BVA advises Apex Partners in CVC control block

BVA – Barreto Veiga Advogados advised Apex Partners, an investment and financial services platform, on the formation of the new controlling shareholder group of CVC, one of Latin America’s leading travel operators.

The transaction, structured in two phases and involving the negotiation and implementation of a new Shareholders’ Agreement, resulted in a controlling block composed of Apex — through six investment funds managed by Carbyne, together with Fernando Cinelli, founder and CEO of Apex Partners — and GJP Fundo de Investimento Financeiro em Ações, an investment vehicle linked to the Paulus family. Together, the group now holds more than 35% of CVC’s total and voting share capital.

According to information disclosed by the parties and by CVC in a Material Fact notice released on 10 April 2026, Apex holds approximately 15% of the company’s total share capital, while GJP owns approximately 20.3%.

The Shareholders’ Agreement establishes provisions governing voting rights, board representation, share transfers and the admission of future affiliated investors.

Its implementation was subject to approval by CVC’s remaining shareholders of a waiver of the mandatory tender offer requirement. The waiver was granted at an Extraordinary Shareholders’ Meeting held on 5 May 2026, when Fernando Cinelli, founder and chairman of Apex Partners, was also elected to CVC’s Board of Directors.

The BVA team was led by partners Felipe Barreto Veiga (M&A, DCM, Private Equity and Venture Capital), Rafael Teixeira and Pablo Arana (Corporate, M&A, DCM and Private Equity).

GJP Fundo de Investimento Financeiro em Ações was advised by BMA Advogados, with a team led by Miguel Ramos, Carlo Rocha, Isabella Toledo Nalesso and Diogo Pereira.

Pictured: Felipe Barreto Veiga and Miguel Ramos