Alpargatas to Buy Minority Stake in Digital-First Sustainable Footwear Brand Rothy's.
MANews-(C)2009-2021
Brazil-based lifestyle brand Alpargatas S.A., a specialist in open footwear and owner of the Havaianas "love brand," will make a strategic investment San Francisco digital first sustainable footwear brand Rothy's Inc., the company said.
The transaction advances Alpargatas as a global powerhouse of desired and hyperconnected brands and positions Rothy's to accelerate its brand and retail expansion strategy as well as increase its factory operations and further drive sustainable innovation.
Under the terms of the agreement, Alpargatas will acquire 49.9% of Rothy's in a two-step transaction.
This will include an investment of USD 200m in primary capital followed by an offering to acquire approximately USD 275m of Rothy's shares from current stockholders, resulting in a post-investment valuation of USD 1bn.
Rothy's co-founders Stephen Hawthornthwaite and Roth Martin will maintain a significant equity stake in the business and continue to oversee operations.
The agreement provides Alpargatas with a call option to acquire the additional Rothy's shares from selling stockholders between the first anniversary and fourth anniversary of the initial transaction.
The partnership brings together two vertically-integrated leaders and innovators in the footwear industry with international manufacturing capacity and a shared commitment to social and environmental responsibility.
Alpargatas owns and operates six factories in Brazil, while Rothy's owns and operates a 300,000 sq. ft factory in Dongguan, China.
Founded in 2012, Rothy's co-founders Hawthornthwaite and...
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