SAO PAULO (Bloomberg) — Bermuda-based GP Investments Ltd., Latin America's largest private equity fund, agreed to buy a stake in Hypermarcas SA of Brazil as part of deal involving a local pharmaceuticals maker.

GP will receive half of 39.72 million new shares that Hypermarcas will issue as part of the agreement and will share control of the maker of cleaning, hygiene, medical and food products, according to a filing today with the Brazilian securities regulator.

Hypermarcas will own all shares of Laboratorio Americano de Farmacoterapia SA, or Farmasa, the filing said. Farmasa is partly controlled by GP Investments.