L Catterton

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L Catterton
Company typePrivate
IndustryFinancial services
Founded1989; 37 years ago (1989)[1]
Founder
HeadquartersGreenwich, Connecticut, U.S.
Number of locations
17 offices (worldwide)
Key people
  • J. Michael Chu
  • Scott Dahnke
Products
AUMUS$33 billion (2023)[2]
Websitelcatterton.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.

In June 2024, L Catterton ranked 39th in Private Equity International's PEI 300 ranking among the world's largest private equity firms.[5]

History

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Founding and early history

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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.[6] Between 1992 and 2002, the company invested in well-known consumer brands including P. F. Chang's, Odwalla, and Baja Fresh.[7][8] In 2001, the firm changed its name to Catterton Partners.[9][needs update]

2002–2016

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File:Catterton Partners logo.png
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.[10][11][12]

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.[9] These investments included Vroom, Sweaty Betty, Il Makiage, Sweet Leaf Tea Company, Tula and Pong Research.[13][14][15][16][17][18] In 2013, the firm launched its Latin America fund targeting investments in Latin American middle market growth companies.[19] Notable investments in the Latin America strategy include Cholula Hot Sauce and NotCo.[20][21]

2016–present

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In January 2016, Catterton, LVMH, and Financière Agache (previously Groupe Arnault), the family holding company of Bernard Arnault, partnered to create L Catterton.[22] 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.[23] 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.[24]

In 2020, L Catterton raised over $5 billion for its ninth buyout fund and over $950m for its fourth growth fund.[25]

In April 2024, the company bought a majority stake in the makeup retailer Kiko Milano.[26] In June 2024, it acquired Stripes, a beauty and wellness brand focused on menopause health founded by actress Naomi Watts.[27]

In January 2025, L Catterton entered into a strategic partnership with Japanese premium fishing gear maker Megabass, aiming to expand Megabass's production and distribution network to respond to rising demand in Japan and the United States.[28]

Investments

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The firm has backed several notable investments, including Birkenstock,[29] Jio Platform, Ainsworth Pet Nutrition,[30] Peloton,[31] Nature's Variety,[32] Pinarello,[33] Freetrade,[34] the Miami Design District,[35] Cover FX,[36] Polène,[37] and Ginza Six.[38]

References

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  1. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  4. ^ a b Why A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise LineForbes
  5. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  6. ^ Taylor, Alexander L. "Buyout Binge". TIME magazine, Jul. 16, 1984.
  7. ^ Investor Group to Take Control of Baja FreshLos Angeles Times
  8. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  9. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  10. ^ Consumer-focused PE firm L Catterton raises $3.71b for ninth fundDealStreetAsia
  11. ^ Kodiak Cakes acquired by L Catterton, a private equity firm Snack Food & Wholesale Bakery
  12. ^ Consumer-focused PE firm L Catterton raises $3.71b for ninth fundThe Wall Street Journal
  13. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  14. ^ Online Used Car Retailer Vroom Announces $254 Million Series H Funding RoundBusiness Wire
  15. ^ Fitness Retailer Sweaty Betty to Prepare $524 Million SaleThe Business of Fashion
  16. ^ L Catterton-Backed Beauty Business Valued at $1.5 Billion by New InvestorsThe Wall Street Journal
  17. ^ L Catterton-Backed Catterton Swallows Stake in Sweet LeafThe New York Times
  18. ^ L Catterton Backs Skin-Care Brand TULAThe Wall Street Journal
  19. ^ Catterton Taps Former Executives of Eton Park to Run Latin America FundThe Wall Street Journal
  20. ^ L Catterton to buy Jose Cuervo-backed hot sauce brand CholulaReuters
  21. ^ Brazil's Petlove raises $150M from Riverwood, SoftBank to sell pet products and services onlineTechCrunch
  22. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  25. ^ L Catterton Seeks Nearly $7.8 Billion for New FundsThe Wall Street Journal
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  29. ^ LVMH-Backed L Catterton Buys Iconic Sandal Maker BirkenstockBloomberg L.P.
  30. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  33. ^ L Catterton closes on investment in Pinarello HoldingBicycle Retailer and Industry News
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