Grupo Petrópolis

Investors set up the brewery at Itaipava, in Petrópolis, in 1993–94 and launched Itaipava beer in 1994; in 1998 Walter Faria bought it, and he still owns the group. It grew into Brazil’s third brewer, with Itaipava, Crystal, Petra and Black Princess, eight beverage plants and more than 130 distribution centres. On 27 March 2023 about 30 group companies filed for judicial recovery in Rio de Janeiro with roughly R$4.2 billion of debt; the court confirmed the plan in October 2023. Under it the truck fleet was sold to Grupo Vamos for R$575 million and leased back, and debts are repaid over up to ten years at an average discount of about 70%. The recovery was still open in September 2026, when the court administrators reported 20,766 staff, current payments and a net loss of R$244 million for January to August 2026. Itaipava holds about a fifth of pilsen sales in the North-East.