Company Overview

Corporate Profile

Unidas specializes in fleet management and vehicle rental solutions. It is one of the leaders in the corporate fleet rental business in the Brazilian market. The Company is also active in the car rental business and has 32 years of experience in this market in Brazil. As a complement to its main activities, Unidas decommissions vehicles previously used in its fleet.

Unidas’ business units are strategically diversified and complementary, with strong synergies among them.

The Company’s expectation is that its business will continue to grow as a result of factors such as:

  • the vehicle-rental industry‘s potential for growth in Brazil due to vehicle renting culture still being incipient among Brazilians;
  • the corporate fleet-outsourcing segment‘s low level of penetration compared with more developed economies;
  • natural barriers to entry for new competitors in its market segment; and,
  • the natural trend toward concentration in its segment, as seen in recent years.

Unidas’ activities and strategic vision follow the guidelines determined by its Board of Directors. Thanks to its sector experience, highly qualified management, substantial investment capacity and expertise in building and managing strategic partnerships, such as those with Santander Consumer and the Volkswagen and Manheim groups, Principal has become the owner of SAG Group, the largest conglomerate in the Portuguese automotive industry in terms of automotive products and services. It also maintains operations in Spain and Poland.

Unidas believes that its experience of the Brazilian market and its important position in the fleet outsourcing and Rent a Car (RaC) segments, together with Principal’s know-how of Enterprise and Principal in automotive solutions and the expertise of the Gávea, Kinea and Vinci private equity funds, have put it in a privileged position to take advantage of market opportunities in its operational segments.

Business Units

Corporate fleet rental

Unidas is among the leading companies in the business of corporate fleet rental in Brazil, with the one of the largest fleets of outsourced cars in the country.

Unidas’ business model was developed to enable the Company to offer to its clients the many advantages of its corporate fleet rental activities, such as: (i) reduction of costs in relation to an owned fleet; (ii) greater focus on the part of the client company on its core business; (iii) automotive solutions customized to the needs of the client; (iv) disposition of capital; (v) more efficiency in the processes of fleet acquisition and renewal; and (vi) greater control of the processes of fleet management.

Unidas’ corporate fleet rental business encompasses long-term vehicle rentals (at least 12 months) to corporate clients as well as activities associated with the use of the rented vehicles, such as advisory services in selecting vehicles, vehicle maintenance, contracting of insurance with insurance companies or through insurance brokers, 24-hour emergency customer assistance throughout Brazil and temporary replacement of vehicles that are out of service, among other activities relating to fleet management and administration.

The Company’s corporate fleet rental activities comprise three macroprocesses: implementation, services management and sale of vehicles. Unidas operates with a network of 274 Unidas service centers and 29 Unidas Statios.

Car rental

Unidas car rental network has a fleet of about 52,194 cars with a diversity of class and types, across its owned and franchised car rental stores.

In this business segment the Company serves individuals and executives, traveling on business or leisure, by means of individual short-term agreements (in general, ranging between one day and one month).

The Company conducts its car rental activities by effecting direct sales to corporate clients, travel agencies and travel operators, which are complemented by Unidas’ franchising sale network. In relation to individuals, Unidas’ sales organization comprises owned and franchised branches, a toll free reservation center and a website. Additionally, the Company supplies replacement cars to insurance companies and car manufacturers in case of a claim or use of warranty, respectively.

Unidas’ believes that the car rental business will experience a natural process of concentration (where fewer players are expected to have greater market shares) in the next years, as took place in the U.S. and European markets, caused by a need for increased economies of scale by major players in the car rental business in view of their investment capacity and operational efficiencies.


To complement Unidas’ car rental activities, and in order to increase the coverage and the pace of expansion of the Company’s network in Brazil, it has adopted a franchising model as a strategy for growth in this market since the commencement of its operations.

In 2005, Unidas launched the "Franquia Chave na Mão" franchising model, in which franchisees receive from the Company a ready-to-operate branch with at least 25 cars available for rental. This model allowed Unidas to accelerate the expansion of its franchising network.

Under this franchising model, Unidas build the entire facility in accordance with its branch model. Franchisees do not purchase the vehicles that will be used in their operations, but instead rent them from Unidas under agreements with terms similar to those used in the Company’s corporate fleet rental business. This model provides several benefits to Unidas’ franchisees and to the Company, such as: (i) reduction in the investment required on the part of the franchisee to open a franchise; (ii) expedited expansion of Unidas’ network of branches; (iii) greater control by the Company of the standards of franchised branches and their fleets (models, age and mileage); (iv) potential to generate new businesses for Unidas; and (v) the operation of its network as an integrated network with strong business origination capabilities.

Unidas currently has 128 franchised branches spread throughout strategic locations in accordance with its national expansion plan.

The model for opening of new franchises is being revised in order to increase its efficiency.

Used Car Sales

As a complementary activity to Unidas’ operations, in order to permit the continuous renewal of its fleet, the Company decommissions the vehicles formerly used in its corporate fleet rental and car rental businesses. Unidas sells these vehicles through retail and wholesale channels. In the retail channel, which accounts for the majority of the Company’s sales, Unidas relies on a network of 47 branches under the name "Unidas Seminovos". In the wholesale channel, the Company’s sales are made by means of auctions, the exercise by clients of purchase options in respect of vehicles used by them, and sales to intermediary companies selected by Unidas. The Company does not sell third party cars.


