By Brazil Stock Guide – The founder of Smart Fit (SMFT3, B3), Edgard Gomes Corona, has donated 8 million common shares of the company to his daughters, Maria Clara Lopes Corona and Maria Paula Lopes Corona, without altering the group’s control structure. The transaction was completed on Dec. 22, 2025, with each daughter receiving 4 million shares. Despite the transfer of ownership, Corona retained full and lifetime voting rights over the donated shares.
Estate reorganization
The transaction was formalized through the Seventh Amendment to the shareholders’ agreement and did not result in any change to the company’s decision-making structure. According to the filing, the founder continues to hold usufruct over the voting rights not only of the donated shares, but also of stakes held by other family members. The daughters have joined the shareholders’ agreement, adhering fully to its terms, but without direct influence over Smart Fit’s strategic direction.
In its Reference Form filed with Brazil’s securities regulator, the company states that the shares were donated “with a full and lifetime reservation of the political rights of such shares in favor of Mr. Edgard.” The disclosure underpins the market’s reading that the move was primarily an estate-planning initiative rather than a governance shift.
Control and investors
The adjustment takes place within a shareholder base that combines a strong founder with institutional capital. Funds managed by Pátria Investimentos Ltda. hold a meaningful minority stake but have no controlling unitholder, while GIC appears as a qualified minority investor. The structure reinforces a model in which ownership becomes more dispersed while control remains concentrated, limiting uncertainty over leadership at Latin America’s largest fitness chain and preserving predictability for investors over the medium term.