L Catterton

History

Founding and early history

Catterton was founded in 1989 as Catterton-Simon Partners by Carl Frischkorn (Catterton Family), his accountant Frank Vest and J. Michael Chu, along with former U.S. Secretary of the Treasury William E. Simon. Between 1992 and 2002, the company invested in well-known consumer brands including P. F. Chang's, Odwalla, and Baja Fresh. In 2001, the firm changed its name to Catterton Partners.

2002–2016

In 2003, Scott Dahnke joined the firm as a co-Managing Partner. In 2013, the firm launched its Latin America fund targeting investments in Latin American middle market growth companies. Notable investments in the Latin America strategy include Cholula Hot Sauce and NotCo.

2016–present

In January 2016, Catterton, LVMH, and Financière Agache (previously Groupe Arnault), the family holding company of Bernard Arnault, partnered to create L Catterton. The partnership combined Catterton's existing North American and Latin American private equity operations with LVMH and Groupe Arnault's pre-existing European and Asian private equity and real estate operations. The merged firm is now called L Catterton and invests globally from six fund platforms: L Catterton Flagship Buyout, L Catterton North American Growth, L Catterton Latin America, L Catterton Europe, L Catterton Asia, and L Catterton Real Estate. In May 2021, Private Equity International listed L Catterton as the 32nd largest private equity firm in the world based on capital raised over the prior five years.

In 2020, L Catterton raised over $5 billion for its ninth buyout fund and over $950m for its fourth growth fund.

In April 2024, the company bought a majority stake in the makeup retailer Kiko Milano. In June 2024, it acquired Stripes, a beauty and wellness brand focused on menopause health founded by actress Naomi Watts.

In January 2025, L Catterton entered into a strategic partnership with Japanese premium fishing gear maker Megabass, aiming to expand Megabass's production and distribution network to respond to rising demand in Japan and the United States.

Investments

The firm has backed several notable investments, including Birkenstock, Jio Platform, Ainsworth Pet Nutrition, Peloton, Nature's Variety, Pinarello, Freetrade, the Miami Design District, Cover FX, Polène, and Ginza Six.

