor Econômico
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