Ilha Capital  /  Services
Services

Advisory at every stage of a transaction

Five practice areas, deeply integrated. Every mandate is led directly by a founding partner - from first conversation to close.

Selling a business is rarely a straightforward process - and for most owners, it happens once. The decisions made in the months leading up to a sale, the quality of the buyer universe, and the execution of the negotiation can each materially affect the outcome.

A successful sale process begins long before the first approach to a potential buyer. We work with clients to ensure the business is positioned compellingly - with a clear investment thesis, clean financial presentation, and a narrative that addresses the questions buyers will ask before they ask them. We use our market intelligence capability to build a buyer universe that goes beyond the obvious names.

Our role does not end at heads of terms - we remain actively engaged until the transaction is closed.

  • 01
    Business preparationPositioning, investment thesis, financial presentation, and buyer narrative.
  • 02
    Buyer universeMarket intelligence capability reaching beyond obvious names - including international strategics and cross-border financial sponsors.
  • 03
    Negotiation & closeCompetitive tension management, client interest protection, and due diligence coordination through to signing.

An acquisition is one of the most consequential decisions a company can make. Done well, it accelerates growth, opens new markets, and creates compounding value. Done poorly, it consumes capital, management attention, and years of organisational energy.

We begin with acquisition strategy: understanding the client’s goals, defining the ideal target profile, and mapping the landscape of potential targets using our proprietary market intelligence and sector screening capability. This phase often reveals opportunities that are not actively for sale - businesses that would be receptive to the right approach, at the right moment, from the right counterparty.

Our role is to maximize the probability of closing on the right target - not just any target.

  • 01
    Strategy & screeningTarget profile definition and universe mapping using proprietary market intelligence tools.
  • 02
    Outreach & negotiationDiscreet initial contact, acquirer positioning, and partner-level negotiation of terms.
  • 03
    Due diligence & closeDue diligence coordination, final agreement support, and active engagement through to close.

Capital is not a commodity. The right investor brings more than funding - they bring strategic alignment, market access, and a shared interest in building long-term value. The wrong investor brings the opposite.

We begin by working with management to define the capital need precisely: how much, in what form, over what timeline, and at what cost to existing ownership and control. Once the structure is defined, we prepare investment materials to institutional standards and approach a curated list of investors whose mandate genuinely matches the opportunity.

  • 01
    Deal structuringPrecise definition of capital need, format, and optimal structure across equity, debt, and hybrid instruments.
  • 02
    Institutional materialsFinancial model, investor presentation, and diligence package prepared to institutional standards.
  • 03
    Investor processTargeting based on genuine mandate alignment, competitive process management, and negotiation through to close.

A valuation is only as good as its independence and its methodology. When the outcome of a valuation matters - for a transaction, a governance decision, or a dispute - the parties relying on it need to know it reflects genuine market reality, not the interests of whoever commissioned it.

We provide business valuations across a range of methodologies - discounted cash flow analysis, comparable company analysis, and precedent transaction analysis - triangulated against our proprietary database of Brazilian mid-market transaction benchmarks. Every valuation is supported by a documented rationale that can withstand challenge in a negotiation, a boardroom, or a legal proceeding.

  • 01
    Business valuationDCF, comparables, and precedent transactions - triangulated against proprietary Brazilian mid-market benchmarks.
  • 02
    Fairness opinionsIndependent opinion for boards and shareholders on whether a proposed transaction price is financially fair.
  • 03
    Disputes & governanceValuations for shareholder dispute resolution, buy-sell agreement triggers, and corporate governance purposes.

Most transactions are won or lost before a process formally begins. The businesses that achieve the best outcomes - the highest multiples, the cleanest processes, the shortest paths to close - are invariably the ones that were genuinely prepared.

We begin with a structured pre-transaction diagnostic: a rigorous assessment of the business through the eyes of a buyer or investor. We identify the gaps that would either suppress valuation or introduce friction into a due diligence process. From that, we develop a structured program of value enhancement and work alongside management to execute it.

Our clients do not receive a strategy deck. They receive the same analysis and judgment we would apply to their deal.

  • 01
    Pre-transaction diagnosticBuyer-eye assessment: earnings quality, customer concentration, management depth, corporate governance, and growth narrative credibility.
  • 02
    Value creation programInitiatives prioritized by valuation impact and implementable within the client’s timeline.
  • 03
    Transition to processWhen the business is ready, the transition to a formal M&A or capital raising process is seamless - thesis articulated, financials in order.

Common questions

Is there a minimum deal size? i.

We do not operate with a hard minimum. Our focus is the Brazilian mid-market, typically transactions between USD 5M and USD 250M - but we consider exceptions for strategically interesting mandates.

Do you charge a retainer or success fee only? ii.

Fee structure is determined case by case. Sell-side and capital raise mandates are predominantly success-fee based. Buy-side and ongoing advisory mandates typically involve a partial retainer credited against the success fee.

Do you work with foreign investors with no Brazil presence? iii.

Yes - this is one of our core practices. We act as the local counterpart from initial market entry analysis through to corporate structuring, coordinating with the investor’s legal and audit advisers throughout.

How many mandates do you run at once? iv.

We maintain a deliberately small portfolio - between four and eight active mandates per partner. That constraint is central to our service model.