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    ALPA4   BRALPAACNPR7

ALPARGATAS S.A.

(ALPA4)
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Alpargatas S.A. agreed to acquire an unknown minority stake in Rothy's, Inc.

12/20/2021 EDT

Alpargatas S.A. (BOVESPA:ALPA4) agreed to acquire an unknown minority stake in Rothy's, Inc on December 20, 2021. 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 $200 million in primary capital followed by an offering to acquire approximately $275 million of Rothy's shares from current stockholders, resulting in a post-investment valuation of $1 billion. Alpargatas will raise approximately $480 million through follow-on offering, use of the proceeds will be used for financing the transaction. 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. In connection with Alpargatas' investment, Funari and Stacey Brown, an independent member of Alpargatas' Board of Directors, will join the Rothy's board, which will expand to nine directors, including four seats for Alpargatas. Goldman Sachs & Co. LLC served as financial advisor and Cooley LLP served as legal counsel to Rothy's. Lazard served as financial advisor and Mayer Brown served as legal counsel to Alpargatas.


© S&P Capital IQ 2021
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Financials
Sales 2022 4 385 M 865 M 865 M
Net income 2022 692 M 136 M 136 M
Net cash 2022 86,0 M 17,0 M 17,0 M
P/E ratio 2022 20,9x
Yield 2022 1,01%
Capitalization 13 829 M 2 727 M 2 727 M
EV / Sales 2022 3,13x
EV / Sales 2023 2,75x
Nbr of Employees -
Free-Float 46,9%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 21,80 BRL
Average target price 41,00 BRL
Spread / Average Target 88,1%
EPS Revisions
Managers and Directors
Roberto Funari Chief Executive Officer & Director
Julian Garrido Del Val Neto CFO, Investor Relations & Strategy Officer
Jorge Luiz Viegas Ramalho Chief Technology Officer
Sílvio Tini de Araújo Director
Alfredo Egydio Setubal Director
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