By Brazil Stock Guide – Cedro Participações announced the sale of its 33.33% stake in Latache Capital and its 8% holding in Biomm (BIOM3), in a double exit designed to concentrate capital and management attention on mining and integrated logistics.
The two moves send the same strategic message. Cedro is reducing financial investments outside its operating core to direct resources, focus and execution capacity toward the business it wants to turn into a growth platform: iron ore, proprietary infrastructure and export logistics.
Two Exits
At Latache Capital, a Brazilian special situations asset manager founded in 2015 by Renato Azevedo, Cedro’s stake was acquired by the firm’s remaining partners — Azevedo, Marcel Cecchi, Stefan Lourenço and Sérgio Clemente — who now return to owning 100% of the business. The transaction value was not disclosed.
According to the company, the Latache investment was opportunistic and passive, although it helped the manager scale to about R$4 billion in assets under management. The sale of the Biomm stake follows the same logic: simplifying the portfolio and reinforcing the focus on assets directly tied to Cedro’s industrial plan.
Iron Ore First
The company, led by Lucas Kallas, plans to accelerate the expansion of capacity at its mine in Mariana, Minas Gerais, with a focus on pellet feed — a higher-quality iron ore product used by the global steel industry in processes aimed at reducing emissions. Cedro’s target is to reach 20 million tons of iron ore a year by 2030.
To support that expansion, Cedro plans to invest about R$5 billion in logistics infrastructure, including the construction of Porto do Meio in Itaguaí, Rio de Janeiro, and the Shortline railway in the Serra Azul region of Minas Gerais. The projects are considered essential for shipping production and improving the company’s competitiveness in export markets.
A Cleaner Portfolio
The logic behind the two sales is to free up capital, reduce portfolio dispersion and strengthen execution in assets directly linked to mining. Rather than maintaining stakes across unrelated sectors, the holding company wants to operate in a more concentrated way, with greater scale ambition and tighter control over its logistics chain.
Cedro also says it remains committed to its social and environmental agenda, including the use of electric and biomethane-powered trucks in its operations. Over the past five years, the company says it has invested more than R$80 million in education, healthcare and infrastructure initiatives in municipalities including Nova Lima, Mariana and Ouro Preto.
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