L Catterton sells Birkenstock shares for more than 700 million euros

The private equity firm L Catterton and a group of Birkenstock Holding Plc employees raised $756 million (€706 million) after selling a stake in the American footwear brand on Wednesday, June 26.

Holders sold 14 million shares for $54 (50.48 euros) each, according to a statement, representing a 9.7% discount to the closing price of $59.78 (55.88 euros) per share. action on Monday, June 24, the day the agreement was announced. Birkenstock shares closed the day on Wednesday at $54.61 (51.05 euros) each and rose as high as $54.63 (51.07 euros) in after-market trading.

L Catterton will own a stake of approximately 73% in Birkenstock after the sale, according to an earlier statement. Underwriters have the option to purchase an additional 2.1 million shares from the fund.

The sale comprises 9.9 million shares controlled solely by L Catterton and 4.1 million shares over which the private equity firm and certain executives and other employees have shared voting and disposition power, according to a statement and a filing.

The net proceeds from the sale of the jointly owned shares will be used to pay employee tax obligations and outstanding loans, the press release said. Birkenstock will not receive any profit after the operation.

The sale is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., the filing said.