Demarest advises Aqua Capital on Biotrop sale

Demarest advised Aqua Capital on the sale to BioFirst Group (formerly Biobest Group) of the remaining 14.71% minority stake in Biotrop Participações, a Brazilian biologicals company, which was advised by Stocche Forbes Advogados. The shares held by Aqua Capital, GIC and Zempar were all sold, giving BioFirst full control of the company. The financial terms were not disclosed. Mattos Filho advised GIC.

The transaction follows BioFirst’s 2023 acquisition of approximately 85% of Biotrop. Under that deal, the remaining stake was to be acquired after a three-year transition period. The sale of the minority shares completes that mechanism. The deal is cross-border, involving Brazil and Belgium.

Biotrop’s portfolio covers biopesticides, biostimulants and inoculants for open-field row crops and specialty crops. The Demarest team advising Aqua Capital was led by partners Débora Sejtman and José Diaz, with associates Lucas Lopes Parra and Max Kaneko Flesch.

Stocche Forbes advised BioFirst, with a team led by partner Luciana Stracieri and including lawyers Carolina Vilela Marcondes Machado and Natan de Oliveira Pizzatto.

Mattos Filho advised GIC.

Píctured Débora Sejtman and José Diaz, Luciana Stracieri