L Catterton offers to buy 36% stake in Italian luxury business Tod's

15 Feb '24

1 min read

Pic: Tod's Group

Insights

L Catterton has offered to buy a 36-per cent stake in Italian luxury shoemaker Tod's and take it private, in agreement with the Della Valle founding family.
The former offered €43 per share and valued Tod's at over €1.4 billion.
L Catterton plans to merge Tod's into the vehicle used to launch the offer if the bid fails to reach the delisting threshold.

Private equity firm L Catterton recently offered to buy a 36-per cent stake in Italian luxury shoemaker Tod's and take it private, in agreement with the Della Valle founding family. Tod's owns the Roger Vivier shoe brand and the Fay and Hogan labels.

The US-headquartered investment firm backed by France's LVMH offered €43 per share and valued Tod's at just over €1.4 billion ($1.51 billion).

L Catterton owned 3.8 per cent of Tod's capital after buying shares in the group during the session, the former said in a statement.

The Della Valles, who own 64.5 per cent of Tod's, had made an unsuccessful attempt in 2022 to take the company private. The family had then offered a 20 per cent premium to buy out other investors.

However, the founding family, which had said they could take Tod’s private by merging it into their DeVa Finance vehicle, refrained from taking any such decision.

But L Catterton plans to merge Tod's into the vehicle used to launch the offer if the bid fails to reach the delisting threshold.

ALCHEMPro News Desk (DS)

More Tod's SpA News... More Fashion News - United States Of America...