The Company Unidas Veículos e Serviços Ltda. was founded on February 27, 1985 when five car rental companies and two investors joined in the city of São Paulo, State of São Paulo, to create a car rental company with 7 branches and approximately 500 vehicles. This Company has since then undergone a number of corporate and control changes.

In 2001, the Portuguese Group - SAG acquired the Company and all other assets and rights comprising the business of Unidas and changed its name to SAG do Brasil S.A. Finally, in 2007, SAG do Brasil S.A. changed its name to Unidas S.A.

On June 2nd 2011, the shareholders of SAG Group and Novinela entered into an investment agreement with the funds Kinea I, Kinea II, Vinci and GIF IV of Gávea Investimentos.

On December 22, 2015, Principal acquired all the common shares held by SAG and Novinela.

On December 23, 2016, Enterprise acquired a 20% interest in Unidas.

Unidas S.A. operates Fleet Management and Rent-a-Car (RaC) businesses under the "Unidas" brand. Currently Unidas has a countrywide coverage composed by 162 RaC stores (own and franchise) and 37 Used Cars stores (own and franchise).

In addition to its own operations, Unidas S.A. has two direct subsidiaries and one indirect subsidiary:

  • Unidas Locadora de Veículos Ltda. ("Unidas Locadora"): a subsidiary headquartered in Brazil that operates a rental business (rent-a-car or "RAC");
  • Unidas Comercial de Veículos Ltda. ("Unidas Comercial"): a subsidiary headquartered in Brazil that operates a vehicle trade business in which the clients offer their vehicles as part of the payment of purchases carried out in the Company;
  • Unidas Franquias do Brasil S.A. ("Unidas Franquia"): an indirect subsidiary headquartered in Brazil that operates a franchising business.



Principal - Gestão de Ativos e Consultoria Administrativa e Financeira, S.A. (Principal S.A.) is a corporation constituted and organized in accordance with Portuguese law whose purpose is the management of assets and the provision of administrative and financial consulting services.

Principal S.A. Is the Company’s largest single shareholder


A U.S. company, Enterprise is the world’s largest car rental company in terms of revenue, fleet and number of employees. Its brands are among the top three in Customer Satisfaction in the USA. In 2016, it had approximately 1.9 million vehicles in its fleet and a 51% share of the U.S. market.

Vinci Partners

Vinci Capital Partners II Fundo de Investimento em Participações is managed by Vinci Capital Gestora de Recursos Ltda., a company of the Vinci Partners Group specialized in the private equity segment. The Vinci Partners Group was founded in 2009 by former partners of Banco Pactual S.A., and currently the group companies manage their own and third parties‘ funds.

Vinci Partners is an independent company specialized in alternative investments management and financial advisory with a view to generating long-term value to its investors and clients.

Founded in October 2009, Vinci Partners has professionals with long experience in the Brazilian financial market, solid reputation in results generation, deep knowledge of the Brazilian economy and a wide investor and client relation network.

The partners of Vinci Partners invest their funds in the same products and under the same conditions as their clients do, i.e., the management of own funds is no different, which contributes to a strong alignment of interests with investors.

Vinci‘s operations stand out in the private equity segment, and its portfolios either have or had controlling interest in companies such as PDG Realty, Equatorial Energia, Light, InBrands, Los Grobo, Burger King do Brasil and Austral Seguradora. Considering all funds under its management, Vinci Partners, through companies of its economic group, managed assets totaling approximately R$18.9 billion in June 2017. In February 2017, assets in the approximate amount of R$19.1 billion.


Kinea I Private Equity Fundo de Investimento em Participações and Kinea Co- Investimento II Fundo de Investimento em Participações are managed by Kinea, Investimentos Ltda., an alternative investment company of Grupo Itaú with independent management and operations, ran by an experienced and focused talented team with an aggressive, dynamic and innovative profile. It is constantly seeking to generate higher returns and bases its decisions and actions on business ethics, strategic consistency and transparency in processes.

Kinea currently operates in three classes of funds: Hedge Funds, Real Estate Equity Funds and Private Equity Funds with independent management teams.

Kinea‘s operations are supported by the commitment with maximum performance, highly qualified personnel, constant belief in innovation and the competitive advantage of being associated to one of the greatest and most solid financial groups in Brazil, preserving the integrity of processes and relations.

By the end of 2010, Kinea acquired interest in Grupo Multi, a company that operates in the education area and owns the Wizard, Skill and Microlins brands. Considering all funds under its management, Kinea manages assets totaling approximately R$2.2 billion. Including all assets under its management, on June 2017, Kinea managed assets in the approximate amount of R$20.5 billion.

Gávea Investimentos

GIF IV Fundo de Investimento em Participações is managed by Gávea Investimentos Ltda. Founded in August 2003 by Armínio Fraga and Luiz Fraga, Gávea Investimentos is one of the largest Brazilian private equity investments and hedge funds manager.

Private equity investment funds managed by Gávea Investimentos Ltda. seek opportunities to invest in companies and projects with a growth and appreciation potential through non-controlling interests with governance rights and outflow investment mechanisms and protection of the amount invested. Since 2006, Gávea Investimentos Ltda. has realized over 20 investments, managing around R$1.6 billion of local private equity funds up to August 2011. In February 2017, Gávea Investimentos had approximately R$ 14,7 billion under its management in local private equity funds.