CRG
Partner-led M&A with Sector Expertise

Diego Saito, founding partner at CRG, and his partners noticed a gap inherent in global M&A institutions. Drawing on their collective experience at Credit Suisse, they saw that large firms often prioritized rankings, marketing and internal matters while businesses required closer senior involvement throughout their M&A processes. To address that gap in the Brazilian business landscape, CRG was formed.

As an independent M&A boutique, CRG brings a direct, partner-led approach to complex transactions, which is particularly important for family-owned businesses. The firm deliberately retains execution at the senior level, supported by a tightly trained junior team.

“M&A is never a ‘walk in the park.’ Our approach involves partner-led, senior-level execution at every stage of the M&A process,” says Saito.

A Partner-led Approach

In practice, each project is assigned two specialized partners. One focuses on identifying and engaging potential buyers while another works closely with the company to understand its opportunities, weaknesses and the factors that can improve valuation. On sell-side assignments, close involvement with owners, especially in family-owned businesses, at every stage proves key to critical decision-making. Frequent contact helps owners work through decisions that extend beyond valuation alone while considering the future of a business they may have spent years building.

Buy-side processes follow similar extensive market mapping. For equity raises, financial terms are only part of the decision. CRG prioritizes early alignment meetings between founders and investors to ensure their expertise and governance expectations fit the company's next phase. Throughout each process, the firm protects confidentiality by limiting outreach to senior management. That has resulted in zero leakage of information on its projects.

CRG begins creating value before a formal mandate. It conducts financial diligence, provides an initial valuation, maps potential buyers and assesses risks to optimize positioning. Once appointed, the firm moves deeper into financial analysis, positioning, proposals and negotiation through signing.

Built on Rigorous Sector Specialization

CRG pairs its partner-led approach with sector specialization to execute transactions across industries including consumer goods, retail and healthcare. Technology has emerged as one of its fastestgrowing verticals. Since entering the segment in 2023, the firm has built one of the most active technology M&A practices among Brazilian boutiques, with a pipeline of active mandates spanning software, IT services and financial technology.

The practice applies the same partner-led playbook that defined CRG's traditional-economy deals, combining deep preparation, confidential outreach and competitive tension among buyers in a segment where global capital is arriving fast. Being sector specialists rather than generalists gives the firm an edge, shortening the learning curve and allowing more time for strategy, valuation and buyer identification.

The firm's ability to execute transactions with speed and efficiency is highlighted in its advisory partnership with BRF, now MBRF. It aided BRF, one of Brazil's leading animal protein companies, in the acquisition of pet food brands Hercosul and Mogiana Alimentos. Throughout the transaction, BRF's identity was kept confidential to preserve negotiating leverage and improve valuation. The two transactions were concluded within seven months, strengthening BRF's vision of becoming one of the main players in the Brazilian pet food market.

CRG also advised Santher, Brazil's largest toilet paper manufacturer, on its acquisition by Japan's Daio Paper, which was seeking international expansion. The transaction totaled approximately USD 700 million in net value. It reflects CRG's approach to prioritizing international buyer access and integrating global buyers into its strategy. At least two-thirds of buyer lists for its projects are international, while around half of buyers in previously announced deals were from Asia, Europe or the US. That reach is rooted in the experience of the firm's leadership at international financial institutions.

The leadership team at CRG brings senior investment banking experience from global financial institutions. Its associates, recruited from top academic institutions, are trained internally from an early stage to enforce a consistent way of working.

After eight years and almost R$8 billion of completed transactions, CRG is expanding into other South American markets while developing expertise in sectors including agribusiness, transportation, logistics and education. The next phase of growth follows the same principles that established the firm: close client attention, partner involvement and sector expertise.