L Catterton

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L Catterton
Private
Industry Financial services
Founded 1989; 36 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.

History

Founding and 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

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

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

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] Polène,[35] and Ginza Six.[36]

References

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External links

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  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ 4.0 4.1 Why A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise LineForbes
  5. ↑ Taylor, Alexander L. "Buyout Binge". TIME magazine, Jul. 16, 1984.
  6. ↑ Investor Group to Take Control of Baja FreshLos Angeles Times
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ 8.0 8.1 Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Consumer-focused PE firm L Catterton raises $3.71b for ninth fundDealStreetAsia
  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 fundThe Wall Street Journal
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Online Used Car Retailer Vroom Announces $254 Million Series H Funding RoundBusiness Wire
  14. ↑ Fitness Retailer Sweaty Betty to Prepare $524 Million SaleThe Business of Fashion
  15. ↑ L Catterton-Backed Beauty Business Valued at $1.5 Billion by New InvestorsThe Wall Street Journal
  16. ↑ L Catterton-Backed Catterton Swallows Stake in Sweet LeafThe New York Times
  17. ↑ L Catterton Backs Skin-Care Brand TULAThe Wall Street Journal
  18. ↑ Catterton Taps Former Executives of Eton Park to Run Latin America FundThe Wall Street Journal
  19. ↑ L Catterton to buy Jose Cuervo-backed hot sauce brand CholulaReuters
  20. ↑ Brazil's Petlove raises $150M from Riverwood, SoftBank to sell pet products and services onlineTechCrunch
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ L Catterton Seeks Nearly $7.8 Billion for New FundsThe Wall Street Journal
  25. ↑ https://www.reuters.com/markets/deals/l-catterton-buys-italian-accessible-make-up-brand-kiko-2024-04-26/[bare URL]
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ LVMH-Backed L Catterton Buys Iconic Sandal Maker BirkenstockBloomberg L.P.
  28. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  31. ↑ L Catterton closes on investment in Pinarello HoldingBicycle Retailer and Industry News
  32. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  33. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  34. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  35. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  36. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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