L Catterton Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, L Catterton Partners has acquired 4 companies. It has also invested in 24 others.

L Catterton Partners’ most common sectors for investment are consumer products (17%) and restaurants (15%). The Firm’s most common investment types include growth capital (44%) 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 16 companies. The Firm’s most common exit type is trade sale (46%). 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 Activity214
    • M&A Buy Activity157
    • M&A Sell Activity57
  • Total Sectors Invested 29
  • Total Countries Invested 20
  • M&A Buy/Sell Connections 83
  • M&A Advisors 15

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (9.8/yr) # 108 8 17 10 8 6 157
vol $5.1B $56M $650M $5.8B
Sell (4.6/yr) # 34 5 6 4 4 4 57
vol $604M $87M $780M $1.9B $140M $3.5B
  214

Most Recent M&A

Company Date Value Type
IAF Network S.r.l. 2020-07-17 - Growth Capital
Brescia, Italy · www.iafstore.com
Petsupermarket Comércio de Produtos para Animais SA 2020-06-18 - Growth Capital
São Paulo, Brazil · www.petlove.com.br
Vroom, Inc. 2020-06-10 - IPO
Grand Prairie, Texas · www.vroom.com
Jio Platforms Ltd. 2020-04-21 - Stake Purchase
Navi Mumbai, India
ETVOS Co., Ltd. 2020-04-02 - Growth Capital
Osaka, Japan · www.etvos.com
Lily's Kitchen Ltd. 2020-04-01 - Add-on Acquisition
London, United Kingdom · www.lilyskitchen.co.uk
FYidoctors 2020-03-05 - Growth Capital
Calgary, Alberta · www.fyidoctors.com
CareDENT Italia Srl 2020-02-20 - Add-on Acquisition
Grassobbio, Italy · www.care-dent.it
Dogmates Ltd. 2020-02-13 - Growth Capital
London, United Kingdom · www.butternutbox.com
Beanitos LLC 2020-02-12 - Add-on Acquisition
Austin, Texas · www.beanitos.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
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 3
Costa Mesa, California · www.xponential.com Denver, Colorado · www.purebarre.com
Xponential Fitness LLC 2017-12-12 Yoga Six LLC 2018-08-06 2
Costa Mesa, California · www.xponential.com San Diego, California · www.yogasix.com
Leslie's Poolmart, Inc. 2017-01-17 Valley Pool Sales, Inc. 2018-02-05 1
Phoenix, Arizona · www.lesliespool.com Palmyra, Pennsylvania · www.lesliespool.com
Xponential Fitness LLC 2017-12-12 Row House 2018-01-10 1
Costa Mesa, California · www.xponential.com New York, New York
Alasko Foods, Inc. 2010-09-08 FooDelicious, Inc. 2017-06-22 1
Montreal, Quebec · www.alasko.com Ingersoll, Ontario · www.foodelicious.ca
Video Equipment Rentals 2014-01-01 DPS, Inc. 2016-01-19 2
Glendale, California · www.verrents.com Burbank, California · www.dpsinc.com
Video Equipment Rentals 2014-01-01 Aurora Lighting Hire Ltd. 2015-09-16 1
Glendale, California · www.verrents.com ,

