L Catterton Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, L Catterton Partners has acquired 10 companies. It has also invested in 23 others.

L Catterton Partners’ most common sectors for investment are consumer products (17%) and restaurants (14%). The Firm’s most common investment types include growth capital (43%) and buyout (lbo, mbo, mbi) (25%). In total, L Catterton Partners has invested in 24 US states and 20 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Bloomin Brands for $3.2B.

In the last 3 years, L Catterton Partners has exited 17 companies. The Firm’s most common exit type is trade sale (43%). L Catterton Partners’ largest (disclosed) exit occurred in 2018 when it sold Ainsworth Pet Nutrition for $1.9B.

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M&A Summary

  • M&A Total Activity229
    • M&A Buy Activity166
    • M&A Sell Activity63
  • Total Sectors Invested 30
  • Total Countries Invested 20
  • M&A Buy/Sell Connections 87
  • M&A Advisors 18

L Catterton Partners

599 West Putnam Avenue,
Greenwich, Connecticut 06830
United States
(203) 629-4901
www.lcatterton.com
info@lcatterton.com

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Beverages, Chemicals, Consumer Products, Consumer Services, Electronics, Food, Franchising, Furniture, Healthcare Services, Life Science, Manufacturing, Marketing, Media, Restaurants, Retail, Safety/Security

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE, Secondary Buyout, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 150
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (10.0/yr) # 116 17 10 9 10 4 166
vol $6.8B $650M $7.5B
Sell (4.6/yr) # 40 6 4 4 7 2 63
vol $691M $780M $1.9B $140M $800M $4.3B
  229

