PMI Sells Stake in Swedish Match Brazil Business, Including Fiat Lux Brand

Key Takeaways

• PMI said it is selling its stake in Swedish Match do Brasil.
• Swedish Match do Brasil controls the Fiat Lux brand, which sells matches, toothpicks and other household products.
• The buyer is Ignis FIP, backed by businessman Marcos Fernando Garms.
• The transaction also includes Swedish Match da Amazônia.
• The companies did not disclose the value of the deal.

2Firsts, March 20, 2026

According to  Folha, Philip Morris International said it is selling its stake in Swedish Match do Brasil, which controls the Brazilian brand Fiat Lux and its matches, toothpicks and other household goods business.

The deal includes Swedish Match do Brasil and Swedish Match da Amazônia

The original report said the buyer is Ignis FIP, a Brazilian private investment vehicle backed by businessman Marcos Fernando Garms. The sale also includes Swedish Match da Amazônia, although the companies did not disclose the value of the transaction.

Buyer is backed by Cocal shareholder Marcos Fernando Garms

The report said Marcos Fernando Garms also leads the family group Arruda Garms and completed the acquisition of the Brazilian arm of the Swedish group together with his two sons, Carlos Arruda Garms Neto and Marcos Fernando Garms Filho.

His family owns Cocal, a company founded in the 1980s in the interior of São Paulo state with a strong presence in the sugar and ethanol market. The report also said that in 2025 Cocal acquired two Raízen mills for BRL 1.54 billion (approximately USD 354.2 million, based on 1 BRL ≈ 0.23 USD). In a statement, Cocal said the purchase of Fiat Lux’s controlling business was not made by Cocal or the Arruda Garms group, but by one of its shareholders acting independently.

PMI says the sale is aligned with its smoke-free future strategy

According to the report, Swedish Match has belonged to a PMI affiliate since 2022. Philip Morris said the sale of the Brazilian operations “is aligned with PMI’s vision of a smoke-free future,” adding that it believes the new owner is well positioned to support the continued success of the business.

The report also said that in Brazil, the Swedish group dominates the matches and lighters market through the Fiat Lux brand, which also sells toothpicks, batteries, clothespins, razor blades and light bulbs. Globally, Swedish Match’s flagship products are smokeless products such as moist snuff, chewing tobacco, snus and nicotine pouches. According to the company’s website, Swedish Match is the largest participant in the nicotine pouch category in the United States through the Zyn brand, the largest producer of chewing tobacco, and a leader in the Scandinavian snus market.

Image source: Folha