Strategic Advisory — Middle Market

When a decision shapes generations, you need the right partner.

Ivory Capital advises family-owned companies and middle-market businesses at their most decisive moments: succession, growth, fundraising, or sale, with technical rigor, strategic depth, and sensitivity beyond the numbers.

+ R$0Billion

in accumulated professional experience among the partners

+250Transactions

in M&A with meaningful partner involvement

+0years

of partner experience in senior management

Strategic Advisory — Middle Market

When a decision shapes generations, you need the right partner.

Ivory Capital advises family-owned companies and middle-market businesses at their most decisive moments: succession, growth, fundraising, or sale, with technical rigor, strategic depth, and sensitivity beyond the numbers.

+ R$0Billion

in accumulated professional experience among the partners

+250Transactions

in M&A with meaningful partner involvement

+0years

of partner experience in senior management

Strategic Advisory — Middle Market

When a decision shapes generations, you need the right partner.

Ivory Capital advises family-owned companies and middle-market businesses at their most decisive moments: succession, growth, fundraising, or sale, with technical rigor, strategic depth, and sensitivity beyond the numbers.

+ R$0Billion

in accumulated professional experience among the partners

+250Transactions

in M&A with meaningful partner involvement

+0years

of partner experience in senior management

About Us

Beyond numbers, we see stories.

Beyond numbers, we see stories.

Beyond numbers, we see stories.

Ivory Capital was born from the consolidated experience of executives with decades-long careers in organizations similar to those we advise today. This corporate heritage is the foundation of our advisory methodology.

Specialized in structural decisions for the middle market, with an emphasis on family-owned companies, we work across critical fronts such as shareholder reorganizations, management professionalization, succession, M&A, and financial restructuring. We understand that, at these stages, precision is vital and the choice of strategic partner is decisive for the future of the organization.

Our approach combines technical rigor in finance and governance with the analytical acuity of those who have been decision-makers themselves. We are guided by discretion, independence, and an unequivocal commitment to results that preserve value and ensure business continuity.

Ivory Capital was born from the consolidated experience of executives with decades-long careers in organizations similar to those we advise today. This corporate heritage is the foundation of our advisory methodology.

Specialized in structural decisions for the middle market, with an emphasis on family-owned companies, we work across critical fronts such as shareholder reorganizations, management professionalization, succession, M&A, and financial restructuring. We understand that, at these stages, precision is vital and the choice of strategic partner is decisive for the future of the organization.

Our approach combines technical rigor in finance and governance with the analytical acuity of those who have been decision-makers themselves. We are guided by discretion, independence, and an unequivocal commitment to results that preserve value and ensure business continuity.

Every transaction we advise carries not only numbers, but stories of generations, legacies, and futures projected toward new horizons. That is what we do: we turn complexity into clarity, risk into strategy, and uncertainty into continuity.

What Sets Us Apart

What separates good advisory from a partnership that transforms businesses

What separates good advisory from a partnership that transforms businesses

Technical rigor and human sensitivity are not opposites. At Ivory Capital, they are inseparable. 

Technical rigor and human sensitivity are not opposites. At Ivory Capital, they are inseparable. 

“You are not hiring a service. You are choosing who will stand beside you at the most important moment of your journey.”

At Ivory Capital, every project is unique and every solution is born from deep listening, not from a ready-made answer.

Specialization in Family-Owned Companies

We understand that a family-owned company is not simply a business with relatives as shareholders. It is a complex web of relationships, values, and histories that must be respected and strategically organized so the business can endure across generations.

Active Presence: From Diagnosis to Closing

More than reports, we deliver execution. We follow every phase of the project, integrating shareholder reorganizations, succession plans, and M&A transactions under one strategic vision, ensuring full alignment between the defined strategy and the final outcome.

Independence, Ethics, and Absence of Conflicts of Interest

Our work is guided by complete impartiality and exclusive dedication to defending your interests. We operate with strict independence, ensuring advisory free from external agendas and fully aligned with your objectives. Our commitment is singular and absolute: delivering results that safeguard the solidity of your wealth and the harmony of family interests.

Consolidated Executive Practice: Beyond Theory

Our partners bring the perspective of those who have held decision-making positions in critical operations. From firsthand experience, we understand the pressure inherent to highly complex transactions, the sensitive challenges of succession processes, and the responsibility of managing assets of immeasurable value. This background enables us to offer advice that goes beyond theory, grounded in technical acuity and a real understanding of each business context.

Services

Services

We act at every decisive moment of your business

We act at every decisive moment of your business

Maximizing value in a transaction requires technical rigor and strategic vision. Our advisory covers the full transaction cycle, from preparation to financial settlement, ensuring your legacy is translated into the best market positioning and the choice of the ideal partner.

Maximizing value in a transaction requires technical rigor and strategic vision. Our advisory covers the full transaction cycle, from preparation to financial settlement, ensuring your legacy is translated into the best market positioning and the choice of the ideal partner.

