JPAB advises Atena Equity Partners on stake acquisition

JPAB – José Pedro Aguiar-Branco Advogados has advised Atena Equity Partners on the acquisition of a stake in Portuguese insurance broker NacionalGest. This investment marks the first transaction of the Atena III Fund, created in October 2024, which has a capital of €60 million to invest in Portuguese companies with ambitious growth, succession, or restructuring plans.

Atena Equity Partners is a Portuguese private equity firm, specialized in transforming and growing national companies, investing in strategic sectors such as industry, business services, and healthcare. In its first two funds, the firm acquired stakes in companies such as the private hospital network Unisana, the flexible plastic packaging producer Plastrofa, the pharmaceutical company Sidefarma, Malo Clinic, Science4You, and Redshift (cybersecurity and IT).

The acquisition of the stake in NacionalGest was carried out in coordination with the management team of the insurance broker, who will continue to lead the business. Founded in 2001, NacionalGest currently employs over 130 people, operates a network of 35 branches, and has more than 200 agents distributed across the country. In the 2024 financial year, the company recorded €7.5 million in commissions and managed an insurance premium portfolio worth €80 million.

The objective of Atena Equity Partners’ investment is to equip NacionalGest with the necessary resources and capital for its expansion, through a robust growth plan that includes organic growth and strategic acquisitions within the insurance brokerage sector.

The advisors

The JPAB team advising on the transaction was led by Ramiro Matos (of counsel, corporate and M&A, pictured) and included Maria João Dias, Marisa Razão, and Miguel da Silva Diogo (corporate). The due diligence legal team also featured Luísa Campos Ferreira and Ricardo Codeço (tax), Joana Carneiro and Constança Pimenta (labour), and Isabel Arantes (intellectual property).