Demarest advises Loxam on Mills acquisition

Demarest advised French equipment rental group Loxam on the agreement to acquire a controlling stake in Mills, a Brazilian company in the equipment and machinery rental sector, in a transaction implying an equity value of BRL 3.8 billion. The deal was signed on May 25, 2026, and remains subject to approval by CADE, Brazil’s antitrust authority.

Loxam will pay BRL 16 per share to the controlling shareholders, who together hold 50.2% of Mills’ share capital. The price represents a 22% premium over the prevailing market price. The controlling bloc comprises the founding Nacht family, private equity fund Southern Cross Group (SCG), and the Oxenford family from Argentina — former owner of Sullair, acquired in 2019.

Following the acquisition of the controlling stake, Loxam will be required to launch a mandatory tender offer (OPA) to minority shareholders on the same terms. The implied equity value of BRL 3.8 billion represents Mills’ highest market capitalization since 2014.

Demarest advised Loxam on the buy side, with a team led by partner Paulo Coelho Rocha (pictured) and including partners Marcello Pedroso, Carlos Eduardo Orsolon, Thiago Amaral, Bruno Drago and Fausto Teixeira, alongside associates Marcelo Peloso, Nicole Souza, Felipe Herszkowicz, Amanda Cavalcante, Allan Tasaka, Guilherme Inaba, Patrick Lobo, Mariana Llamazalez, Otavio Cividanes and Bruna Barnes,

Spinelli Advogados also advised Loxam and relied on Hiram Pagano, Sergio Spinelli Silva Junior, João Spinelli and Rafael Miragaia.

Mills was represented by Lefosse with partners Marcelo Tourinho and Luana Torres; associates Arnaldo Bernardi, Lucas Queiroz; Lucca Margoni.

Trindade Advogados also advised the same party and relied on Pedro Testa, Lucas Camargo Gama, João Pedro Germano Maion