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L Catterton is an American multinational private equity firm. Founded in Greenwich, Connecticut in 1989, the fund has made over 250 investments in brands across all segments of the consumer industry.[3] The firm is led by co-CEOs J. Michael Chu and Scott Dahnke.[4] Originally Catterton Partners, the fund merged with Bernard Arnault's family office and LVMH in 2016 to create L Catterton.
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| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1989[1] |
| Founder |
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| Headquarters | Greenwich, Connecticut, U.S. |
Number of locations | 17 offices (worldwide) |
Key people |
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| Products | |
| AUM | US$33 billion (2023)[2] |
| Website | lcatterton.com |
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.[5] Between 1992 and 2002, the company invested in well-known consumer brands including P. F. Chang's, Odwalla, and Baja Fresh.[6][7] In 2001, the firm changed its name to Catterton Partners.[8][needs update]
2002–2016
Between 2002 and 2016, Catterton completed investments in numerous consumer growth businesses including Peloton, Build-A-Bear Workshop, Ferrara Candy Company, Outback Steakhouse, Restoration Hardware, Wellness Pet Company, and Kettle Foods.[9][10][11]
In 2003, Scott Dahnke joined the firm as a co-Managing Partner.[4] In 2008, the firm launched its first growth fund targeting investments in early to late-stage growth companies.[8] These investments included Vroom, Sweaty Betty, Il Makiage, Sweet Leaf Tea Company, Tula and Pong Research.[12][13][14][15][16][17] In 2013, the firm launched its Latin America fund targeting investments in Latin American middle market growth companies.[18] Notable investments in the Latin America strategy include Cholula Hot Sauce and NotCo.[19][20]
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.[21] 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.[22] 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.[23]
In 2020, L Catterton raised over $5 billion for its ninth buyout fund and over $950m for its fourth growth fund.[24]
In April 2024, the company bought a majority stake in the makeup retailer Kiko Milano.[25] In June 2024, it acquired Stripes, a beauty and wellness brand focused on menopause health founded by actress Naomi Watts.[26]
The firm has backed several notable investments, including Birkenstock,[27] Jio Platform, Ainsworth Pet Nutrition,[28] Peloton,[29] Nature's Variety,[30] Pinarello,[31] Freetrade,[32] the Miami Design District,[33] Cover FX,[34] and Ginza Six.[35]
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