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Gávea Buys 5% in Brazilian Clothing Brand, Hering

August 21, 2015

(Veja.com) Gávea has acquired a 5.3% stake in Brazilian clothing brand Hering via a PIPE transaction.

A Gávea Investimentos, a gestora comandada por Arminio Fraga, acaba de comprar 5,3% da Cia. Hering na Bolsa num momento em que a ação negocia no preço mais baixo dos últimos cinco anos.Armínio Fraga
A preços de hoje, a participação vale 120 milhões de reais, mas uma fonte familiarizada com os planos da gestora disse que a Gávea pretende chegar a uma posição de 10% na empresa.

O investimento foi feito pelo braço de private equity da Gávea, já que a área de investimento em Bolsa ficou com o JP Morgan como parte do processo de recompra da participação do banco americano.

Por definição, fundos de private equity servem para aportar capital e inteligência a empresas que ainda não estão na Bolsa. No entanto, quando surgem oportunidades em empresas listadas, eles adotam uma estratégia conhecida como PIPE (do inglês ‘private investment in public equities’): o fundo compra um pedaço da empresa (a preços que acredita ser uma barganha) e mantém as ações por muitos anos.

O investimento na Hering parece ter sido o primeiro com capital do Gávea V, o quinto fundo de private equity levantado pela gestora, que tem 1,1 bilhão de dólares para aplicar nos próximos anos.

A Hering, cuja ação tem sofrido com problemas de execução e queda em suas vendas e margens, vale hoje 2,2 bilhões de reais na Bovespa. Sua ação negocia a cerca de 8 vezes seu lucro estimado para 2016.

A entrada da Gávea vitaminou a ação, que subiu 24% nas últimas semanas e fechou ontem a 13,60 reais, depois de bater na mínima de 10,90 reais em 4 de agosto. (Há um ano, o papel negociava a 26,60 reais).

Se a Gávea chegar a 10% da Hering, é muito provável que indique um conselheiro para a empresa. Neste caso, o nome interno mais óbvio seria Marcos Pinto, hoje um dos sócios mais sêniores da gestora e encarregado da área de private equity.

A Hering é o quarto PIPE feito pela Gávea, que também já investiu nas Lojas Americanas, na empresa de celulose Fibria, e na Cosan Limited. Em todos estes, a Gávea tem (ou teve) um representante no conselho.
No mês passado, especulamos aqui que a Hering poderia se tornar alvo de uma aquisição, com muita gente apostando que outra gestora — a Tarpon — poderia fazer o tipo de investimento que a Gávea está fazendo agora.

Gávea Buys 5% in Brazilian Clothing Brand, Hering was last modified: December 15th, 2015 by Editor
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