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 18 (19%) 925M (19%) 26 (17%) 975M (17%)
Restaurants 13 (14%) 3.9B (81%) 22 (14%) 3.9B (66%)
Food 11 (11%) - 20 (13%) 45M (1%)
Apparel/Textiles 13 (14%) - 15 (10%) -
Retail 6 (6%) - 10 (6%) 267M (5%)
Healthcare Services 7 (7%) - 10 (6%) 56M (1%)
Consumer Services 5 (5%) - 10 (6%) -
Beverages 3 (3%) - 6 (4%) -
Technology Hardware 2 (2%) - 4 (3%) 480M (8%)
Marketing 1 (1%) - 4 (3%) 5M (< 1%)
Internet Software and Services 2 (2%) - 4 (3%) -
Distribution 1 (1%) - 3 (2%) -
Safety/Security - - 2 (1%) 115M (2%)
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%) -
Agriculture 1 (1%) - 1 (1%) -
Automotive - - 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 96 $4.8B 157 $5.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 46 (48%) 3.9B (81%) 99 (63%) 4.7B (81%)
  California 11 (11%) - 18 (11%) 267M (5%)
  New York 10 (10%) - 16 (10%) -
  Texas 6 (6%) 650M (14%) 12 (8%) 650M (11%)
  Colorado 2 (2%) - 8 (5%) 480M (8%)
  Arizona 3 (3%) - 4 (3%) -
  Pennsylvania 2 (2%) - 4 (3%) -
  Florida 1 (1%) 3.2B (67%) 4 (3%) 3.3B (56%)
  Connecticut - - 4 (3%) -
  Ohio 3 (3%) - 3 (2%) -
  Utah 1 (1%) - 3 (2%) -
  Illinois 2 (2%) - 2 (1%) -
  Washington 1 (1%) - 2 (1%) -
  Virginia 1 (1%) - 2 (1%) -
  Oregon 1 (1%) - 2 (1%) -
  New Jersey - - 2 (1%) 5M (< 1%)
  Wisconsin - - 2 (1%) -
  Minnesota - - 2 (1%) -
  Massachusetts - - 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%) -
  Michigan - - 1 (1%) -
Italy 6 (6%) - 7 (4%) 56M (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%)
China 6 (6%) - 6 (4%) -
Brazil 5 (5%) - 5 (3%) -
United Kingdom 4 (4%) - 5 (3%) -
India 3 (3%) - 4 (3%) -
Australia 3 (3%) - 3 (2%) -
Hong Kong 3 (3%) - 3 (2%) -
Denmark 2 (2%) - 3 (2%) -
Japan 2 (2%) - 2 (1%) -
South Korea 2 (2%) - 2 (1%) -
Mexico 2 (2%) - 2 (1%) -
Singapore 2 (2%) - 2 (1%) -
Spain 1 (1%) - 2 (1%) -
Bahamas 1 (1%) 925M (19%) 1 (1%) 925M (16%)
Argentina 1 (1%) - 1 (1%) -
Colombia 1 (1%) - 1 (1%) -
United Arab Emirates 1 (1%) - 1 (1%) -
France - - 1 (1%) -
Domestic 46 (48%) 3.9B (81%) 99 (63%) 4.7B (81%)
Cross-border 50 (52%) 925M (19%) 58 (37%) 1.1B (19%)
Total 96 $4.8B 157 $5.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 49 (51%) - 69 (44%) -
Buyout (LBO, MBO, MBI) 20 (21%) - 39 (25%) 581M (10%)
Venture 7 (7%) - 14 (9%) 5M (< 1%)
Secondary Buyout 7 (7%) - 11 (7%) -
Stake Purchase 6 (6%) - 9 (6%) -
Going Private 3 (3%) 4.8B (100%) 4 (3%) 5.0B (87%)
Recapitalization - - 3 (2%) 115M (2%)
PIPE 1 (1%) - 2 (1%) 50M (1%)
Divestiture 1 (1%) - 2 (1%) -
Special Situations/Distressed - - 2 (1%) -
Add-on Acquisition 1 (1%) - 1 (1%) -
Consolidation 1 (1%) - 1 (1%) -
Total 96 $4.8B 157 $5.8B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 17 (30%) 3.4B (98%)
Secondary Sale 12 (21%) 70M (2%)
Trade Sale 12 (21%) -
IPO 7 (12%) -
Bankruptcy 2 (4%) -
Merger 2 (4%) -
Sold to Management 2 (4%) -
Recapitalization 1 (2%) -
Sold to Existing Investors 1 (2%) -
Stake Sale 1 (2%) -
Total 57 $3.5B

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
 1
Duff & Phelps Corp.
 1
Barclays Investment Bank
 1
Legal Deals
Kirkland & Ellis LLP
 4
Finn Dixon & Herling LLP
 2
Zhong Lun Law Firm
 2

Deal Values

buy # Total
> $1B 1 $3.2B
$100M to $1B 5 $2.4B
< $100M 4 $156M
TOTAL $5.8B
Largest Bloomin' Brands, Inc.
$3.2B (2006-11-06)
sell # Total
> $1B 1 $1.9B
$100M to $1B 5 $1.5B
< $100M 2 $157M
TOTAL $3.5B
Largest Ainsworth Pet Nutrition LLC
$1.9B (2018-04-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
88%
15 88%
Strategic(s)
12%
2 12%
Exited to
PE Firm(s)
38%
18 38%
Strategic(s)
62%
29 62%

Investor Summary

Size

Mega

PE Assets

15.0B USD

Established

1989

Specialist/Generalist

Generalist

Leadership

J. Michael Chu

Co-founder & Global Co-CEO

Philippe Franchet

Co-founder & Managing Partner

Mathieu Le Bozec

Founder & Managing Partner

Scott Dahnke

Global Co-CEO

Andrea Ottaviano

Managing Director

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