Catterton, LVMH, Arnault merge PE operations to create L Catterton

Expected to launch in early 2016, L Catterton will be co-owned by its partners, who will control a 60% stake, and LVMH and Groupe Arnault, which will keep the remaining 40%. 

The new private equity house will incorporate Catterton's $5.5bn in managed assets and the respective €1bn and $500m managed by LVMH's private equity and real estate arms L Capital and L Real Estate. Together with Groupe Arnault's assets, the group is aiming to take its portfolio past the $12bn mark once fundraising for new vehicles concludes.

According to its founders, L Catterton will seek buyout and growth deals within the consumer space across North America, Europe, Asia and Latin America.

At a combined 120 professionals, each region will be overseen by a dedicated team working from one of the group's 17 offices; worldwide headquarters will be set up in both London and Greenwich, Connecticut. The firm will be headed by Catterton managing partners and global co-CEOs J Michael Chu and Scott Dahnke.

The vehicle's consumer focus mirrors that of L Capital, a private equity firm set up by LMVH and Groupe Arnault to back companies from the home equipment, beauty and well-being, personal equipment and selective retailing segments.

Since being founded in Paris in 2001, the GP has successively set up shop in Milan, Madrid and London as it raised three separate funds: L Capital 1 (€264m, 2001), L Capital 2 (€326m, 2005) and L Capital 3 (€400m, 2012).

Since inception, the firm has invested an average of €15-60m in 28 portfolio companies where revenues sit in the €30-300m range.

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