Pátria Investimentos sells Grupo Elfa to Gravataí Participações

Pátria Investimentos has sold a 99.56% controlling stake in Grupo Elfa, a major Brazilian medical and hospital product distributor, to Gravataí Participações for a symbolic value of R$ 620.49.

The transaction marks the exit of Pátria from the company, which it had built through more than 20 acquisitions. The deal includes a provision where Pátria may receive additional payments if any direct or indirect stakes in Elfa's subsidiaries or businesses are sold to third parties within the next 36 months.

Grupo Elfa has faced recent financial challenges, including a reported loss of R$ 309.3 million in its latest semi-annual balance sheet and a gross debt of approximately R$ 1.7 billion as of the first quarter. The new controlling group, Gravataí Participações, is led by executives including Marcel André Molon, who previously served as a financial director at the Hopi Hari amusement park.

Following the change in control, the previous Board of Directors and management appointed by Pátria have resigned, making way for executives named by the new controller.