Pátria Sells Elfa Medicamentos Stake to Gravataí Participações

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On 24 August 2026, the Brazilian investment firm Pátria completed the sale of a 99.56% controlling stake in the drug distributor Elfa Medicamentos to Gravataí Participações. The transaction involved the conversion of preferred shares into common shares and resulted in the departure of Pátria’s funds from Elfa’s control block and board. While media reports referenced a figure of R$ 620.49 in relation to the deal, the final total acquisition price remains undisclosed. This divestment triggers a liquidity event under Elfa’s corporate bylaws and concludes Pátria's active management role in the company.

Consequences

Gravataí Participações has committed to maintaining Elfa’s public registration for at least one year following the acquisition. Additionally, the deal includes an earn-out mechanism that provides Pátria with the potential for further payments should Gravataí sell Elfa’s business or shares within the next 36 months.

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