The Firm

Independent as a boutique. Deep as a global firm.

Why CBG exists

Three structural weaknesses. One space to fill.

The Brazilian valuation market today operates under three imperfect models. Each with its own merit: and each with a structural weakness that compromises the report's technical credibility. CBG exists to fill the space between them.

Weakness 01 · Structural conflict

Audit firms with valuation practices.

In any audit firm offering valuation services, the overlap with audit, consulting and advisory creates contractual restrictions and conflict perception. Independence becomes hard to sustain before regulators and external counterparties.

Weakness 02 · Limited depth

Local houses and specialized regional firms.

Typically operate in one or two asset classes, without simultaneous CPC and IFRS coverage, without cross-border capacity, without documentation defensible before global audit or international arbitration.

Weakness 03 · Distance from local regulator

Global players without local presence.

Lack fluency in ABNT 14653, CVM rules, Brazilian CPCs and Corporate Law, and the direct relationship with the Central Bank, BNDES and local auditors that sensitive engagements demand.

CBG exists to fill the space between the three weaknesses, independent like a boutique, technical like a global firm, Brazilian in regulatory fluency.
The firm thesis

CBG in three non-negotiable commitments.

01 · Independence

Mechanical, not rhetorical.

No audit. No equity stakes. No fees contingent on the valuation outcome. No M&A advisory or instrument placement. CBG's independence is mechanical and auditable by clients and their auditors.

02 · Depth

Senior team, six technical classes.

Partners with 20+ years of institutional experience, a 14-professional team covering six technical classes with partner review on every engagement. Every report goes through four layers of technical review before issuance.

03 · Defensibility

Traceable working papers.

Every assumption, source and calculation archived line-by-line for a minimum of seven years. Available for client, external audit and regulator inspection. Reports prepared to withstand scrutiny by Big Four auditors, regulators, counterparties and arbitration.

Quality Assurance Framework

Four review layers before issuance.

Every CBG report passes through four independent layers of technical review before formal issuance. The process is the same in any engagement, from the simplest to the most critical: and it is documented in the working papers that accompany each engagement.

Layer I

Construction

Analyst / Senior Associate

Data collection, modeling and methodology application. Working papers documented line-by-line from raw input.

Layer II

Technical Review

Class director

Review of assumptions, methodological consistency and input robustness. Full internal challenge: before any partner review.

Layer III

Partner Approval

Managing Partner / Responsible Partner

Conclusion validation, defensibility before audit and challenge, alignment to contracted scope.

Layer IV

Cross-Review

Partner from different class

Cross-review by partner from a different class for critical engagements. Ensures intellectual independence and attacks blind spots.

Working papers archived for a minimum of 7 years, available for external audit and regulator.

Engagement Philosophy

Six operational commitments.

Every CBG engagement is conducted under six operational commitments that organize deadlines, communication, scope and defensibility: applied invariably, from the smallest to the largest engagement.

01

Kickoff in 2 business days

Engagement letter signed · assumptions meeting · firm timeline within two business days. No queue, no outsourcing.

02

Closed scope

What is contracted is what is delivered. Changes follow formal addenda with timeline and fee impact documented.

03

Single point of contact

One responsible partner from start to finish. No team rotation, no loss of context. The one who builds the report is the one who defends it.

04

Cadenced communication

Structured weekly update, status of critical assumptions and early flagging of sensitive findings. No suspense.

05

Traceable working papers

Every assumption, source and calculation archived for seven years. Available for client, external audit and regulator inspection.

06

Defensible position

Reports prepared to withstand scrutiny. Big Four audit, regulator, counterparty, arbitration. Cross-review by partner.

Applied to all engagements · under IVS (IVSC), ABNT NBR 14653 and CPC/IFRS standards.

Independence and Fees

CBG's independence is auditable.

In valuation, the report's credibility depends on the credibility of the firm that issues it. CBG's independence is established in mechanical layers: not declared, but contractually verifiable by clients themselves and their auditors.

What we do not do

  • We do not provide M&A advisory, strategic consulting or instrument placement.
  • We do not have our own balance sheet, we do not invest in valued assets or client assets.
  • We do not accept contingent fees tied to the valuation outcome or transaction closing.
  • We do not issue an opinion without completing all procedures set forth in the contracted scope.

Fee philosophy

  • No contingent fees in fairness opinions and independent valuations: the opinion cannot be tied to the outcome.
  • No participation in transaction outcome. Contractual and economic independence of the report.
  • Fees by scope, not by outcome. Engagement letter defines scope, standards, sources and authorized users.
  • Full transparency: limitations, critical assumptions and authorized users explicit in the report. No gray zones.
Affiliations and standards

Corporate Member of the Business Valuation Institute UK.

CBG Valuation Services is a Corporate Member of the Business Valuation Institute UK (BVIUK), a London-based institute dedicated to advancing high professional standards in business valuation and related professional practice. As a corporate member, CBG is part of the BVIUK professional community and contributes to dialogue, education, and the advancement of valuation practice in the United Kingdom and internationally.

As a Corporate Member, CBG conducts its professional work in accordance with the recognised standards applicable to valuation practice, including the RICS Red Book and the International Valuation Standards (IVS), reinforcing the firm's commitment to independence, methodological consistency, and technical quality.

CBG is also the Brazilian member of BOKS International, among the twenty largest global alliances of independent professional firms per the International Accounting Bulletin.

Next steps

How we build commercial relationships.

In three stages.

Stage 01

Exploratory meeting

Every relationship starts with a conversation. One-hour technical meeting, no cost, under NDA, with initial scenario diagnosis and mapping of critical assumptions.

No cost · no commitment

Stage 02

One-off engagement

First formal engagement under defined scope. Engagement letter signed, kickoff within two business days, delivery standard calibrated to the type of engagement.

Kickoff in 2 business days

Stage 03

Legacy client

CBG ceases to be a one-off provider and becomes a permanent trusted advisor. We anticipate questions, are called before the decision and remain available throughout the client's institutional cycle.

Permanent trusted advisor

We are in no hurry. Relationships that matter find their own pace.

Start a conversation Meet the team