Havanna, maker of Argentina’s famed alfajor treats, explores unit sale

Havanna, maker of Argentina’s most famous brand of the dulce de leche-infused confections known as alfajores, is exploring a sale of its operations in Latin America, including Argentina.  

The company hired UBS BB Investment Bank “to analyse business alternatives,” Havanna said in a email statement to Bloomberg. 

Havanna started its business in the 1940s, in the coastal city of Mar del Plata, and is best known for its version of alfajores — biscuits sandwiched with dulce de leche and covered in chocolate. The treats are a symbol of Argentine cuisine and line the shelves of duty-free shops at the Buenos Aires airport.

The company has about 250 stores in Argentina and 230 abroad, in Brazil, Peru, Paraguay, Chile, Bolivia and Spain. It has also expanded distribution channels across the US, El Salvador and Colombia. Havanna reported total revenue last year of about US$170.3 million, but didn’t break out the Latin American portion of those sales. It’s valued at US$285 million on Argentina’s stock exchange.

UBS BB Investment Bank is a joint venture between UBS Group AG and Brazilian state-run lender Banco do Brasil SA in South America. UBS BB declined to comment.  

The hiring was previously reported by Valor Econômico newspaper.