L Catterton acquires Birkenstock

The GP’s affiliates, including Financière Agache (the family investment company of Bernard Arnault), are also participating in the acquisition, according to a statement.

Brothers Christian and Alex Birkenstock, as well as the company’s management, will also hold a stake in the business following the deal.

Following the investment, Birkenstock intends to continue its international growth, citing India and China as potential markets in a statement. It also aims to expand its production, logistics and sales operations, as well as investing in its e-commerce capabilities.

L Catterton is currently deploying equity via L Catterton IX, which held a final close in August 2020 on more than $3.7bn, according to Unquote Data. The GP generally invests $60-500m per deal, targeting high-growth mid-market companies in the consumer goods, food and beverage and retail sectors.

Bloomberg reported in January 2021 that Birkenstock was in advances sale discussions with CVC. The company was expected to fetch a price tag of more than €4bn. Also in January, The Financial Times reported that Permira was also involved in the sale process.

Company
Birkenstock traces its roots back to 1774 and has traditionally been family-owned and family-run. In 2012, CEOs Oliver Reichert and Markus Bensberg were appointed to head the business. The company has posted double-digit yearly sales growth since then, Birkenstock said in a statement. It generated revenues of €721.5m in the year to September 2019.

People
Birkenstock – Oliver Reichert (CEO).
L Catterton – Michael Chu (co-CEO).

Advisers
Vendor – Goldman Sachs (corporate finance).

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