US-based private equity company Advent is in advanced discussions to purchase Brazilian supermarket chain Sonda, Valor international reported, citing sources. 

The deal, expected to be valued at up to 3.5bn reais ($653.50m), depending on Sonda's estimated gross revenue of 6.5bn reais in 2025. 

If materialised, it could become one of the biggest deals in Brazil’s food retail sector in recent years.

Negotiations between Advent and Sonda have been underway for several months, with key issues yet to be resolved by Delcir Sonda, the company's primary shareholder.  

The Sonda family began considering a sale about two years ago due to succession issues, but initial high asking prices deterred many potential buyers, stated the report.

A source told Valor: "It’s been eight months of talks with the fund, many ups and downs, but since Delcir has no children to succeed him, the chances of a deal happening are higher now, even though it’s not an easy conversation. Delcir is passionate about the business."

The possibility of a sale has increased following the death of Idi Sonda, one of the founders and Delcir's brother, in 2022.

At 77, Delcir is considering the company’s future, which has publicly denied being on the market. 

Grupo Pereira, which owns the Fort Atacadista and Comper chains, had also expressed interest in acquiring Sonda but appears to have been overtaken by Advent, according to sources.  

Advent is considering creating a food retail investment division, with a larger investment scale than Pátria's Plurix holding, which currently manages 10bn reais in supermarket sales and an additional 6bn reaisin cash-and-carry sales.

Advent's team has been exploring opportunities in the Brazilian grocery market, including visits to regional grocers such as Angeloni, which has shown interest in partnerships.

Advent has a strong presence in the Brazilian retail sector, with its 2018 purchase and subsequent 2021 sale of Walmart Brazil to Carrefour reported to have generated a strong return.