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Havaianas Maker Alpargatas Might Receive Bids from Cambuhy and GP

Cambuhy Investimentos Ltda and GP Investments Ltd. are reportedly considering bids for Brazil’s Alpargatas, the parent company of Havaianas flip flops, according to a Reuters report on Friday.

According to Reuters’ sources, the controlling shareholders are already working on a sale. Meanwhile, Cambuhy is interested in bidding for the 86 percent stake that Brazil’s billionaire Batista family has in Alpargatas.

One of the biggest Latin American buyout firms, GP Investments, and a group of shareholders from Brazilian cosmetic maker Grupo Boticario also expressed respective interests in the company.

The sale of Alpargatas comes after the Batista family purchased the company in 2015, as a step towards asset divestitures to raise money and help the family pay for a 10.3 billion reais, or $3.1 billion, leniency fine with prosecutors in Brazil in consequence of the Batista’s admitting bribing politicians. The fine is the world’s biggest to date.

The holding company in charge of the Batista family’s investments, J&F Investimentos SA has yet to comment on the matter.