There is a character in Brazilian retail that few investors fail to mention when talking about opportunities in regional companies: Ilson Mateus. His story is not only inspiring — it’s a case study on how to build a fortune from Ilson Mateus in markets ignored by big players.

I started following his trajectory more closely after the IPO of Grupo Mateus in 2020. But what really caught my attention was understanding how someone went from a prospector in Serra Pelada in the 80s to a Forbes-listed billionaire. His fortune was estimated at around US$1.7 billion a few years ago — and that reflects much more than luck.

Born in Imperatriz, Maranhão, Ilson Mateus tried his hand in mining, like many Brazilians. But when that didn’t work out, he did something different: he returned home and opened a small grocery store in Balsas. Here’s the key point — while others saw a limited local business, he saw an opportunity for scale. He started transporting goods between cities, increasing margins and reach.

The "Armazém Mateus" quickly evolved. During the Cruzado Plan, when most companies shrank, Ilson made the opposite move: bought stocks on credit. Risky? Yes. But it worked. This type of decision — contrary to common sense, but well calculated — is what separates true entrepreneurs from mediocre managers.

In the 90s and 2000s, the group diversified: Mateus Supermarkets, Hiper Mateus, then the innovative cash-and-carry model with Mix Mateus. He also created private brands like Bumba Meu Pão and Eletro Mateus. Meanwhile, he methodically expanded through the North and Northeast — regions that larger competitors neglected.

The IPO in 2020 was emblematic. Raised about R$4.63 billion — the largest stock market opening in Brazil that year. Revenue of R$9.9 billion in 2019. Even during the pandemic, the market believed. And rightly so: Ilson Mateus’s fortune is not the result of speculation, but of consistent execution.

What makes this case relevant for investors? First, Grupo Mateus proved that you don’t need to be in São Paulo or Rio to generate value. Second, the hybrid model — retail + cash-and-carry — offers resilience. Third, vertical integration (own production) improves margins in a sector that has historically been tight.

Of course, there are risks. Geographic concentration is real. Margins in retail are under pressure. Low-income consumers are volatile. But Ilson Mateus’s story shows something many investors forget: genuine opportunities exist outside the spotlight. Sometimes, they are in cities you’ve never heard of, in sectors that seem too simple.

If you follow the Brazilian stock market and want to understand how to build a fortune from Ilson Mateus — that is, real value, not speculation — GMAT3 deserves to be on your radar. It’s not the type of stock promising 10x returns in a month. It’s the kind that grows slowly, steadily, because there’s real business behind it.