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In July 2024, Spuri Capital, a traditional SF co-founded by Osvaldo Spuri Junior, an experienced decision-maker with deep financial and leadership expertise and Professor Newton M. Campos, one of Brazil’s leading advocates of the model, and , officially launched its search phase.
Just one month later, Osvaldo signed his first LOI, and in less than 9 months, he completed a full acquisition. Over this period, his team reviewed 272 opportunities — 99% sourced from local M&A boutiques — analyzed 111 information memorandums, conducted 27 Q&A rounds, negotiated 3 LOIs, and ultimately completed the acquisition of Anay Fitas Comercial e Distribuidora Ltda., an award-winning semi-industrial distributor based in Caxias do Sul, Southern Brazil.
This transaction is not only the fastest SF acquisition ever recorded in Brazil but also remarkable for the partnership at its core — the visionary and the executor — and the disciplined, methodical search process that carried it to the finish line. Newton shaped the initial strategy — from fundraising and legal structuring to defining the search tactics — while Osvaldo led the assembly of the Search Board and search team, executed the search process, and steered multiple negotiations simultaneously. In September 2024, following over a year of planning, fundraising and structuring Spuri Capital, Newton transitioned to Newton Equity Partners.
Founded over 35 years ago, Anay Fitas is one of Brazil’s key authorized distributors of 3M industrial tapes and abrasives. The company serves a broad base of B2B clients, including major metal-mechanical OEMs such as Marcopolo, Randon, and Tramontina, offering high technical standards, customized solutions, and reliable delivery.
Anay Fitas fits perfectly within the classic SF investment profile: a defensible niche, stable cash flow, no debt, recurring revenues, low customer concentration, consistent historical growth, strong pricing power, succession-ready leadership, and growth potential via digital transformation and geographic expansion. With approximately 110 employees, the company generates annual revenues in the €15–20 million range and has achieved an average EBITDA growth rate of 15% over the past five years.
The search was backed by a distinguished group of Brazilian and international investors, including Novidam Capital, Joachim von Goetz, Daniel Bleckmann, Alex Klyguine, Paulo Pellon, Flávio Guimarães, Mauricio Tashima, Rene Almeida, Karen Spencer, and others. The deal structure does not include earn-outs or leverage financing but features a seller’s note representing 40% of the enterprise value. The sellers will remain involved with the company for at least one year.
Osvaldo commented: “We chose this company for its exceptional work culture, highly repetitive and resilient revenue streams, and its dominant regional position with real potential to become a national leader. Our main challenges moving forward will be scaling operations nationwide while preserving the company’s culture, maintaining team engagement, and navigating supply chain complexities.”
Legal: FM Derraik / DD: Ática / Commercial DD: Portway / Audit: Estratégia Auditores / M&A: Fercien / Legal (International): Holland & Knight
