L Catterton Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, L Catterton Partners has acquired 15 companies. It has also invested in 45 others.

L Catterton Partners’ most common sectors for investment areconsumer products (17%) and restaurants (14%) . The Firm’s most common investment types include growth capital (42%) and buyout (lbo, mbo, mbi) (21%). In total, L Catterton Partners has invested in 24 US states and 24 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 34 companies. The Firm’s most common exit type is trade sale (44%). 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 Activity295
    • M&A Buy Activity208
    • M&A Sell Activity87
  • Total Sectors Invested 32
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 113
  • M&A Advisors 21

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, E-Commerce, Electronics, Food, Franchising, Furniture, Healthcare Services, Internet Software and Services, Life Science, Manufacturing, Marketing, Media, Restaurants, Retail, Safety/Security

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (14.6/yr) # 135 13 14 16 22 8 208
vol $6.8B $650M $7.5B
Sell (8.2/yr) # 48 7 6 11 15 2 89
vol $1.5B $1.9B $140M $800M $1.3B $5.6B
  297

Most Recent M&A

Company Date Value Type
iFIT Health & Fitness, Inc. 2022-09-13 - Add-on Acquisition
Logan, Utah · www.ifit.com
Len the Plumber LLC 2022-03-22 - Secondary Buyout
Baltimore, Maryland · www.lentheplumber.com
Little Moons 2022-03-09 - Growth Capital
London, United Kingdom · www.littlemoons.com
TAXA Outdoors 2022-03-08 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.taxaoutdoors.com
Dragonfly 2022-03-02 - Growth Capital
Boston, Massachusetts · www.dragonflycommerce.com
Wildtype 2022-02-23 - Venture
San Francisco, California · www.wildtypefoods.com
Valoreo, Inc. 2022-02-22 - Venture
Mexico , Mexico · www.valoreo.com
Enova (Shanghai) Pet Products Co., Ltd. 2022-02-18 - Growth Capital
Shanghai, China
Cover FX Skin Care, Inc. 2022-02-03 - Add-on Acquisition
New York, New York · www.coverfx.com
Forter 2022-01-01 - Growth Capital
New York, New York · www.forter.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Founders Table Restaurant Group 2020-01-01 Chopt Creative Salad Co. 2020-01-01 1
Rye Brook, New York · www.founders-table.com Rye Brook, New York · www.choptsalad.com
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 4
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

