L Catterton

Last updated
L Catterton
Company type Private
IndustryFinancial services
Founded1989;35 years ago (1989) [1]
Founder
Headquarters Greenwich, Connecticut, U.S.
Number of locations
17 offices (worldwide)
Key people
  • J. Michael Chu
  • Scott Dahnke
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.

Contents

History

Founding & early history

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

Catterton Partners logo, 2015 Catterton Partners logo.png
Catterton Partners logo, 2015

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 and Tula. [12] [13] [14] [15] [16] In 2013, the firm launched its Latin America fund targeting investments in Latin American middle market growth companies. [17] Notable investments in the Latin America strategy include Cholula Hot Sauce and NotCo. [18] [19]

2016-present

In January 2016, Catterton, LVMH, and Financière Agache (previously Groupe Arnault), the family holding company of Bernard Arnault, partnered to create L Catterton. [20] 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. [21] 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. [22]

In 2020, L Catterton raised over $5b for its ninth buyout fund and over $950m for its fourth growth fund. [23]

Investments

The firm has backed several notable investments, including Birkenstock, [24] Indian tech giant Jio Platform, Ainsworth Pet Nutrition, [25] Peloton, [26] Nature's Variety, [27] Pinarello, [28] Freetrade, [29] the Miami Design District, [30] Cover FX, [31] and Ginza Six. [32]

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References

  1. ↑ 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.
  2. ↑ "L Catterton".
  3. ↑ "L Catterton Asia Signs Definitive Agreement For $360 Mn Continuation Fund".
  4. 1 2 Why A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise Line Forbes
  5. ↑ Taylor, Alexander L. "Buyout Binge". TIME magazine, Jul. 16, 1984.
  6. ↑ Investor Group to Take Control of Baja Fresh Los Angeles Times
  7. ↑ Jains, Amanda (2007-11-08). "Catterton to pay $267m for specialty retailer Restoration Hardware" . Private Equity International .
  8. 1 2 "Catterton May Have Two Funds To Raise]Buyouts Inside" . Buyout Insider. 2012-03-26.
  9. ↑ Consumer-focused PE firm L Catterton raises $3.71b for ninth fund DealStreetAsia
  10. ↑ Kodiak Cakes acquired by L Catterton, a private equity firm Snack Food & Wholesale Bakery
  11. ↑ Consumer-focused PE firm L Catterton raises $3.71b for ninth fund The Wall Street Journal
  12. ↑ Online Used Car Retailer Vroom Announces $254 Million Series H Funding Round Business Wire
  13. ↑ Fitness Retailer Sweaty Betty to Prepare $524 Million Sale The Business of Fashion
  14. ↑ L Catterton-Backed Beauty Business Valued at $1.5 Billion by New Investors The Wall Street Journal
  15. ↑ L Catterton-Backed Catterton Swallows Stake in Sweet Leaf The New York Times
  16. ↑ L Catterton Backs Skin-Care Brand TULA The Wall Street Journal
  17. ↑ Catterton Taps Former Executives of Eton Park to Run Latin America Fund The Wall Street Journal
  18. ↑ L Catterton to buy Jose Cuervo-backed hot sauce brand Cholula Reuters
  19. ↑ Brazil's Petlove raises $150M from Riverwood, SoftBank to sell pet products and services online TechCrunch
  20. ↑ 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.
  21. ↑ "L Catterton and LVMH Relationship".
  22. ↑ "PEI 300 full report".
  23. ↑ L Catterton Seeks Nearly $7.8 Billion for New Funds The Wall Street Journal
  24. ↑ LVMH-Backed L Catterton Buys Iconic Sandal Maker Birkenstock Bloomberg L.P.
  25. ↑ "L Catterton and the Lang Gamily to Sell Ainsworth Pet Nutrition to the JM Smucker Company".
  26. ↑ "Peloton Receives 75 Million Growth Capital Investment from Catterton".
  27. ↑ Or, Amy (11 May 2016). "L Catterton Scores 6.5 Times Return in Sales of Nature's Variety". Wall Street Journal.
  28. ↑ L Catterton closes on investment in Pinarello Holding Bicycle Retailer and Industry News
  29. ↑ "Investment platform Freetrade raises £50m as homebound customers fuel revenue surge". Sky News . Retrieved 23 March 2021.
  30. ↑ "Design of the Times Showcasing Miami's Cutting Edge Design District".
  31. ↑ Sandler, Emma (July 23, 2020). "Cover FX tests new launch strategy with latest products".
  32. ↑ "Ginza Six a New Template of Luxury Opens in Tokyo".
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