Latin America Retail: LatAm Retail Headline Monitor: Hering family eyes brand buyback, GMAT enters pharma; Muffato intentions on ASAI stake

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Latin America Retail: LatAm Retail Headline Monitor: Hering family eyes brand buyback, GMAT enters pharma; Muffato intentions on ASAI stake

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24 Jun 2026 09:19:19 ET │ 12 pages

Latin America Retail

LatAm Retail Headline Monitor: Hering family eyes brand buyback,

GMAT enters pharma; Muffato intentions on ASAI stake

CITI’S TAKE

In this note, we summarize headlines/news with implications for our

coverage. We hope you find this useful.

João Pedro SoaresACHering family wants the brand back and has hired BR Partners to negotiate with

Azzas. (6/23/2026, Valor Pipeline) +55-11-4009-7562

joao.soares@citi.com

Felipe Husein

A group of shareholders representing roughly 11% of Azzas’ capital, led by the Hering +55-11-4009-7137

family, is seeking to spin off the Hering brand as an independent entity. They have felipe.husein@citi.com

hired BR Partners to engage with Azzas, and initial discussions with the company’s

board and advisors have already taken place. The group is evaluating two potential

routes: either acquiring the Hering brand outright, or pursuing a separation of brands

in which they would increase their ownership stake specifically in Hering. In the latter

scenario, this would be achieved through a share swap involving their stakes in the

other brands, without diluting or negatively impacting other minority shareholders.

Citi’s Take: We continue to believe AZZA’s primary value creation path remains the

turnaround and repositioning of Hering, with the goal of achieving a meaningful re-

rating over time. Given the group’s current market cap of ~R$4bn and valuation of

<4x EV/EBITDA, it seems unlikely that Hering — still undergoing a turnaround —

would command a valuation above the group as a whole in the near term. That said,