Strategic Advisory

Value Creation

Mergers & Acquisitions (M&A)

Who Ivory Capital Serves

Five moments when Ivory Capital makes a difference

Five moments when Ivory Capital makes a difference

We do not serve every type of company.
We serve those at the right moment for a high-impact strategic partnership.

1

Legacy Preservation and Intergenerational Stability

Building a solid business legacy is an extraordinary achievement. However, market data shows that 70% of family organizations do not survive the first succession, a figure that mostly reflects the lack of a structured process, not a lack of competence among successors. We work on the strategic organization of this transition, ensuring business continuity and the integrity of the family legacy.

2

Capital Raising and Structured Expansion

Expansion without governance is one of the main sources of instability in high-growth organizations. If your objective is to attract external investment, expand through acquisitions, or professionalize management for the next stage, prior structuring is mandatory. Ivory Capital provides the technical rigor needed to make your company’s growth sustainable, attractive to the market, and protected against operational risks.

3

Value Maximization and Strategic Precision

A company’s maximum value is built during the preparation stage. Acting without the proper strategic rigor can cost between 30% and 50% of potential valuation. Ivory Capital focuses on strengthening and refining the structure before going to market, correcting inefficiencies and enhancing outcomes. It is this prior diligence that secures the best price and the necessary safety for a high-impact transaction.

4

Shareholder Reorganization with Independence and Clarity

Diverging views among partners or generations are frequent corporate challenges whose hidden costs significantly exceed the immediate financial impact. Ivory Capital acts as an independent strategic facilitator, providing the neutrality required to mediate impasses. We translate highly complex scenarios into pragmatic decisions, ensuring the focus returns to value preservation and business continuity.

5

Analytical Rigor and M&A Execution

The acquisition of an asset requires diligence that goes beyond a superficial analysis of numbers. Identifying the ideal target, conducting rigorous due diligence, and structuring the transaction with protective mechanisms are critical steps for investment success. Ivory Capital brings the experience of executives who have led these processes on both sides of the table, ensuring a balanced negotiation and secure integration.

Shall We Start a Conversation?

Shall We Start a Conversation?

Shall We Start a Conversation?

If your current challenge does not fit predefined categories, but you are facing a defining strategic decision, this is the ideal moment for an exploratory conversation. Market complexity requires customized solutions. We are available to understand your business context and support the definition of next steps with clarity and seniority.

If your current challenge does not fit predefined categories, but you are facing a defining strategic decision, this is the ideal moment for an exploratory conversation. Market complexity requires customized solutions. We are available to understand your business context and support the definition of next steps with clarity and seniority.

If your current challenge does not fit predefined categories, but you are facing a defining strategic decision, this is the ideal moment for an exploratory conversation. Market complexity requires customized solutions. We are available to understand your business context and support the definition of next steps with clarity and seniority.

How We Work

From analysis to delivery: nothing stays on paper

From analysis to delivery: nothing stays on paper

Every step of our process is designed to eliminate ambiguity and ensure you know exactly where you are and where you are going.

Strategic Diagnostic & Immersion

Flight Plan Definition

Active Execution Management

Results Monitoring & Sustainability

DELIVERABLE: CLARITY AND 360° VISION

We conduct a thorough mapping of every dimension of the operation, from financial fundamentals to corporate governance dynamics. Our methodology identifies latent liabilities and untapped value opportunities, turning raw data into strategic intelligence for decision-making.


DELIVERABLE: CLARITY AND 360° VISION

We conduct a thorough mapping of every dimension of the operation, from financial fundamentals to corporate governance dynamics. Our methodology identifies latent liabilities and untapped value opportunities, turning raw data into strategic intelligence for decision-making.


Strategic Diagnostic & Immersion

DIRECTION AND PRECISION

Planning without execution is just intention. At Ivory Capital, we build action plans with realistic timelines and precise performance indicators. We provide the strategic direction needed to align every decision with shareholder objectives, turning the shareholder's vision into a tactical, transparent execution plan.

Flight Plan Definition

EFFICIENCY AND PROJECT LEADERSHIP

We don't just advise, we lead implementation. With technical discipline and a focus on results, we coordinate every stage of the process, ensuring that deadlines and goals are rigorously met. We stay directly involved in the operation through closing, making sure every detail reflects the strategy approved by the shareholder.

Active Execution Management

STABILITY AND LASTING SUCCESS

We make sure the success achieved is structural, not one-off. We support the sustainability of new guidelines, monitoring performance and refining processes to ensure business stability. More than advisors, we're partners in the journey, committed to delivering results that stand the test of time and strengthen the company.

Results Monitoring & Sustainability

Results

A track record that validates our expertise

A track record that validates our expertise

+R$0Billion

in accumulated professional experience among the partners

Recommended by Leaders League for Mergers and Acquisitions (M&A) transactions

Top0

Brazil in M&A — Transactional Track Record 2019/2020, by number of transactions

We were not looking for just a financial advisor. We needed someone who understood the weight of a decision we had spent a lifetime building. Ivory Capital brought clarity at a moment when everything seemed uncertain and helped us reach an outcome that, honestly, we did not think was possible.

