Lisa Marie Segarra
July 13, 2017 12:36 PM
This story originally appeared on Fortune

J&F Investimentos, the holding company for one of Brazil’s richest families, has sold its controlling stake in the company that makes Havaianas flip-flops for $1.1 billion dollars.

São Paulo-based Alpargatas, whose Havaianas footwear is worn by celebrities from Blake Lively to Jennifer Aniston, was sold to the investment firms of other members of Brazil’s business elite, Reuters reported, citing securities filings. Alpargatas works with the Havaianas, Dupe, Topper, and Mizuno brands, among others.

The proceeds will allow the Batista family, which controls J&F, to pay down debts which – as of last month – include a $3.2 billion fine linked to a corruption probe.

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Cambuhy Investimentos Ltda., Itaúsa Investimentos and the fund Brasil Warrant will split J&F’s 86 percent stake in Alpargatas, according to Reuters.

Itaúsa oversees the fortune of Brazil’s Villela and Setubal families, who control Latin America’s largest bank by assets, Itaú Unibanco Holding. Cambuhy is the asset management office of the Moreira Salles family, also a major Itaú shareholder.

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