ASAI3 Assai

Assaí, the brand name under which Sendas Distribuidora S.A. operates, is a Brazilian company founded in 1974, when the first Assaí Atacadista store was opened. The business originated from serving the so-called small transformers, i.e., professional customers who buy food and supplies for resale or preparation, such as bars, restaurants and snack bars. In 2007, the company had a stake acquired by Companhia Brasileira de Distribuição (GPA), controlled by Groupe Casino, which completed the full acquisition of its capital in 2011. At the end of 2008, the chain had 28 stores in three states, a number that increased to 59 stores in 2011, already with a presence in more Brazilian states. Starting in 2011, the company began investing in a new store standard, with a broader assortment of goods and infrastructure improvements such as covered parking, wi-fi, air conditioning and natural lighting. The company’s shares began trading on B3 in 2021 under the ticker ASAI3, following a corporate reorganization that carved out the cash & carry business from the rest of GPA’s operations.

Assaí’s business model is based on the self-service wholesale or cash & carry format, combining characteristics of wholesale and food retail. The company operates exclusively in Brazil, selling food and non-food products to transformers, users, resellers and end consumers through physical stores under the Assaí banner. In 2023, according to the Brazilian Association of Self-Service Wholesalers (ABAAS), Assaí was the largest pure player in the self-service wholesale segment in terms of consolidated gross revenue and the second-largest retailer in the country. In the fiscal year ended December 31, 2024, all net operating revenue came from the cash & carry segment, which reached R$ 73.8 billion. The company adopts a lean cost structure, strong purchasing scale and decentralized logistics, combining high sales volume, heavy customer traffic and a competitive pricing policy as the pillars of its economic model.

Assaí’s operations are organized into different store formats, with significant variation in sales area and usage profile. At the end of 2024, the company operated 302 stores across practically the entire country, with a total sales area of more than 1.5 million square meters. Of this total, 29 stores had sales areas between 1,000 and 3,000 m², a format more focused on quick restocking and frequent purchases; 106 stores had between 3,000 and 5,000 m², suitable for large families in urban centers; and 167 stores were in the 5,000 to 9,000 m² range, geared toward higher-volume purchases. The portfolio exceeds 9,000 items, including grocery, perishable foods, beverages, packaging, hygiene and cleaning products, among others, and more than 250 stores offer butcher services. The company also operates financial services in partnership with Financeira Itaú CBD (FIC), through the co-branded Passaí credit card, which gives individuals access to wholesale prices under certain purchasing conditions and accounted for about 4.4% of gross sales in 2024.

Assaí’s geographic footprint is nationwide and has expanded rapidly over the past decade. In 2012, the company had 61 stores in six states and a sales area of 182,000 m². In 2024, the chain had 302 stores in 24 states and the Federal District, plus 12 distribution centers located in nine states. The largest concentration of units is in the Southeast region, but there is also significant presence in the Northeast, Center-West, North and South. The logistics model combines direct deliveries from suppliers to stores, which account for approximately 73% of the volume distributed, with about 27% supplied by distribution centers. These centers are used mainly for lower-turnover items, while stores are designed with large storage capacity to support high volumes. The logistics network and capillarity in major urban centers and mid-sized cities support the flow of more than 40 million customers per month through the stores, with strong growth in the number of transactions in recent years.

Assaí’s customer base is diversified and includes both legal entities and end consumers. The main groups include prepared-food retailers such as restaurants, pizzerias and snack bars; institutional customers, including schools, small businesses, religious institutions, hospitals and hotels; conventional retailers such as grocery stores, neighborhood supermarkets and bars; as well as families and individual consumers seeking price advantages by buying in bulk. The company is not dependent on concentrated clients: there is no single customer responsible for more than 10% of total net operating revenue. In addition to in-store purchases, Assaí is developing complementary channels such as telesales with in-store pickup, aimed predominantly at companies that make larger purchases and account for about 10% of sales, allowing direct negotiation of prices, payment terms and conditions.

Assaí’s strategy also involves digital initiatives and partnerships with last-mile delivery platforms. Starting in 2021, the company began its digital expansion through agreements with third-party delivery apps, enabling online purchases of items from the store assortment. Partnerships were signed with platforms such as Cornershop, Rappi and iFood, with presence in dozens of cities and growing coverage across the chain’s stores. In these operations, product selection, picking and delivery are carried out by delivery workers tied to the partner platforms, while Assaí provides its assortment and store infrastructure. At the same time, the company invests in information technology for systems integration, improved governance and support for commercial operations, allocating significant amounts annually to technology projects, as well as online and offline marketing campaigns aimed at professional customers and end consumers.

From a regulatory standpoint, the self-service wholesale business operated by Assaí is subject to a broad set of licenses and authorizations required for the construction, installation and operation of stores and distribution centers. Each unit requires a set of permits issued by different agencies, including environmental, sanitary, operating, safety and engineering licenses. Environmental licensing follows the guidelines of the National Environmental Policy, which determines, according to the potential impact of the activity, the need for a Preliminary License, Installation License and Operating License at the federal, state or municipal level. In addition, there are specific requirements related to solid waste management, vegetation suppression, use of water resources and compliance with the Forest Code in permanent preservation areas. Stores also depend on municipal permits, sanitary licenses issued by local health surveillance agencies, authorizations from the Fire Department, and specific registrations with the Ministry of Agriculture, Livestock and Supply, among others.

Environmental, social and governance issues are also relevant to Assaí’s operations. The company must comply with regulations related to the proper handling and disposal of waste, in order to avoid soil and water contamination and administrative or criminal penalties. Hiring licensed companies for the transport, treatment and final disposal of waste is part of this compliance framework. In the social and people management sphere, Assaí has been recognized by independent organizations such as Great Place to Work (GPTW), which has ranked it among the best food retail companies to work for in Brazil among organizations with more than 10,000 employees. In 2024, the company had more than 86,000 employees in stores, distribution centers and administrative structures, reinforcing its position as a major employer in the food retail sector. Corporate governance is complemented by its listing on B3’s Novo Mercado segment, which imposes specific standards of transparency and ownership structure, and by the trading of its common shares under the code ASAI3, representing the gateway for investors into the company’s capital.