Owner of Trifil wants to sell company to Lupo, say sources

Sao Paulo-the private equity group Carlyle Group is in talks to sell its stake in the manufacturer of intimate Scalina fashion, following a series of mishaps that led to a restructuring of debt, said three sources with knowledge of the matter.
According to two sources, who spoke on condition of anonymity, the Carlyle and its partners on the owner of the famous lingerie brand Trifil, including the millionaire Artur Grynbaum and family Heilberg, who founded the company, agreed to put the Scalina on sale after renegotiations with lenders.
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Under the terms of the plan, the funds obtained from the deal will be used to help pay portion of 160,000,000 reais in loans that the Scalina took by the Itaú Unibanco, Santander Brazil and Banco do Brazil, said the sources.
As part of the agreement, the banks will account for losses under the main debt, added the sources.
Representatives of the banks refused to comment, as well as Scalina, Carlyle, Grynbaum and Heilberg.
Carlyle, Grynbaum and Heilbergs, which are each about one-third of the Scalina, are in advanced talks to sell the company to the rival Lupo, said the sources.
The value of the deal and a series of contractual details are being negotiated, according to the sources. Lupo also wouldn''t comment.
The underwear of Scalina are sold in about 100 franchised stores of mark Scala, gifts in malls throughout the Brazil. The company employs more than 4,500 people and has three factories.
The Lupo, family-controlled, sells men''s and women''s underwear, as well as sports apparel and other accessories in over 300 shops.
In 2010, when Carlyle bought 51% of Scalina, the company''s revenue was growing at an annual rate of 20%.
But a year later, when the company''s retail strategy was wrecked, the private equity group allowed a new investor group under leadership of Grynbaum inject money in Scalina in Exchange for a minority stake in the company.
The Carlyle has been trying to sell the Scalina for three years, since the brazilian economy began to show signs of slowdown, said the sources heard by Reuters.