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 19 (18%) 925M (29%) 34 (16%) 975M (13%)
Restaurants 16 (15%) 650M (20%) 29 (14%) 3.9B (52%)
Apparel/Textiles 16 (15%) - 23 (11%) -
Food 6 (6%) - 18 (9%) 45M (1%)
Retail 6 (6%) - 13 (6%) 267M (4%)
Consumer Services 5 (5%) - 13 (6%) -
Internet Software and Services 10 (9%) - 12 (6%) -
Beverages 6 (6%) - 10 (5%) -
Healthcare Services 4 (4%) - 9 (4%) 56M (1%)
E-Commerce 8 (7%) - 8 (4%) -
Technology Hardware 1 (1%) - 4 (2%) 480M (6%)
Marketing 1 (1%) - 4 (2%) 5M (< 1%)
Automotive - - 4 (2%) -
Business Services 2 (2%) - 3 (1%) -
Distribution - - 3 (1%) -
Safety/Security - - 2 (1%) 115M (2%)
Information Technology 2 (2%) - 2 (1%) -
Manufacturing - - 2 (1%) -
Media - - 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%) -
Environmental - - 1 (< 1%) -
Financial Services 1 (1%) - 1 (< 1%) -
Franchising - - 1 (< 1%) -
Life Science - - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Packaging 1 (1%) - 1 (< 1%) -
Real Estate - - 1 (< 1%) -
Software 1 (1%) - 1 (< 1%) -
Total 108 $3.2B 208 $7.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 51 (47%) 650M (20%) 125 (60%) 4.7B (63%)
  New York 13 (12%) - 25 (12%) -
  California 12 (11%) - 24 (12%) 267M (4%)
  Texas 7 (6%) 650M (20%) 13 (6%) 650M (9%)
  Colorado 1 (1%) - 8 (4%) 480M (6%)
  Connecticut 3 (3%) - 7 (3%) -
  Florida 1 (1%) - 6 (3%) 3.3B (44%)
  Utah 2 (2%) - 5 (2%) -
  Arizona 1 (1%) - 4 (2%) -
  Pennsylvania 1 (1%) - 4 (2%) -
  Ohio 2 (2%) - 3 (1%) -
  Massachusetts 2 (2%) - 3 (1%) -
  New Jersey 1 (1%) - 3 (1%) 5M (< 1%)
  Washington 1 (1%) - 3 (1%) -
  Virginia 1 (1%) - 2 (1%) -
  Illinois 1 (1%) - 2 (1%) -
  Wisconsin - - 2 (1%) -
  Minnesota - - 2 (1%) -
  Michigan - - 2 (1%) -
  Indiana - - 2 (1%) -
  Oregon 1 (1%) - 1 (< 1%) -
  Maryland 1 (1%) - 1 (< 1%) -
  Nebraska - - 1 (< 1%) 45M (1%)
  Missouri - - 1 (< 1%) -
  Kansas - - 1 (< 1%) -
China 8 (7%) - 13 (6%) -
Italy 5 (5%) - 9 (4%) 56M (1%)
United Kingdom 5 (5%) - 8 (4%) -
Canada 1 (1%) - 6 (3%) 115M (2%)
  Alberta 1 (1%) - 2 (1%) 115M (2%)
  Quebec - - 2 (1%) -
  Ontario - - 2 (1%) -
Brazil 4 (4%) - 5 (2%) -
Japan 4 (4%) 1.7B (51%) 4 (2%) 1.7B (22%)
Argentina 4 (4%) - 4 (2%) -
India 3 (3%) - 4 (2%) -
Mexico 3 (3%) - 4 (2%) -
Germany 3 (3%) - 3 (1%) -
Singapore 3 (3%) - 3 (1%) -
Spain 2 (2%) - 3 (1%) -
Denmark 2 (2%) - 3 (1%) -
Australia 1 (1%) - 3 (1%) -
France 1 (1%) - 2 (1%) -
South Korea 1 (1%) - 2 (1%) -
Bahamas 1 (1%) 925M (29%) 1 (< 1%) 925M (12%)
Chile 1 (1%) - 1 (< 1%) -
Colombia 1 (1%) - 1 (< 1%) -
Indonesia 1 (1%) - 1 (< 1%) -
Israel 1 (1%) - 1 (< 1%) -
Netherlands 1 (1%) - 1 (< 1%) -
United Arab Emirates 1 (1%) - 1 (< 1%) -
Domestic 51 (47%) 650M (20%) 125 (60%) 4.7B (63%)
Cross-border 57 (53%) 2.6B (80%) 83 (40%) 2.8B (37%)
Total 108 $3.2B 208 $7.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 52 (48%) - 86 (41%) -
Buyout (LBO, MBO, MBI) 13 (12%) - 43 (21%) 581M (8%)
Venture 19 (18%) - 30 (14%) 5M (< 1%)
Secondary Buyout 9 (8%) - 17 (8%) -
Stake Purchase 6 (6%) - 12 (6%) -
Divestiture 3 (3%) 1.7B (51%) 5 (2%) 1.7B (22%)
Going Private 2 (2%) 1.6B (49%) 4 (2%) 5.0B (68%)
Recapitalization - - 3 (1%) 115M (2%)
PIPE 1 (1%) - 2 (1%) 50M (1%)
Add-on Acquisition 2 (2%) - 2 (1%) -
Consolidation 1 (1%) - 2 (1%) -
Special Situations/Distressed - - 2 (1%) -
Total 108 $3.2B 208 $7.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 22 (25%) 5.6B (99%)
Trade Sale 20 (22%) -
Secondary Sale 17 (19%) 70M (1%)
IPO 17 (19%) -
Bankruptcy 3 (3%) -
Merger 3 (3%) -
Sold to Management 2 (2%) -
SPAC 2 (2%) -
Recapitalization 1 (1%) -
Sold to Existing Investors 1 (1%) -
Stake Sale 1 (1%) -
Total 89 $5.6B

Top M&A Advisors

Financial Deals
Arlington Capital Advisors LLC
1
Barclays Investment Bank
1
Duff & Phelps Corp.
1
Legal Deals
Kirkland & Ellis LLP
7
Gibson, Dunn & Crutcher LLP
4
Finn Dixon & Herling LLP
3

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 9 $3.6B
< $100M 2 $157M
TOTAL $5.6B
Largest Ainsworth Pet Nutrition LLC
$1.9B (2018-04-04)

M&A Connections

Deals
Acquired from
Investor(s)
9%
18 (9%)
Strategic(s)
2%
5 (2%)
Exited to
Investor(s)
20%
18 (20%)
Strategic(s)
48%
43 (48%)

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