Most Recent M&A

Company Date Value Type
Kodiak Cakes LLC 2021-05-25 - Secondary Buyout
Park City, Utah · www.kodiakcakes.com
The Honest Co. Inc. 2021-05-04 - IPO
Los Angeles, California · www.honest.com
West Marine, Inc. 2021-04-14 - Secondary Buyout
Watsonville, California · www.westmarine.com
Triboo Digitale S.r.l. 2021-03-25 - Secondary Buyout
Milan, Italy · www.dondup.com
Birkenstock Digital GmbH 2021-02-26 - Buyout (LBO, MBO, MBI)
Novato, California · www.birkenstock.com
Just Over The Top (JOTT) 2021-01-28 - Buyout (LBO, MBO, MBI)
Marseille, France · www.justoverthetop.com
Inspired Pet Nutrition 2020-12-17 - Secondary Buyout
Thirsk, United Kingdom · www.ipn.co.uk
Truck Hero, Inc. 2020-12-08 - Secondary Buyout
Ann Arbor, Michigan · www.truck-hero.com
Function, Inc. 2020-12-02 - Growth Capital
Catawissa, Pennsylvania · www.functionofbeauty.com
Cholula Hot Sauce 2020-11-24 800M USD Add-on Acquisition
Jalisco, Mexico · www.cholula.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Del Frisco's Restaurant Group, Inc. 2019-06-24 Double Eagle Steak House 2019-09-25 2
Irving, Texas · www.dfrg.com Dunwoody, Georgia · www.delfriscos.com
Del Frisco's Restaurant Group, Inc. 2019-06-24 Del Frisco's Grilles 2019-09-25 1
Irving, Texas · www.dfrg.com New York, New York · www.delfriscosgrille.com
PHC Holdings Corp. 2013-09-27 Thermo Fisher Scientific, Inc. - Anatomical Pathology Business 2019-01-29 2
Tokyo, Japan · www.phchd.com Waltham, Massachusetts
Steiner Leisure Ltd. 2015-08-21 ELEMIS Ltd. 2019-01-13 1
Nassau, Bahamas · www.steinerleisure.com London, United Kingdom · www.elemis.com
Xponential Fitness LLC 2017-12-12 Pure Barre LLC 2018-10-26 4
Costa Mesa, California · www.xponential.com Denver, Colorado · www.purebarre.com
Healthy Food Holdings LLC 2004-01-01 Van's International Foods, Inc. (DBA Van's Natural Foods) 2014-05-15 1
Boulder, Colorado Phoenix,, Arizona · www.vansfoods.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 19 (19%) 925M (29%) 27 (16%) 975M (13%)
Restaurants 12 (12%) 650M (20%) 22 (13%) 3.9B (52%)
Food 11 (11%) - 21 (13%) 45M (1%)
Apparel/Textiles 15 (15%) - 18 (11%) -
Retail 6 (6%) - 11 (7%) 267M (4%)
Healthcare Services 7 (7%) - 10 (6%) 56M (1%)
Consumer Services 5 (5%) - 10 (6%) -
Beverages 3 (3%) - 6 (4%) -
Internet Software and Services 3 (3%) - 5 (3%) -
Technology Hardware 2 (2%) - 4 (2%) 480M (6%)
Marketing 1 (1%) - 4 (2%) 5M (< 1%)
Distribution 1 (1%) - 3 (2%) -
Safety/Security - - 2 (1%) 115M (2%)
Automotive 1 (1%) - 2 (1%) -
Business Services 2 (2%) - 2 (1%) -
E-Commerce 2 (2%) - 2 (1%) -
Information Technology 2 (2%) - 2 (1%) -
Manufacturing 1 (1%) - 2 (1%) -
Media 2 (2%) - 2 (1%) -
Medical Products 1 (1%) 1.7B (51%) 1 (1%) 1.7B (22%)
Agriculture 1 (1%) - 1 (1%) -
Chemicals - - 1 (1%) -
Digital Media - - 1 (1%) -
Electronics 1 (1%) - 1 (1%) -
Environmental - - 1 (1%) -
Franchising - - 1 (1%) -
Life Science - - 1 (1%) -
Marine 1 (1%) - 1 (1%) -
Packaging 1 (1%) - 1 (1%) -
Real Estate 1 (1%) - 1 (1%) -
Total 101 $3.2B 166 $7.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 50 (50%) 650M (20%) 105 (63%) 4.7B (63%)
  California 12 (12%) - 20 (12%) 267M (4%)
  New York 11 (11%) - 18 (11%) -
  Texas 6 (6%) 650M (20%) 11 (7%) 650M (9%)
  Colorado 2 (2%) - 8 (5%) 480M (6%)
  Pennsylvania 3 (3%) - 5 (3%) -
  Utah 2 (2%) - 4 (2%) -
  Arizona 2 (2%) - 4 (2%) -
  Florida - - 4 (2%) 3.3B (44%)
  Connecticut - - 4 (2%) -
  Ohio 3 (3%) - 3 (2%) -
  New Jersey 1 (1%) - 3 (2%) 5M (< 1%)
  Illinois 2 (2%) - 2 (1%) -
  Washington 1 (1%) - 2 (1%) -
  Virginia 1 (1%) - 2 (1%) -
  Oregon 1 (1%) - 2 (1%) -
  Michigan 1 (1%) - 2 (1%) -
  Wisconsin - - 2 (1%) -
  Minnesota - - 2 (1%) -
  Indiana - - 2 (1%) -
  Kansas 1 (1%) - 1 (1%) -
  District of Columbia 1 (1%) - 1 (1%) -
  Nebraska - - 1 (1%) 45M (1%)
  Missouri - - 1 (1%) -
  Massachusetts - - 1 (1%) -
Canada 5 (5%) - 7 (4%) 115M (2%)
  Ontario 2 (2%) - 3 (2%) -
  Quebec 2 (2%) - 2 (1%) -
  Alberta 1 (1%) - 2 (1%) 115M (2%)
Italy 5 (5%) - 7 (4%) 56M (1%)
China 6 (6%) - 6 (4%) -
Brazil 5 (5%) - 5 (3%) -
United Kingdom 4 (4%) - 5 (3%) -
India 3 (3%) - 4 (2%) -
Japan 3 (3%) 1.7B (51%) 3 (2%) 1.7B (22%)
Australia 3 (3%) - 3 (2%) -
Hong Kong 3 (3%) - 3 (2%) -
Denmark 2 (2%) - 3 (2%) -
Argentina 2 (2%) - 2 (1%) -
South Korea 2 (2%) - 2 (1%) -
Singapore 2 (2%) - 2 (1%) -
France 1 (1%) - 2 (1%) -
Spain 1 (1%) - 2 (1%) -
Mexico 1 (1%) - 2 (1%) -
Bahamas 1 (1%) 925M (29%) 1 (1%) 925M (12%)
Colombia 1 (1%) - 1 (1%) -
United Arab Emirates 1 (1%) - 1 (1%) -
Domestic 50 (50%) 650M (20%) 105 (63%) 4.7B (63%)
Cross-border 51 (50%) 2.6B (80%) 61 (37%) 2.8B (37%)
Total 101 $3.2B 166 $7.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 50 (50%) - 70 (42%) -
Buyout (LBO, MBO, MBI) 20 (20%) - 41 (25%) 581M (8%)
Secondary Buyout 10 (10%) - 15 (9%) -
Venture 7 (7%) - 14 (8%) 5M (< 1%)
Stake Purchase 7 (7%) - 10 (6%) -
Going Private 2 (2%) 1.6B (49%) 4 (2%) 5.0B (68%)
Divestiture 2 (2%) 1.7B (51%) 3 (2%) 1.7B (22%)
Recapitalization - - 3 (2%) 115M (2%)
PIPE 1 (1%) - 2 (1%) 50M (1%)
Special Situations/Distressed - - 2 (1%) -
Add-on Acquisition 1 (1%) - 1 (1%) -
Consolidation 1 (1%) - 1 (1%) -
Total 101 $3.2B 166 $7.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 18 (29%) 4.2B (98%)
Secondary Sale 14 (22%) 70M (2%)
Trade Sale 12 (19%) -
IPO 10 (16%) -
Bankruptcy 2 (3%) -
Merger 2 (3%) -
Sold to Management 2 (3%) -
Recapitalization 1 (2%) -
Sold to Existing Investors 1 (2%) -
Stake Sale 1 (2%) -
Total 63 $4.3B

Top M&A Advisors

Financial Deals
Jefferies LLC
 1
Duff & Phelps Corp.
 1
Alvarez & Marsal
 1
Legal Deals
Kirkland & Ellis LLP
 6
Finn Dixon & Herling LLP
 2
Zhong Lun Law Firm
 2

Deal Values

buy # Total
> $1B 2 $4.9B
$100M to $1B 5 $2.4B
< $100M 4 $156M
TOTAL $7.5B
Largest Bloomin' Brands, Inc.
$3.2B (2006-11-06)
sell # Total
> $1B 1 $1.9B
$100M to $1B 6 $2.3B
< $100M 2 $157M
TOTAL $4.3B
Largest Ainsworth Pet Nutrition LLC
$1.9B (2018-04-04)

M&A Connections

Deals
Acquired from
Investor(s)
10%
16 (10%)
Strategic(s)
2%
3 (2%)
Exited to
Investor(s)
24%
15 (24%)
Strategic(s)
48%
30 (48%)

Investor Summary

Size

Mega

PE Assets

15.0B USD

Established

1989

Specialist/Generalist

Generalist

Leadership

J. Michael Chu

Co-founder & Global Co-CEO

Mathieu Le Bozec

Founder & Managing Partner

Scott Dahnke

Global Co-CEO

Andrew Taub

Managing Partner

Chinta Bhagat

Managing Partner

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