BroadSpan Capital Research
Advisory Approach
BroadSpan Capital is an independent investment banking firm founded in 2001 that specializes in cross-border mergers, acquisitions, and financial restructuring in Latin America and the Caribbean. The firm operates on a thesis that the highest-quality transaction outcomes come from deep regional expertise combined with institutional-grade process management. With offices in Miami, Rio de Janeiro, São Paulo, Bogotá, and Mexico City, plus collaborative relationships across 30 countries through its membership in the Mergers Alliance partnership, BroadSpan positions itself as a boutique advisory firm with global reach and localized expertise.
The firm's sweet spot is complex, cross-border transactions where local market knowledge, regulatory familiarity, and strategic buyer networks drive value creation. BroadSpan particularly excels in advising multinational corporations and regional conglomerates seeking to optimize portfolio structures, consolidate regional market positions, or divest non-core assets in high-growth emerging markets.
Sector Focus
BroadSpan Capital has a truly diversified practice spanning financial services, industrial and manufacturing, energy and utilities, technology and software, business services, and infrastructure sectors. The firm's most active practice area is financial services, where they have advised on numerous bank acquisitions, insurance company transactions, and financial institution restructurings across the Caribbean and Latin America.
In the industrial and manufacturing sectors, BroadSpan has deep experience with specialty chemicals producers, industrial conglomerates, automotive suppliers, and contract manufacturers. They have closed deals involving precision manufacturers, building products companies, and industrial equipment providers, often navigating complex operational due diligence and cross-border regulatory requirements.
The firm's energy and utilities practice includes oil and gas services companies, petrochemical refineries, renewable energy projects, and ammonia/chemical production facilities. Notable transactions include the sale of equity interests in Caribbean ammonia plants and advisory work on energy infrastructure projects.
BroadSpan also maintains active technology and software practices, having advised on transactions involving IT service providers, financial software platforms, information technology companies, and telecom infrastructure operators. Their business services practice includes financial advisory services, consulting firms, and specialized business service providers.
Process & Fee Structure
BroadSpan runs sophisticated sell-side and buy-side processes for corporate clients. For sell-side engagements, the firm conducts targeted buyer outreach, manages competitive auction processes, and shepherds transactions from initial engagement through closing. The firm has demonstrated expertise in managing complex multi-jurisdictional closings, navigating foreign exchange considerations, and structuring deals to meet client and buyer objectives.
While specific fee structures are not publicly disclosed, the firm operates on a professional M&A advisory basis consistent with independent investment banking practices in the region. The firm's historical transaction experience spanning $10M to $200M+ enterprise values suggests flexibility in engagement structures across different company sizes.
Process timelines vary considerably based on transaction complexity and buyer availability, ranging from 6-18 months for full auction processes to shorter timeframes for negotiated transactions. The firm's 20+ year track record demonstrates institutional expertise in managing extended processes and navigating deal complexities that often arise in emerging market transactions.
Deal Track Record
BroadSpan Capital has completed 70+ documented transactions since founding in 2001, representing one of the most active advisors in Latin American mid-market M&A. Recent transaction activity includes:
2024-2025 Transactions:
- Advised Grupo Boa Praça on the sale of its ship supply operations to Wrist Ship Supply (Brazil, Maritime, December 2024)
- Advised EFIC Partners and Grupo IMSA on the sale of 50% of Nova Scott Especialidades Quimicas to Scott Bader Brazil Ltd. (Brazil, Chemicals, June 2024)
- Advised AGS on the acquisition of 55% of Omni Transloading & Logistics (USA, Logistics, February 2024)
- Advised AGS on the acquisition of 70% of A.R. Savage & Son (USA, Logistics, February 2024)
- Advised Bancolombia on settlement of financial obligations (Peru, Energy, February 2025)
2023 Transactions:
- Advised Grupo Vargas on the sale of Laboratorios Arsal to Calox de Costa Rica (El Salvador, Pharmaceuticals, December 2023)
- Advised EOG Resources on the sale of equity interests in Caribbean ammonia plants (Trinidad, Chemicals, February 2023)
- Advised AGUNSA on the acquisition of Carver Maritime Manatee (USA, Transportation & Logistics, February 2023)