References

References

1. (5 January 2016). "LVMH's Private Equity Arm to Merge With Catterton". New York Times.
2. "L Catterton".
3. "L Catterton Asia Signs Definitive Agreement For $360 Mn Continuation Fund".
4. [https://www.forbes.com/sites/sergeiklebnikov/2020/05/12/why-a-private-equity-firm-backed-by-bernard-arnault-is-putting-400-million-into-norwegian-cruise-line/?sh=3409c5f63504 Why A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise Line][[Forbes]]
5. "2024 PEI 300 by Private Equity International - Infogram".
6. Taylor, Alexander L. "[https://web.archive.org/web/20081028165447/http://www.time.com/time/magazine/article/0,9171,951242,00.html Buyout Binge]". [[Time (magazine). TIME magazine]], Jul. 16, 1984.
7. [https://www.latimes.com/archives/la-xpm-1998-dec-03-fi-50100-story.html Investor Group to Take Control of Baja Fresh][[Los Angeles Times]]
8. (2007-11-08). "Catterton to pay $267m for specialty retailer Restoration Hardware". [[Private Equity International]].
9. (2012-03-26). "Catterton May Have Two Funds To Raise". Buyout Insider.
10. [https://www.dealstreetasia.com/stories/l-catterton-ninth-fund-204539 Consumer-focused PE firm L Catterton raises $3.71b for ninth fund][[DealStreetAsia]]
11. [https://www.snackandbakery.com/articles/96872-kodiak-cakes-acquired-by-l-catterton-a-private-equity-firm Kodiak Cakes acquired by L Catterton, a private equity firm] ''Snack Food & Wholesale Bakery''
12. [https://www.wsj.com/articles/DJFLBO0020140304ea34hp4kh Consumer-focused PE firm L Catterton raises $3.71b for ninth fund][[The Wall Street Journal]]
13. (2011-08-16). "Pong Research Receives Investment From Leading Consumer-Focused Private Equity Firm Catterton". L Catterton.
14. [https://www.businesswire.com/news/home/20191206005046/en/Online-Used-Car-Retailer-Vroom-Announces-254-Million-Series-H-Funding-Round Online Used Car Retailer Vroom Announces $254 Million Series H Funding Round][[Business Wire]]
15. [https://www.businessoffashion.com/articles/retail/fitness-retailer-sweaty-betty-to-prepare-524-million-sale/ Fitness Retailer Sweaty Betty to Prepare $524 Million Sale]''The Business of Fashion''
16. [https://www.wsj.com/articles/l-catterton-backed-beauty-business-valued-at-1-5-billion-by-new-investors-11641816007 L Catterton-Backed Beauty Business Valued at $1.5 Billion by New Investors][[The Wall Street Journal]]
17. [https://dealbook.nytimes.com/2008/04/03/catterton-swallows-stake-in-sweet-leaf/ L Catterton-Backed Catterton Swallows Stake in Sweet Leaf][[The New York Times]]
18. [https://www.wsj.com/articles/l-catterton-backs-skin-care-brand-tula-1490635917L L Catterton Backs Skin-Care Brand TULA][[The Wall Street Journal]]
19. [https://www.wsj.com/articles/DJFLBO0120150401eb419z0md Catterton Taps Former Executives of Eton Park to Run Latin America Fund][[The Wall Street Journal]]
20. [https://www.reuters.com/article/us-cholula-m-a-l-catterton-idUSKBN1OB005 L Catterton to buy Jose Cuervo-backed hot sauce brand Cholula][[Reuters]]
21. [https://techcrunch.com/2021/08/30/brazils-petlove-raises-150m-from-riverwood-softbank-to-sell-pet-products-and-services-online/ Brazil's Petlove raises $150M from Riverwood, SoftBank to sell pet products and services online][[TechCrunch]]
22. Picker, Leslie. (2016-01-05). "LVMH's Private Equity Arm to Merge With Catterton". The New York Times.
23. "L Catterton and LVMH Relationship".
24. (3 June 2024). "PEI 300 full report".
25. [https://www.wsj.com/articles/l-catterton-seeks-nearly-7-8-billion-for-new-funds-11638914599?mod=Searchresults_pos10&page=1 L Catterton Seeks Nearly $7.8 Billion for New Funds][[The Wall Street Journal]]
26. Valentina Za. (2024-04-26). "LVMH-backed firm buys into Italy's KIKO in $1.5 bln make-up deal".
27. Segran, Elizabeth. (2024-06-24). "Naomi Watts' menopause brand, Stripes Beauty, is acquired by LVMH-backed L Catterton".
28. Staff Reporter. (2025-01-28). "Japan's Megabass partners with L Catterton to boost global growth {{!}} Retail Asia".
29. [https://www.bloomberg.com/news/articles/2021-02-26/lvmh-backed-l-catterton-buys-iconic-sandal-maker-birkenstock?sref=G4ZwBfC0 LVMH-Backed L Catterton Buys Iconic Sandal Maker Birkenstock][[Bloomberg L.P.]]
30. "L Catterton and the Lang Gamily to Sell Ainsworth Pet Nutrition to the JM Smucker Company".
31. "Peloton Receives 75 Million Growth Capital Investment from Catterton".
32. (11 May 2016). "L Catterton Scores 6.5 Times Return in Sales of Nature's Variety". Wall Street Journal.
33. [https://www.bicycleretailer.com/international/2017/03/29/l-catterton-closes-investment-pinarello-holding#.YitqHnrMKUk L Catterton closes on investment in Pinarello Holding]''Bicycle Retailer and Industry News''
34. "Investment platform Freetrade raises £50m as homebound customers fuel revenue surge".
35. "Design of the Times Showcasing Miami's Cutting Edge Design District".
36. Sandler, Emma. (July 23, 2020). "Cover FX tests new launch strategy with latest products".
37. "Antoine Mothay". Business of Fashion.
38. "Ginza Six a New Template of Luxury Opens in Tokyo".