L Catterton dilutes its stake in Birkenstock
L Catterton makes money with BirkenstocksThe private equity firm, through an affiliated entity, has sold a block of shares in the German brand listed on Wall Street for a total of $756 million.
In detail, unit holders sold 14 million shares at $54 each, a discount of 9.7% compared to the closing price of $59.78 each on Monday, when the agreement. In this way, L Catterton diluted its stake from 81.1% to 73.2% of the capital.
At the time of the announcement, the company’s co-CEO, Michael Chustated that L Catterton will in any case remain strongly committed to Birkenstocksserving as a long-term partner, as he is “deeply convinced of the company’s growth story.” Birkenstock will not sell any shares in the offering and will not receive any proceeds from the sale by L Catterton, the footwear brand said in a statement.
In Bagthe title of Birkenstock it has fallen 11.06% in the last five days. Note, however, the good performance over the month (+10.41%).
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