Comerc Energia Acquisition, Valuation, Funding & Investors

Comerc Energia was acquired by Vibra Energia for $1.2B in August 2024.

Comerc Energia acquisition price

$1.2B

Acquired by Vibra Energia · Aug 2024

Comerc Energia EBITDA multiple at acquisition

7.1x

EV/EBITDA · Aug 2024

Cumulative funding Comerc Energia raised

$587M

across 1 funding round

Key investors in Comerc Energia

Comerc Energia Overview

About Comerc Energia

Comerc Energia SA is focused on managing the commercialization of electricity. The company contributed to the development of a culture of freedom among Brazilian consumers when choosing their electricity supplier.


Founded

2001

HQ

BrazilSão Paulo

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$1.2B (acquired Aug 2024)

Comerc Energia Acquisition

Comerc Energia was acquired by Vibra Energia for $1.2B on 21 August 2024.

The acquisition price implies a 7.1x EBITDA multiple.

Before the acquisition Comerc Energia had raised $587M across 1 funding round.

Vibra Energia, Brazil's largest distributor of fuels and lubricants, completed its full acquisition of Comerc Energia in August 2024 by purchasing the remaining 50% stake for BRL 3.525 billion (USD 638 million), following an initial 50% investment in 2021. Comerc Energia specializes in energy trading, management of free energy market consumers, and renewable energy solutions, overseeing 4,600 consumer units representing 6% of Brazil's energy consumption, with assets including nine solar parks (1.54 GWp centralized plus 334 MWp distributed), stakes in three wind farms (280 MW), and sales of over 8 million I-RECs in 2024. The total deal value reached BRL 7.05 billion, marking Vibra's largest investment, expedited from an original 2026-2028 timeline due to Comerc's strong 2024 EBITDA of BRL 1 billion and projected BRL 1.3 billion contribution to Vibra's EBITDA by 2025. The acquisition strengthens Vibra's position as Brazil's largest multi-energy platform, diversifying from traditional fuels into renewables amid energy transition and market liberalization, with expected synergies of BRL 1.4 billion from tax optimization, debt reduction, and cross-selling to B2B customers for decarbonization. Vibra boosted Comerc's capital by BRL 1.5 billion in January 2025 via 162 million new shares, raising ownership to 99.10%, while key executives like founder Christopher Vlavianos (until 2028) and new CEO Clarissa Sadock remain to drive integration and asset-light growth. The deal, pending final approvals and closed in Q1 2025, leverages Comerc's two-decade expertise in energy efficiency and GHG mitigation to meet rising demand for sustainable solutions.

Comerc Energia acquisition details
AcquirerDateTypePriceEV/EBITDA
21 Aug 2024Strategic M&A$1.2B7.1x

Comerc Energia Funding History

Comerc Energia has raised a total of $587M across 1 funding round.

Comerc Energia funding rounds

Comerc Energia funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2021Strategic investmentVibra Energia (lead)$587MComerc Energia is a Brazilian energy management company founded in 1995, specializing in renewable energy generation, energy efficiency solutions, and decarbonization strategies, serving sectors like industry, commerce, retail, education, healthcare, residential, and agribusiness. It holds a significant position in the free energy market with about 15% market share and manages approximately 2 GW in solar and wind capacity, including large plants and distributed generation. In October 2021, Vibra Energia agreed to acquire a 30% stake in Comerc Energia for BRL 2 billion via convertible debentures maturing in 4 years, convertible by February 2022, implying a total company valuation of roughly BRL 6.67 billion. Vibra also secured an option to buy an additional 20% for BRL 1.25 billion. The transaction marked Vibra's entry into Comerc, strengthening its renewable energy portfolio as part of a broader energy transition strategy. Vibra aimed to diversify beyond fuel distribution into clean energy, targeting 30% of EBITDA from other energy sources by 2030. Sources describe the initial deal variably, with some later reports referring to a 50% acquisition in 2021 for around R$3.25-3.73 billion, likely incorporating the option exercise, though primary details confirm the 30% structure in October 2021. Comerc's traction includes leadership in energy management and substantial installed capacity, complementing Vibra's operations. The deal evolved, with Vibra increasing its stake over time, reaching 98.7% by early 2025 after acquiring the remaining shares, culminating in full control by August 2024.

Who has invested in Comerc Energia?

1 investor has backed Comerc Energia across its funding rounds, including Vibra Energia.

Lead investors include Vibra Energia.


Comerc Energia Investors

Investors in Comerc Energia by funding rounds participated
InvestorHQRoundsRoleFirst check

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Comerc Energia Competitors

Comerc Energia competitors include listed companies like Mahanagar Gas, Aygaz, Polenergia and Romande Energie, and private ones like Gridspertise and AGN Energia.

Public and private companies comparable to Comerc Energia
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Mahanagar GasIndiaIndiaPublicly listed$872M$165M$1.2B1.1x
AygazTurkeyTurkeyPublicly listed$1.8B$116M$1.2B0.5x
PolenergiaPolandPolandPublicly listed$1.1B$72M$1B1.6x
Romande EnergieSwitzerlandSwitzerlandPublicly listed$965M$232M$1.5B2.0x
GridspertiseItalyRomePrivate--$719M-
AGN EnergiaItalyGenoaPrivate$598M$41M$254M0.4x

Comerc Energia Public Comps

Comerc Energia is no longer listed, but its public comps include Nabors Industries, Bonheur, Thai Tap Water, Navigator Gas, Hunan Energy Group, Mahanagar Gas, Pluz Energía, Copperbelt Energy, RPC Inc. and Aygaz.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Nabors Industries$3.2B$1.4B1.2x1.1x2.7x4.0x
Bonheur$1.3B$406M1.2x1.2x3.8x4.0x
Thai Tap Water$156M$120M8.2x8.0x10.6x10.1x
Navigator Gas$587M$295M3.0x3.3x6.1x6.1x
Hunan Energy Group$52M$25M24.0x-49.4x-
Mahanagar Gas$872M$165M1.3x1.1x6.7x7.5x
Pluz Energía$1.2B$320M1.6x-6.1x-
Copperbelt Energy------

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Common questions about Comerc Energia

When was Comerc Energia founded?Comerc Energia was founded in 2001.
Where is Comerc Energia headquartered?Comerc Energia is headquartered in São Paulo, Brazil.
Is Comerc Energia publicly listed?No, Comerc Energia was acquired by Vibra Energia in August 2024.
Who acquired Comerc Energia?Comerc Energia was acquired by Vibra Energia in August 2024.
How much was Comerc Energia acquired for?Comerc Energia was acquired for $1.2B in August 2024.
How much funding has Comerc Energia raised?Comerc Energia has raised $587M across 1 funding round.
What was Comerc Energia's last funding round?Comerc Energia's last funding round was a $587M strategic investment round in October 2021, led by Vibra Energia.
Who are Comerc Energia's investors?Comerc Energia's investors include Vibra Energia.
Which companies are comparable to Comerc Energia?Companies comparable to Comerc Energia include Mahanagar Gas, Aygaz, Polenergia, Romande Energie, Gridspertise and AGN Energia.

See companies similar to Comerc Energia

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