Esporte Does UBS plus Banco do Brasil add up?
In the early 1980s a young man called Ilson Mateus was working as a gold miner in the Brazilian state of Para. He heard about a town in the neighbouring state of Maranhao called Balsas that, he was told, had struck a different type of gold – soy beans. Mateus decided to take what he had saved, buy a truck and fill it with boxes of drinks to sell to the workers in the burgeoning soy fields that surrounded the town.
In less than a year, Mateus had two trucks. One year later, in 1986, he founded a grocery store and today Grupo Mateus is, according to the Brazilian Supermarket Association, the 12th-largest grocer in Brazil, with annual revenues of R$7.5 billion ($1.39 billion).
These types of companies are a tough IPO sell for international investment banks operating in Brazil.