L Catterton
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1989[1] |
| Founder |
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| Headquarters | Greenwich, Connecticut,U.S. |
Number of locations | 17 offices (worldwide) |
Key people |
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| Products | |
| AUM | US$33 billion (2023)[2] |
| Website | lcatterton |
L Cattertonis an American multinationalprivate equityfirm. Founded inGreenwich, Connecticutin 1989, the fund has made over 250 investments in brands across all segments of the consumer industry.[3]The firm is led by co-CEOsJ. Michael Chuand Scott Dahnke.[4]Originally Catterton Partners, the fund merged withBernard Arnault's family office andLVMHin 2016 to create L Catterton.
History
[edit]Founding and early history
[edit]Catterton was founded in 1989 as Catterton-Simon Partners by Carl Frischkorn (Catterton Family), his accountant Frank Vest andJ. Michael Chu,along with former U.S. Secretary of the TreasuryWilliam E. Simon.[5]Between 1992 and 2002, the company invested in well-known consumer brands includingP. F. Chang's,Odwalla,andBaja Fresh.[6][7]In 2001, the firm changed its name to Catterton Partners.[8][needs update]
2002–2016
[edit]
Between 2002 and 2016, Catterton completed investments in numerous consumer growth businesses includingPeloton,Build-A-Bear Workshop,Ferrara Candy Company,Outback Steakhouse,Restoration Hardware,Wellness Pet Company,andKettle Foods.[9][10][11]
In 2003, Scott Dahnke joined the firm as a co-Managing Partner.[4]In 2008, the firm launched its first growth fund targeting investments in early to late-stage growth companies.[8]These investments includedVroom,Sweaty Betty,Il Makiage,Sweet Leaf Tea Company,Tula andPong Research.[12][13][14][15][16][17]In 2013, the firm launched its Latin America fund targeting investments in Latin American middle market growth companies.[18]Notable investments in the Latin America strategy includeCholula Hot SauceandNotCo.[19][20]
2016–present
[edit]In January 2016, Catterton,LVMH,and Financière Agache (previously Groupe Arnault), the family holding company ofBernard Arnault,partnered to create L Catterton.[21]The partnership combined Catterton's existing North American and Latin American private equity operations with LVMH and Groupe Arnault's pre-existing European and Asian private equity and real estate operations. The merged firm is now called L Catterton and invests globally from six fund platforms: L Catterton Flagship Buyout, L Catterton North American Growth, L Catterton Latin America, L Catterton Europe, L Catterton Asia, and L Catterton Real Estate.[22]In May 2021,Private Equity Internationallisted L Catterton as the 32nd largest private equity firm in the world based on capital raised over the prior five years.[23]
In 2020, L Catterton raised over $5 billion for its ninth buyout fund and over $950m for its fourth growth fund.[24]
In April 2024, the company bought a majority stake in the makeup retailer Kiko Milano.[25]In June 2024, it acquired Stripes, a beauty and wellness brand focused onmenopausehealth founded by actressNaomi Watts.[26]
Investments
[edit]The firm has backed several notable investments, includingBirkenstock,[27]Jio Platform,Ainsworth Pet Nutrition,[28]Peloton,[29]Nature's Variety,[30]Pinarello,[31]Freetrade,[32]theMiami Design District,[33]Cover FX,[34]andGinza Six.[35]
References
[edit]- ^Picker, Leslie (5 January 2016)."LVMH's Private Equity Arm to Merge With Catterton".New York Times.No. DealBook. United States. The New York Times Company. p. B3.Retrieved23 April2019.
- ^"L Catterton".
- ^"L Catterton Asia Signs Definitive Agreement For $360 Mn Continuation Fund".
- ^abWhy A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise LineForbes
- ^Taylor, Alexander L. "Buyout Binge".TIME magazine,Jul. 16, 1984.
- ^Investor Group to Take Control of Baja FreshLos Angeles Times
- ^Jains, Amanda (2007-11-08)."Catterton to pay $267m for specialty retailer Restoration Hardware".Private Equity International.
- ^ab"Catterton May Have Two Funds To Raise]Buyouts Inside ".Buyout Insider.2012-03-26.
- ^Consumer-focused PE firm L Catterton raises $3.71b for ninth fundDealStreetAsia
- ^Kodiak Cakes acquired by L Catterton, a private equity firmSnack Food & Wholesale Bakery
- ^Consumer-focused PE firm L Catterton raises $3.71b for ninth fundThe Wall Street Journal
- ^"Pong Research Receives Investment From Leading Consumer-Focused Private Equity Firm Catterton".L Catterton. 2011-08-16.
- ^Online Used Car Retailer Vroom Announces $254 Million Series H Funding RoundBusiness Wire
- ^Fitness Retailer Sweaty Betty to Prepare $524 Million SaleThe Business of Fashion
- ^L Catterton-Backed Beauty Business Valued at $1.5 Billion by New InvestorsThe Wall Street Journal
- ^L Catterton-Backed Catterton Swallows Stake in Sweet LeafThe New York Times
- ^L Catterton Backs Skin-Care Brand TULAThe Wall Street Journal
- ^Catterton Taps Former Executives of Eton Park to Run Latin America FundThe Wall Street Journal
- ^L Catterton to buy Jose Cuervo-backed hot sauce brand CholulaReuters
- ^Brazil's Petlove raises $150M from Riverwood, SoftBank to sell pet products and services onlineTechCrunch
- ^Picker, Leslie (2016-01-05)."LVMH's Private Equity Arm to Merge With Catterton".The New York Times.ISSN0362-4331.Retrieved2017-02-10.
- ^"L Catterton and LVMH Relationship".
- ^"PEI 300 full report".
- ^L Catterton Seeks Nearly $7.8 Billion for New FundsThe Wall Street Journal
- ^https:// reuters /markets/deals/l-catterton-buys-italian-accessible-make-up-brand-kiko-2024-04-26/[bare URL]
- ^Segran, Elizabeth (2024-06-24)."Naomi Watts' menopause brand, Stripes Beauty, is acquired by LVMH-backed L Catterton".Fast Company.Retrieved2024-08-02.
- ^LVMH-Backed L Catterton Buys Iconic Sandal Maker BirkenstockBloomberg L.P.
- ^"L Catterton and the Lang Gamily to Sell Ainsworth Pet Nutrition to the JM Smucker Company".
- ^"Peloton Receives 75 Million Growth Capital Investment from Catterton".
- ^Or, Amy (11 May 2016)."L Catterton Scores 6.5 Times Return in Sales of Nature's Variety".Wall Street Journal.
- ^L Catterton closes on investment in Pinarello HoldingBicycle Retailer and Industry News
- ^"Investment platform Freetrade raises £50m as homebound customers fuel revenue surge".Sky News.Retrieved23 March2021.
- ^"Design of the Times Showcasing Miami's Cutting Edge Design District".
- ^Sandler, Emma (July 23, 2020)."Cover FX tests new launch strategy with latest products".
- ^"Ginza Six a New Template of Luxury Opens in Tokyo".