According to sources familiar with the situation, the private equity owners of German sandal manufacturer Birkenstock are considering a public offering that could happen as early as September.
The people said that if L Catterton goes ahead with the listing of Birkenstock, it could be worth more than $8bn.
A sale at this valuation would be a huge return for the private-equity firm backed by French luxury brand LVMH. LVMH has invested in brands such as Scandinavian fashion company Ganni, and fitness company ClassPass.
L Catterton would also complete the second list of its portfolio company in just a few months, at a moment when many private equity companies are struggling to cash-out.
Oddity Tech, a beauty products online retailer backed by L Catterton, raised over $400mn earlier this month when it listed on Nasdaq. Birkenstock may not go public until after September, according to one person.
Goldman Sachs & JPMorgan provide advice on the possible listing.
Birkenstock’s roots date back to 1774. In 2021, L Catterton purchased a majority stake of Birkenstock in a deal valued at €4bn. Two members of Birkenstock’s family still hold a small minority stake.
The company stated that the money would be spent on expanding its e-commerce business and pursuing growth in emerging markets like China and India.
Birkenstock is a company that employs around 3,000 people. The majority of their footwear is made in Germany. The company sells its sandals, as well as other footwear, in 90 countries around the world.
Bloomberg News reported earlier on Birkenstock’s IPO plans.
L Catterton is a private equity company formed by LVMH, Bernard Arnault’s holding company and Catterton in 2016.
Since then the firm has grown significantly and now manages around $30bn of assets.
L Catterton is also considering a public offering, it was reported last, following the footsteps of other companies, such as London-based Bridgepoint and Stockholm-based EQT, or New York-based Blue Owl.
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