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(Bloomberg) -- L Catterton, the private equity firm backed by luxury French fashion house LVMH, agreed to buy iconic German sandal maker Birkenstock.The investment firm and the family behind Birkenstock announced the deal on Friday without disclosing the financial terms. Bloomberg News reported earlier this week that the purchase would value the sandal maker at about 4 billion euros ($4.9 billion).L Catterton beat out a rival offer from buyout firm CVC Capital Partners, which was close to sealing a deal earlier this year, people familiar previously said. In the end, the family owners of Birkenstock preferred L Catterton’s track record with family-backed consumer brands as well as its ability to expand in Asia.“Our global platform and network will provide Birkenstock not only with new opportunities, but the resources to support the continued growth in the brand and the business,” Michael Chu, co-chief executive officer of L Catterton, said in a statement.Under the terms of the deal, the private-equity firm and the family investment company of billionaire Bernard Arnault will acquire a majority stake in Birkenstock, according to the statement. Brothers Christian and Alex Birkenstock will retain a stake in the firm.Goldman Sachs Group Inc. advised on the sale, which was spearheaded by Birkenstock Chief Executive Officer Oliver Reichert, who said it “marks a quantum leap into the next chapter of our success story.”Brand PowerL Catterton was created in 2016 by combining U.S. investment firm Catterton with the private equity operations of LVMH and its founder Arnault. The firm now manages more than $23 billion of assets, according to its website. Its investments have included denim producer Pepe Jeans, workout gear brand Sweaty Betty, cosmetics firm Bliss and online retailer Everlane.Birkenstock is a nearly 250-year-old brand best known for its sandals, which are popular with hippies and preppies alike. The style has spawned a range of luxury variants from labels including Celine and Givenchy, following a celebrity-powered bump in the 1990s and 2000s.The company sold 23.8 million pairs of shoes in the financial year through September 2019, which helped sales rise 11% to 721.5 million euros. Birkenstocks have been sold in the U.S. since 1966, when dressmaker and designer Margot Fraser began importing the sandals after discovering them on a German vacation. Its products also include belts, bags and beds, according to its website.L Catterton was joined in the deal by Financiere Agache, the family investment company of Bernard Arnault. “Together we will provide support to the business so it can fully realize its significant growth potential,” Arnault, France’s wealthiest man, said in today’s statement.Historic family-controlled companies like Birkenstock have been putting themselves on the block, as their wealthy owners look to capitalize on surging valuations for consumer companies. Private equity firms have been drawn to such businesses, which can be leveraged to boost sales and attract investors through an eventual initial public offering.LVMH in 2016 acquired German suitcase maker Rimowa from the grandson of the founder. Family-owned luxury companies, from jewelry house Bulgari to cashmere specialist Loro Piana, have also sold out to become part of conglomerates like LVMH.(Adds details on deal, advisers from sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The FDA is holding an all-day meeting Friday to review data on Johnson & Johnson's candidate vaccine. Global deaths top 2.5M. Latest COVID-19 updates.
Save us some of that cheeseball please!From Delish
Largest BMX Organization Announces 2021 BMX Park Amateur Series Schedule; Ten Digital Competitions, Six LIVE Events, a Grand Final Head Judge Mike Laird and U.S. BMX Freestyle Head Coach Ryan Nyquist; Photo Credit: USA BMX/ Woodward BMX Freestyle Competitor Kevin Robinson, Jr. at the 2020 National Championships at Woodward PA Photo Credit: USA BMX/ Woodward Tulsa, Okla., Feb. 26, 2021 (GLOBE NEWSWIRE) -- USA BMX - the largest BMX racing organization in North America - announced today the 2021 schedule for the USA BMX Freestyle Amateur Series that will include both digital and live competitions. USA BMX Freestyle first announced the amateur series last July. With a condensed season, the organization successfully held a digital competition culminating with a live National Championships held in December 2020 at Camp Woodward in Pennsylvania. Amateur riders from across the USA are invited to submit a 30-45-second video through USA BMX Freestyle Instagram using any indoor or outdoor park of their preference for their State (Digital) event competition run. Classes for male and female riders will include: 10 and Under Women, 10 and Under Men, 11-14 Women, 11-14 Men, 15+ Women, 15+ Men, Masters Men (Age 40+), Expert (Open). Each age class will have both a State year-end ranking and a National year-end ranking comprised of points earned from State (Digital), National and Grand Final events. USABMX Freestyle memberships, event entry details, and video submission rules are available through ww.USABMXF.com. "After a successful launch of the amateur series late last year, we are thrilled to not only announce a 2021 schedule, but we are excited to see the member and entry numbers continue to grow," said USA BMX Freestyle president Shane Fernandez. "This is what we wanted for Freestyle - create a pathway for young riders to progress in the sport. We wouldn't be able to do it without the support of the BMX industry and influencers who are just as passionate as our organization to grow future stars of BMX Freestyle." The USA BMX Freestyle 2021 schedule will consist of: -10 State Level (Digital) Competitions. Membership and Entry Fee are required -Six National Level (LIVE) Competitions. Membership and Pre-Registration are required. -One Grand Final (LIVE) Competition. Membership and Pre-Registration are required. Round 1 Tucson, AZ April 23-25 Round 2 Woodward East, PA May 21-23 Round 3 Woodward West, CA. May 28-31 Round 4 TBA Aug 6-8 Round 5 Woodward East, PA Sept 3-5 Grand Final Woodward West, CA Oct 7-10 Attachments Nyquist and Laird_USA_BMX_AMATEUR_NATIONALS_WOODWARDPA_FULLRES_MCELWEE-11 Kevin Robinson Jr_USA_BMX_AMATEUR_NATIONALS_WOODWARDPA_FULLRES_MCELWEE-84 CONTACT: Katie Moses Swope USA BMX / MoSwo PR katie@moswopr.com
Lunar New Year celebrations, Myanmar protests and an Eagle hunter round out this week's best images.
