Birkenstock share sale raises 756 million USD for L Catterton Group
LVMH-backed private equity firm and a group of Birkenstock employees have raised 756 million USD from the sale of a block of shares in the US-traded company. L Catterton will retain a 73% stake in the footwear brand
Holders sold 14 million shares at 54 each US dollars, a discount of 9.7% to the closing price of 59.78 US dollars per share on the day the deal was announced. Birkenstock shares rose to 54.63 US dollars each in after-hours trading.
As a result, L Catterton will retain a 73% stake in Birkenstock after the sale. The underwriters have an option to buy an additional 2.1 million shares from L Catterton.
The sale includes 9.9 million shares solely controlled by L Catterton and 4.1 million shares over which the private equity firm and certain executives and other employees have shared voting and dispositive power, according to a statement and filing.
The net proceeds from the sale of the shares will be used to pay the employees’ tax liabilities and outstanding loans. Birkenstock itself will not receive any proceeds.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading this sale, according to a regulatory filing.
Source: bloomberg.com
Image Credits: investopedia.com
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