 | |
| 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.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 & 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
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]
References
- ^ 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 Line Forbes
- ^ Taylor, Alexander L. " Buyout Binge". TIME magazine, Jul. 16, 1984.
- ^ Investor Group to Take Control of Baja Fresh Los 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 fund DealStreetAsia
- ^ 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 fund The Wall Street Journal
- ^ Online Used Car Retailer Vroom Announces $254 Million Series H Funding Round Business 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 Investors The Wall Street Journal
- ^ L Catterton-Backed Catterton Swallows Stake in Sweet Leaf The New York Times
- ^ L Catterton Backs Skin-Care Brand TULA The Wall Street Journal
- ^ Catterton Taps Former Executives of Eton Park to Run Latin America Fund The Wall Street Journal
- ^ L Catterton to buy Jose Cuervo-backed hot sauce brand Cholula Reuters
- ^ Brazil's Petlove raises $150M from Riverwood, SoftBank to sell pet products and services online TechCrunch
- ^ 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".
- ^ L Catterton Seeks Nearly $7.8 Billion for New Funds The Wall Street Journal
- ^ LVMH-Backed L Catterton Buys Iconic Sandal Maker Birkenstock Bloomberg 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. 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".