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Moving towards strategic consolidation and portfolio diversification, Parana managers CTM Investimentos and TM3 Capital are merging their operations. The merger, which will be completed through a share exchange, will create a firm with R$1.4 billion under management, including liquid and illiquid, open-end and closed-end funds.
“Even the name has synergy,” jokes Daniel Alberini, partner at CTM. As a result of the merger, the resulting company will be called CTM3. “We already have a ticker ready for the exchange,” the manager continues, referring to the still distant dream of public trading.
Created by Marcel Malczewski, co-founder of Bemactech, a commercial automation company, TM3 was born with a specialty in venture capital, in addition to servicing real estate, structured funds and corporate finance. CTM, which is more reliable, manages funds, managed portfolios and offshore structures – the portfolio has five open vehicles and 10 exclusive ones. Both companies have been working on the financial market for more than 10 years.
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Malczewski has a long career in technology and a history of success with Bematech, which was acquired by TOTVS from Laércio Cosentino in 2015 for R$550 million. Just four years later, Elgin acquired the business for less than 5% of that amount, in a deal worth 25 million reais. When he left the day-to-day management of Commercial Automation in 2011, the executive started with FIP. Today, TM3 is raising its sixth fund.
“The two companies are super complementary, there is no conflict,” says Malchevski. “We have already started to have conversations and look for an opportunity for inorganic growth. At the same time, Daniel was looking for someone with a background in venture capital to expand the business. It was clear that there were many synergies to be explored. ”
The future company will be headed by Malczewski and the directors will be Alberini and Pedro Ferroni, who are already partners in CTM, and Gustavo Budziak, who is also a partner in TM3. The holding already has offices in Florianópolis (SC) and Vitoria (ES), as well as headquarters in Curitiba, the city of origin of both companies. A new physical outlet for commercial purposes will also be opened in São Paulo.
With a more robust operation, the idea is to increase market share and attract more institutional investors. While CTM has 2,500 individual investors, TM3 has family offices and development banks such as BNDES, Banestes and Bradesco in its portfolio.
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The merger also opens up the possibility for cross-operations. The 48 startups in which TM3 currently invests can take advantage of loans received by other CTM structures and funds, and so on. The plan is to reach R$ 3 billion under management in two years.
The projected volume, although double what exists today, is half of the R$5.7 billion managed by regional rivals such as Quantitas in Porto Alegre, for example. But this is not a small amount. “We want to be a benchmark in the south of the country,” says Alberini.
