L Catterton raises 756 million dollars in sale of Birkenstock shares

An entity affiliated with investment firm L Catterton has raised a total of 756 million dollars in the sale of 14 million ordinary shares linked to footwear specialist Birkenstock.

BK LC Lux MidCo, which oversees 9.9 million shares, and employees of the Birkenstock Group, who hold power over 4.1 million shares, are to take part in the secondary public offering, with a price set at 54 dollars per share.

In line with the offering, MidCo has granted a 30-day option to purchase up to 2.1 million additional ordinary shares, while Birkenstock itself is not participating in this procedure and will therefore not receive any proceeds from the sale of the shares by MidCo.

The closing of the offering is expected to take place on June 28, 2024.

Birkenstock announced this latest public offering earlier in the week, with its CEO, Oliver Reichert, stating that the move was “supported by the positive outlook and strong performance of [the] business”.

Following the completion of the proposed offering, L Catterton will own around 73.2 percent of the company’s outstanding common stock.

At the time of the announcement, the firm’s global co-CEO, Micheal Chu, said that L Catterton would remain strongly committed to Birkenstock while serving as long-term partners “deeply convinced of the company’s growth story”.