Have you ever stopped to think about the story of the person behind Mix Mateus? Ilson Mateus is one of those guys who truly made a difference in Brazilian retail—and his journey is a case worth knowing, especially if you follow the stock market.

I became more interested in this when Grupo Mateus went public in 2020. It raised about R$ 4.63 billion on B3, the largest IPO in Brazil that year. But his story starts much earlier than that—very different from what we imagine.

The owner of Mix Mateus was born in Imperatriz, Maranhão, in the 1960s. At 21, as with so many Brazilians, he tried his luck in Serra Pelada, that giant gold-mining hub. It didn’t work out—without capital and facing difficulties, he returned to Maranhão. It could have been the end of the story, but it was the beginning.

In Balsas, he opened a small grocery store. Nothing extraordinary at first glance, but here’s the detail: he was already thinking beyond. He also started doing logistics, transporting goods between cities. That expanded margins and scaled the business intelligently.

The natural next step was to create Armazém Mateus, which became a regional reference point. During the Cruzado Plan—an era of real economic instability—he made a risky bet: expanding inventories by buying on credit. It worked. The business took off.

In the 1990s and 2000s, growth accelerated significantly. He created Mateus Supermercados, Hiper Mateus, entered the pharmacy sector, and expanded in Maranhão. Then came innovation with the atacarejo model—and this is where Mix Mateus comes in, that cash-and-carry format that has become very successful. The owner of Mix Mateus also diversified with Eletro Mateus, created his own manufacturing with Bumba Meu Pão, and modernized distribution centers.

What stands out is the strategy. While big competitors focus on traditional urban centers, he mastered less explored markets in the North and Northeast. A hybrid model, vertical integration, disciplined expansion—all while maintaining financial control.

The IPO in 2020 was the recognition of all this. With R$ 9.9 billion in revenue in 2019, even during the pandemic, he managed to raise funds to accelerate even more. Strategic partnerships such as MateusCard with Bradesco also strengthened the customer base.

His fortune was estimated at around US$ 1.7 billion in 2022 by Forbes. This reflects the appreciation of GMAT3 shares, continuous operational growth, and expansion that never stopped. For investors, it’s an interesting case of how well-structured regional companies can create real value.

Of course, there are risks—geographic concentration, retail margins that are always under pressure, and sensitivity to consumption from the middle and lower classes. But the resilience of the model is evident.

The story of Ilson Mateus, owner of Mix Mateus and the Grupo Mateus as a whole, is a case study in genuine entrepreneurship. From a grocery store in the interior of Maranhão to a billion-dollar IPO—this isn’t luck; it’s strategic vision and execution. It’s worth keeping an eye on how GMAT3 continues to evolve.