L Catterton and Bernard Arnault’s family office to buy German footwear group

L Catterton, the private equity firm backed by Bernard Arnault’s LVMH, has agreed to buy the German footwear group Birkenstock in a deal that values the company at about €4 billion.

Financière Agache, Arnault’s family office, will also invest in the deal alongside L Catterton, a consumer-focused buyout group that has previously invested in the ecommerce group Everlane, the Peloton indoor cycling group and Build-A-Bear Workshop.

It said the company had a “record year” despite the coronavirus pandemic in which “many companies in the sector have suffered”. Financial results for 2020 have not yet been published, but a spokesman for the group said revenues in the year to September 2020 were in line with the €721.5 million it made the previous year, despite factory closures during lockdowns.

Read more at: The Irish Times

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