German comfort footwear brand Birkenstock is selling a majority stake to the American-French private equity firm L Catterton and Financière Agache, a holding company controlled by Bernard Arnault‘s Groupe Arnault.
Commenting on the deal, Arnault stated, “We truly appreciate brands with this long heritage. Together we will provide support to the business so it can fully realize its significant growth potential.”
While pricing of the transaction wasn’t provided, WWD reported in early February that the company was negotiating a deal with L Catterton valued at approximately four billion euros.
L Catterton is a spending mood as of late having recently invested $115 million in Savage X Fenty as part of a Series B round of fundraising.
Birkenstock was founded in 1774 by Johann Adam Birkenstock and stayed in the family until the sale to the investment firms by the brand’s owners Christian and Alex Birkenstock .
The Birkenstock brothers who continue to own a minority share, will stay on with the company.