L Catterton
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1989[1] |
| Founder |
|
| Headquarters | Greenwich, Connecticut, U.S. |
Number of locations | 17 offices (worldwide) |
Key people |
|
| Products | |
| AUM | US$33 billion (2023)[2] |
| Website | lcatterton.com |
L Catterton is an American multinational private equity firm. Founded in Greenwich, Connecticut in 1989, the fund has made over 250 investments in brands across all segments of the consumer industry.[3] The firm is led by co-CEOs J. Michael Chu and Scott Dahnke.[4] Originally Catterton Partners, the fund merged with Bernard Arnault's family office and LVMH in 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 and J. Michael Chu, along with former U.S. Secretary of the Treasury William E. Simon.[5] Between 1992 and 2002, the company invested in well-known consumer brands including P. F. Chang's, Odwalla, and Baja 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 including Peloton, Build-A-Bear Workshop, Ferrara Candy Company, Outback Steakhouse, Restoration Hardware, Wellness Pet Company, and Kettle 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 included Vroom, Sweaty Betty, Il Makiage, Sweet Leaf Tea Company, Tula and Pong 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 include Cholula Hot Sauce and NotCo.[19][20]
2016–present
[edit]In January 2016, Catterton, LVMH, and Financière Agache (previously Groupe Arnault), the family holding company of Bernard 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 International listed 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 on menopause health founded by actress Naomi Watts.[26]
Investments
[edit]The firm has backed several notable investments, including Birkenstock,[27] Jio Platform, Ainsworth Pet Nutrition,[28] Peloton,[29] Nature's Variety,[30] Pinarello,[31] Freetrade,[32] the Miami Design District,[33] Cover FX,[34] and Ginza 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. Retrieved 23 April 2019.
- ^ "L Catterton".
- ^ "L Catterton Asia Signs Definitive Agreement For $360 Mn Continuation Fund".
- ^ a b Why 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.
- ^ a b "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 firm Snack 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. ISSN 0362-4331. Retrieved 2017-02-10.
- ^ "L Catterton and LVMH Relationship".
- ^ "PEI 300 full report". 3 June 2024.
- ^ L Catterton Seeks Nearly $7.8 Billion for New FundsThe Wall Street Journal
- ^ https://www.reuters.com/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. Retrieved 2024-08-02.
- ^ 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" (Press release).
- ^ "Peloton Receives 75 Million Growth Capital Investment from Catterton" (Press release).
- ^ 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. Retrieved 23 March 2021.
- ^ "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".