- Advised on the sale of COLFIRE (94.24% Colonial Fire & General Insurance, Trinidad, Financial Services, February 2023)
- Advised Bepensa on the acquisition of Credito Real USA Finance (USA, Financial Services, April 2023)
2022 Transactions:
- Advised Banco di Caribe on its sale (100% transaction, Curacao, Financial Services, June 2022)
- Advised Servicarga on the sale to VIX Logística (Brazil, Transportation & Logistics, March 2022)
2021 Transactions:
- Advised Ansa McAL on the acquisition of Bank of Baroda (Caribbean, Financial Institutions, March 2021)
- Advised Milfra on the sale to Nemera (Brazil, Industrial/Plastic Packaging, July 2021)
- Advised Oceanpact on the acquisition of UP Offshore (Brazil, Maritime Services, June 2021)
- Advised Seal Telecom on the sale to Convergint Technologies (Brazil, Information Technology, April 2021)
The firm's historical transaction list extends back to 2002 and includes notable high-value transactions such as the sale of Mellon United National Bank to Banco Sabadell ($159.5M, 2010), the acquisition of TransAtlantic Bank by Banco Sabadell ($174.9M, 2007), Neal & Massy's acquisition of a 69.2% stake in BS&T ($207.0M, 2008), and the sale of UTS to Liberty Latin America ($189.3M, 2019). This deep transaction experience demonstrates the firm's capability to manage large, complex cross-border financial institution transactions and multinational corporate portfolio restructurings.
Buyer Network & Competitive Positioning
BroadSpan's competitive advantage derives from deep relationships with financial sponsors and strategic acquirers across the region. The firm's deal flow demonstrates access to a diverse buyer base including international private equity firms (Genstar Capital, Audax Group, KKR, Bain Capital, Zion Capital), strategic corporate acquirers (Heineken, Nufarm, Zucchetti, Liberty Latin America, various Fortune 500 industrials), financial institutions, and family offices.
The firm's positioning emphasizes:
- Localized expertise across 15+ countries in Latin America and the Caribbean with native-language speaking professionals
- Institutional relationships with multinational corporations seeking emerging market portfolio optimization
- Access to global buyer networks through Mergers Alliance partnership (35 offices, 400+ professionals worldwide)
- Cross-border capability spanning regulatory, tax, and financial structuring expertise
- Deep understanding of emerging market corporate governance and alternative capital structures
Geographic Coverage & Market Presence
BroadSpan operates principal offices in Miami, Rio de Janeiro, São Paulo, Bogotá, and Mexico City, providing on-the-ground presence in the largest and most active markets for Latin American M&A. The firm covers all major Latin American countries plus the Caribbean region through a combination of permanent staff and strategic partnerships. Core markets include Brazil (largest deal concentration), Colombia, Mexico, Caribbean financial centers (Trinidad, Barbados, Curacao, Jamaica), and Panama.
Team & Leadership
The firm is led by founder and CEO Michael L. Gerrard, who has 20+ years of investment banking experience focused on Latin American M&A and cross-border transactions. Board leadership includes Gonzalo Valdes-Fauli (Chairman, 35+ years banking experience including tenure as Barclays CEO for Latin America) and Timothy Davis (35+ years in commercial and investment banking across the Americas and Europe).
Key investment banking leaders include:
- Leonardo Antunes: Senior Managing Director and Head of Brazil operations, 18+ years experience, 30+ advisory transactions
- Noah Kessler: Managing Director in Financial Restructuring, 15+ years experience, Merrill Lynch background
- Christian Vandendriessche: Managing Director, multilingual professional
- Additional senior advisors including former IMF and Bank of America/Merrill Lynch executives
The firm maintains a team of 50+ professionals across its offices, with deep sectoral expertise in financial services, industrial manufacturing, energy, and technology.
Not a Fit For
BroadSpan typically focuses on transactions with cross-border components or emerging market exposure. Purely domestic US mid-market transactions, sub-$5M deals, or non-strategic buyers may receive less focus. The firm also emphasizes institutional corporate and financial buyer relationships rather than working extensively with individual business owners in business broker transactions.
Strategic Positioning
BroadSpan Capital positions itself as the premier independent investment banking advisor for complex cross-border transactions in Latin America and the Caribbean. The firm competes on deep regional expertise, institutional buyer relationships, and process quality rather than size. Membership in Mergers Alliance provides global transaction execution capability while maintaining boutique positioning in its core regional markets.