Fashion

Birkenstock to be acquired by L Catterton


Birkenstock to be acquired by L Catterton

Birkenstock is on its way to having a new owner. The shoe company is set to be acquired by LVMH-backed private equity firm L Catterton. A deal is expected to be announced potentially within the next week. The transaction could be valued at roughly 4.9 billion dollars. The news was reported by Bloomberg.

L Catterton has been in competition with buyout firm CVC Capital Partners to acquire Birkenstock. CVC was close to closing a deal earlier this year. The family-owned Birkenstock decided that L Catterton was better suited to acquire the brand given their track record with family-backed consumer brands and Asian expansion.

While nothing has been inked yet, things are looking favorable for L Catterton to acquire the German shoe company, which is most famous for their sandals. The brand is over 250-years-old. In addition to sandals, they also sell belts, bags, and beds.

L Catterton has been working on expanding its portfolio, which includes Pepe Jeans, Sweaty Betty, Bliss, and Everlane. The company began in 2016 as a joint venture between investment firm Catterton and LVMH billionaire founder Bernard Arnault. They now manage 23 billion dollars in assets.

photo: via birkenstock.com



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