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Featured case - Midas in Brazil

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The case

whoWho – the protagonist

Mobivia’s leadership team. The French-based group focuses on car repairs, car accessories and car parts.


Mobivia holds the rights in 98 countries for Midas, a global automotive aftermarket franchising company. Mobivia’s leadership team is pondering a possible return to Brazil for Midas. 


whyBrazil - the fastest growing market among the 98 countries - is a priority.

Midas had tried and failed to break into the Brazilian market under previous ownership, so the issue facing Mobivia is the ‘how’.


May 2018.


Midas had identified 12 key markets in different Brazilian states to set up its network of centres in.

whereKey quote

“The prospect of taking Midas to Brazil caused anxiety and excitement in equal amounts.” – excerpt from the case.

What next?

Mobivia had to decide between two main different expansion strategies – organic development through a local self-starting subsidiary, or a joint venture with a solid local market player.

Interested in finding out more?

Download the case and teaching note

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Midas in Brazil
Ref 120-0133-1

Teaching note
Ref 120-0133-8

Midas in Brazil (French language version)
Ref F120-0133-1

Supplementary software 
Ref 120-0133-4

Supplementary software (French language version) 
Ref F120-0133-4

The authors


Denis Gromb and François Sauvageot

Denis discusses the benefit of producing a short case, why finance cases work so well, and producing a case with a partner.

Less is more

Less is moreDenis said: “We thought a relatively short case would offer more flexibility for ever busier students, notably but not only in executive education programs. But more importantly, five to six pages was enough for what we wanted to say: we just skipped the usual “Mike was reclining in his armchair, thinking about…”.

First-hand information

Denis explained: “The people at Mobivia were extremely generous in sharing data, industry knowledge, anecdotes, and their time. Their support was crucial, and we think it shows in the case.”

Importance of finance case studies

He continued: “Some students view finance as abstract, but it is really about a business and how to support it. A corporate finance case with a strong strategy backbone helps students make that link and engage with the topic.

“Take Midas for example. It is a franchising company, so we discuss franchising as a business model and the Brazilian context before valuing a possible venture in Brazil. In fact, finance requires an understanding of the business and its background, and that’s a definite plus of cases.”

Exploring different avenues

He added: “I like cases to have a well-defined core issue but to also open smaller side issues that the instructor may opt to develop, or not, depending on class dynamics on the day. So, I try to write my cases on that model. And a good, detailed teaching note makes a big difference.”

Case partnerCase partner

Denis concluded: “I don’t know whether two is a good number, but I do recommend working on a case with someone like François. He has business experience in and knowledge of the automotive aftermarket, franchising, and Brazil, among others.

“It was great to learn from him and to write the Midas case, combining his business expertise and my basic knowledge of discounting. I hope that people using the case will enjoy the mix.”

About the authors

Denis Gromb is the Antin I.P. Chair Professor of Finance at HEC Paris.
e gromb@hec.fr

François Sauvageot is VP for Business Development and Sales Engineering (Action CEO) at STI Solutions, and HEC Paris EMBA 2018.
e f.sauvageot@sti-solutions.com


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