Gávea, Apax eyeing stake in Brazil's Alpargatas, sources say

viernes 6 de noviembre de 2015 01:01 GYT
 

By Tatiana Bautzer

SAO PAULO Nov 6 (Reuters) - Private equity firms Gávea Investimentos Ltda and Apax Partners LLC are interested in the 44.1 percent stake that Brazilian conglomerate Camargo Correa SA has in apparel and footwear maker Alpargatas SA, three sources with direct knowledge of the situation said.

Camargo Correa, an engineering firm with investments in cement, toll road and electricity companies, hired Goldman Sachs Group Inc and Banco Bradesco BBI to manage the process, said two of the sources, who requested anonymity because the process remains private.

Apart from Rio de Janeiro-based Gávea and Apax, other buyout firms eyeing the Alpargatas stake include Carlyle Group LP and KKR & Co LP, the same sources added. Another interested party is Brazil's Grendene SA, a rival footmaker controlled by the namesake family, they said.

Camargo Correa's stake in Alpargatas is worth around 1.86 billion reais ($492 million) at current market prices. Both Goldman and Bradesco expect to receive binding offers in the coming weeks, the same sources added.

Gávea and Apax declined to comment. A spokeswoman for Grendene said that the company "is always looking for opportunities in the segments it operates."

Carlyle and KKR did not have an immediate comment.

Shares of Alpargatas have rallied 25 percent since Oct. 5, when the company said that Camargo Correa was considering a potential sale of the Alpargatas stake. Preferred shares in Alpargatas shed 0.6 percent to 8.48 reais on Thursday.

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