João Kornely and Humberto Matesco
Founders of HBSIS Sistemas, acquired by AMBEV

At Linshalm Carrocerias, tradition was never an excuse for improvisation. For a family-owned company with more than 70 years of history to continue growing, we needed clarity: who decides, how decisions are made, and with which priorities.
Ivory Capital brought method and structure: it strengthened the governance of the family group, defined roles, and raised the rigor of decisions. We exchanged noise for alignment and intention for execution, with transparency, responsibility, and focus on what sustains growth.
It was a turning point. I recommend Ivory Capital to business families that want to professionalize with seriousness while preserving their essence and preparing for the future.

Leonardo Linshalm Kohler

CEO – Carrocerias Linshalm

Partners

The partners behind every decision

The partners behind every decision

Executives who have been in the decision-maker’s seat. That is the origin of Ivory Capital and what differentiates every advisory engagement.

Mauro Cesar Fistarol

FOUNDING MANAGING PARTNER

João Carlos Jasper

 PARTNER

Alexandre Fistarol

 PARTNER

Luiz Carlos Estevam Jr.

 PARTNER

Claudio Goldacker

 PARTNER

Vilmar Domingos Fistarol

 PARTNER

Daniel Barros

 PARTNER

Mauro Cesar Fistarol

FOUNDING MANAGING PARTNER

Alexandre Fistarol

 PARTNER

Claudio Goldacker

 PARTNER

Daniel Barros

 PARTNER

João Carlos Jasper

 PARTNER

Luiz Carlos Estevam Jr.

 PARTNER

Vilmar Domingos Fistarol

 PARTNER

Mauro Cesar Fistarol

FOUNDING MANAGING PARTNER

Daniel Barros

 PARTNER

Vilmar Domingos Fistarol

 PARTNER

Alexandre Fistarol

 PARTNER

João Carlos Jasper

 PARTNER

Claudio Goldacker

 PARTNER

Luiz Carlos Estevam Jr.

 PARTNER

faq

Real Answers to Real Questions

Real Answers to Real Questions

As soon as you're considering any strategic move. In M&A or restructuring, timing is a critical asset: the earlier we begin the diagnostic, the greater the shareholder's control over the narrative and the price. By working at the foundation of the business, refining the corporate structure and governance, we ensure that when a market opportunity arises, your company is ready to capture maximum value, free of hidden risks that could jeopardize decades of effort.

What is the ideal time to bring Ivory Capital into my business?

Does Ivory Capital focus on specific market segments?

Is there a minimum revenue requirement to work with Ivory Capital?

How does Ivory Capital handle confidentiality?

What is the ideal time to bring Ivory Capital into my business?

Does Ivory Capital focus on specific market segments?

Is there a minimum revenue requirement to work with Ivory Capital?

How does Ivory Capital handle confidentiality?

contact

Every great partnership starts with a strategic conversation.

If you are facing a decisive moment for your business or your family, let’s talk.

Let’s talk

Become a partner

Let's talk about your next step

Fill out the fields below and one of our specialists will get in touch. Everything shared here is handled with absolute confidentiality.

By submitting, you agree that your information will be used exclusively for contact by Ivory Capital, with full confidentiality.

contact

Every great partnership starts with a strategic conversation.

If you are facing a decisive moment for your business or your family, let’s talk.

Let’s talk

Become a partner

Let's talk about your next step

Fill out the fields below and one of our specialists will get in touch. Everything shared here is handled with absolute confidentiality.

By submitting, you agree that your information will be used exclusively for contact by Ivory Capital, with full confidentiality.

contact

Every great partnership starts with a strategic conversation.

If you are facing a decisive moment for your business or your family, let’s talk.

Let’s talk

Become a partner

Let's talk about your next step

Fill out the fields below and one of our specialists will get in touch. Everything shared here is handled with absolute confidentiality.

By submitting, you agree that your information will be used exclusively for contact by Ivory Capital, with full confidentiality.

When a decision shapes generations.

SÃO PAULO | São Paulo

Rua Prof. Arthur Ramos, 96 | Conjunto 51

Jardim Paulistano | CEP 01454⎻010

SANTA CATARINA | Blumenau

Rua Buenos Aires, 459 | 4º Andar

Ponta Aguda | CEP 89051⎻050

+55 (47) 3488⎻6750

© Ivory Capital — All rights reserved

Privacy Policy

When a decision shapes generations.

SÃO PAULO | São Paulo

Rua Prof. Arthur Ramos, 96 | Conjunto 51

Jardim Paulistano | CEP 01454⎻010

SANTA CATARINA | Blumenau

Rua Buenos Aires, 459 | 4º Andar

Ponta Aguda | CEP 89051⎻050

+55 (47) 3488⎻6750

© Ivory Capital — All rights reserved

Privacy Policy