Patria Portfolio Company SmartFit Completes Initial Public Offering
GRAND CAYMAN, Cayman Islands, July 15, 2021 (GLOBE NEWSWIRE) -- Patria Investments Limited, or “Patria” (PAX: NASDAQ), through its affiliated investment funds, announces the completion of the initial public offering of portfolio company SmartFit. The company priced shares at R$23 and began trading on the Brazilian B3 Stock Exchange on July 14th, 2021 under the ticker SMFT3. The listing raised at least R$2.3 billion in a 100% primary offering, with the potential for upsizing through an over-allotment option. SmartFit is the first publicly listed fitness club operator in Latin America and the 5th largest Brazilian IPO in 2021.
Patria’s current stake in SmartFit is held in its fifth private equity fund, as well as related co-investment vehicles. Private Equity Fund V is a 2015 vintage fund with $1.8 billion in commitments and 9 portfolio company investments. With a Gross MOIC of 2.3x and Net IRR of 32% in U.S. dollars as of March 31, 2021, the fund is performing in the top quartile of similar vintage funds on a global basis.
SmartFit is the largest fitness club operator in Latin America and fifth largest globally in members, with 981 clubs and 2.4 million members in Brazil and 12 other countries as of June 2021. In addition to physical stores, SmartFit is also the leader in digital products for wellness in Latin America, with more than 500,000 paying members via its mobile applications.
About Patria Investments
With more than 30 years’ experience of successful investments in Latin America and offering products in Private Equity, Infrastructure, Real Estate and Credit, Patria is one of the leading private markets investment firms in Latin America in terms of capital raised and one of the largest managers focused on investments in Latin America. With a strong market presence, it seeks to provide investors with attractive investment products that allow for a diversified portfolio and consistent returns. With $14.1 billion of assets under management (as of March 31, 2021) and an investment portfolio composed of over 55 companies and assets, Patria has ten offices in the world's major financial centers. For more information, please go to www.patria.com
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