EVP-Global R&D of The Estee Lauder Inc (30-Year Financial, Insider Trades) Carl P. Haney (insider trades) sold 8,000 shares of EL on 02/24/2021 at an average price of $295.49 a share.
CEO of Zoominfo Technologies Inc (30-Year Financial, Insider Trades) Henry Schuck (insider trades) sold 400,000 shares of ZI on 02/24/2021 at an average price of $55.28 a share.
Chairman, Pres & CEO of Duke Energy Corp (30-Year Financial, Insider Trades) Lynn J Good (insider trades) sold 45,910 shares of DUK on 02/25/2021 at an average price of $86.99 a share.
President and CEO of Domtar Corp (30-Year Financial, Insider Trades) John David Williams (insider trades) sold 90,202 shares of UFS on 02/26/2021 at an average price of $36.58 a share.
President and CEO of Koss Corp (30-Year Financial, Insider Trades) Michael J Koss (insider trades) sold 95,000 shares of KOSS on 02/25/2021 at an average price of $28.67 a share.
EVP & Chief Commercial Officer of Crown Castle International Corp (30-Year Financial, Insider Trades) Michael Joseph Kavanagh (insider trades) sold 3,796 shares of CCI on 02/25/2021 at an average price of $161.22 a share.
President & CEO of Trimble Inc (30-Year Financial, Insider Trades) Robert G Painter (insider trades) sold 7,500 shares of TRMB on 02/24/2021 at an average price of $74.54 a share.
CEO of Casella Waste Systems Inc (30-Year Financial, Insider Trades) John W Casella (insider trades) sold 31,702 shares of CWST on 02/26/2021 at an average price of $59.78 a share.
CEO, Chairman of the Board of Gopro Inc (30-Year Financial, Insider Trades) Nicholas Woodman (insider trades) sold 172,859 shares of GPRO on 02/25/2021 at an average price of $8.01 a share.
President and CEO of T-mobile Us Inc (30-Year Financial, Insider Trades) G Michael Sievert (insider trades) sold 40,000 shares of TMUS on 02/26/2021 at an average price of $121.67 a share.
Chairman and CEO of Solaris Oilfield Infrastructure Inc (30-Year Financial, Insider Trades) William A Zartler (insider trades) sold 500,000 shares of SOI on 02/25/2021 at an average price of $11 a share.
EVP, Corp Strategy & Develop of Charles River Laboratories International Inc (30-Year Financial, Insider Trades) Joseph W Laplume (insider trades) sold 8,735 shares of CRL on 02/25/2021 at an average price of $281.7 a share.
Feb. 26—NEWBERRY — The Newberry County Memorial Hospital began experiencing a technology failure last week, the following is a statement from Bruce Baldwin, CEO, in regards to the failure. "Newberry County Memorial Hospital experienced technical issues with certain servers as a result of a ransomware event. Our primary concern remains providing excellent patient care. We have manual procedures ...
Feb. 26—SOMERSET — Eddie Mahan's North Laurel Lady Jaguars are midway through a season-long eight-game road trip after traveling to play Southwestern on Thursday. The third time wasn't a charm for North Laurel as the Lady Jaguars fell to 1-2 against the Lady Warriors this season after dropping a 66-54 decision. "We didn't show up to play in the first half and it showed," Mahan said. "You can't ...