Havaianas acquires 30 percent stake in Osklen

SP Alpargatas Group, the maker of Havainas, has acquired a 30 percent stake in Brazilian sportswear apparel maker Osklen, as Oskar Metsavaht, the label’s founder and creative director, announced during the weekend.  This has not been a

short negotiation, as both parties have in talks since January. After long negotiations, which have included also the likes of LVMH and PPR, the Brazilian brand, founded and previously owned by Oskar Metsavaht, has sold a stake to by SP Alpargatas Group, owner of footwear brand Havaianas.

SP Alpargatas, a subsidiary of the Camargo Correa industrial group, has paid 33 million dollars (67.5 million Brazilian real) for the stake in the athletic apparel brand. Osklen overall value is estimated to be somewhere near 110 million dollars.

As reported by 'Glamurama', the acquisition will take two differentiated steps: first Metsavaht will receive a personal payment in order to close his business. Then, the second payment will be made and will be up to 13 times the EBITDA generated in the period. The liquid debt has to be discounted, although neither of the parties involved have disclosed that amount.

Once the second payment is done, Sao Paulo Alpargatas Group will be given the possibility to buy a further 30 percent stake in the brand for 33 million, the same amount of the first purchase. They have 60 days to decide whether to take or not that second stake in Metsavath’s brainchild.

Metsavaht will remain as a member of the creative team, focused on Osklen's globalization, SP Alpargatas advanced in a statement.