L Catterton eyes $8bn Birkenstock IPO
Goldman Sachs and JP Morgan are appointed on the potential listing
Private equity owner L Catterton is reportedly considering launching an initial public offering of German sandal retailer Birkenstock as soon as September, according to Financial Times.
People familiar with the matter told the FT that L Catterton, who acquired a majority stake in Birkenstock in 2021, wants to value Birkenstock at $8bn (£6.23bn).
Goldman Sachs and JP Morgan are thought to have been appointed to assist on the potential listing.
The FT also stated that a sale at that price would result in a “hefty profit” for the private equity group backed by the French luxury fashion major LVMH and it would also complete the second listing of one of its portfolio companies in a matter of months.
However, one of the people said Birkenstock’s IPO may take place later than September.
In 2021, L Catterton bought a majority stake in a deal valuing Birkenstock at €4bn (£3.43bn). Two members of the Birkenstock family retain a minority share.
In 2016, the family holding business of Bernard Arnault and LVMH joined with the US private equity firm Catterton to become L Catterton and today it looks after almost $30bn (£23.4bn) worth of assets.