Success Stories


ACV entered the Brazilian market in 2011 - almost too late for the first round of privatisations which were scheduled for the end of 2011. However, as one of the world’s leading airport transaction advisors, ACV quickly joined forces with Investimentos E Participacoesem Infrastructura S.A. (Invepar), Brazil’s leading infrastructure fund, headquartered in Rio de Janeiro. Invepar was already involved in several large-scale projects, such as the Metro Rio and numerous highway concessions.

We took the lead as the airport know-how provider in Invepar’s consulting team and advised Invepar in the bids for the three airports: Guarulhos, Viracopos and Brasilia. Together with ADM, we reviewed existing documents, reports and calculations and prepared the required due diligence for Invepar’s top management and the management board. Special attention was paid to the strategic concept, a review of earlier due diligence documents and the traffic forecast, the development of a new operational concept, a review of the capacity planning, the development of a functional plan for the terminal, the CAPEX review, and the development of a comprehensive model for non-aeronautical revenues and OPEX planning.

Gustavo Rocha, CEO of Invepar, later said: “ACV’s experience, comprehensive work and professional attitude was crucial in order to determine the right price for this complex project and to win in the end.“

The consortium led by Invepar and the South African airport operator ACSA won the contract to overhaul Sao Paulo"s Guarulhos International Airport with a BRL 16.2bn (EUR 7.17bn) bid – an amount which is five times the minimum value set by the Brazilian Government.

During the course of the project, we were able to establish and enjoy a very successful cooperation with Invepar.

Thereafter, we also supported Invepar in the second round of privatisations in Brazil. Unfortunately, Invepar’s consortium did not win due to unfavourable tender terms regarding participations of winners in the first round.

Today, we are still working together with Invepar as their long-term airport industry experts.