#Brazil
Brazil’s Grendene Seals Joint Venture with 3G-Capital
Grendene of Gisele Bundchen’s Ipanema sandals teams up with João Paulo Lemann of 3G-Capital
[updated Nov 14, 2021]
Brazil’s Grendene S/A (B3:GRND3), the top competitor of Alpargatas S.A. (B3: ALPA3.SA) known worldwide for its flip-flops, closes a joint venture agreement with 3G Capital
Brazil’s Grendene S/A (B3:GRND3), the top competitor of Alpargatas S.A. (B3: ALPA3.SA) known worldwide for its flip-flops, closed a joint venture agreement with 3G-Capital of mega investors João Paulo Lemann, Alberto Sicupira and Marcel Telles, to distribute and market its products internationally. Shares jumped 8% on the news.
Grendene joint venture agreement with 3G-Capital has been structure so that the new venture will be controlled and managed by 3G Radar, which will hold 50.1% of the JV’s equity and appoint 3 members of its five-member board seats. Each party will contribute $50 million to Grendene Global Brands Limited based in the UK.
According to sources familiar to the deal, the agreement was sealed at the eleventh-hour on Friday, as a previous memo of understanding called for the closing of the deal in 90 days which expired on Oct. 15.
The Grendene joint venture agreement with 3G-Capital will bring to the company the opportunity to expand its worldwide distribution channel and brand recognition in hopes to catch up with Alpargata’s.
Grendene S/A’s brands became internationally known with the signing of world-star-supermodel, philanthropist and environmental activist Gisele Bundchen for the launch and follow-on campaign of its Ipanema flip-flop sandals.
The Esquires
A cross-border topnotch teams of law firms advised the deal.
Pinheiro Guimarães Advogados acted as legal counsel to Grendene S/A. The firm’s deal team was led by partners Marcelo Lamy Rego and Bernardo Bulhões-Arieira and associates Bernardo Romano Teixeira, Marcia Lamarão and Julia Machado Barreto (picture). Pinheiro Guimarães Advogados is a full service firm highly regarded in the specialties of banking, financing, M&A and Venture Capital.
BMA – Barbosa Müssnich Aragão, Linklaters and Herbert Smith Freehills also participated in the deal.
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