Birkenstock, a German shoe manufacturer, has agreed to sell a majority stake to private equity firm L Catterton and its affiliates including Financière Agache.

Financière Agache is the family investment company of billionaire Bernard Arnault, who is the chairman and chief executive of French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton.

The financial terms of the deal were not disclosed.

Michael Chu – Co-CEO of L Catterton: “We look forward to partnering with the exceptional management team and the Birkenstock family, as well as our longtime partner Bernard Arnault in one of the most iconic and well-regarded brands in this industry.

“We are confident that L Catterton’s unique capabilities and 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.”

According to Birkenstock, Christian Birkenstock, Alex Birkenstock and the company’s management have forged the partnership after carefully studying all options.

The German shoe manufacturer said that the expansion of its shareholders is its next logical step to enable further strong growth in future growth markets like China and India.

Christian Birkenstock and Alex Birkenstock said: “For the next 250 years we need partners sharing the same strategic and long-term vision as the Birkenstock family. In L Catterton and Financière Agache, we have found those partners.

“They bring both a deep understanding of the details of a manufacturing business that is all about quality and a respect for brands with a long heritage like ours. We look forward to taking the next steps with our partners and carrying our family business into an even brighter future.”

In Europe and America, the sandals maker plans to further grow its position by investing in the German sites and expanding its production, logistics, and sales operations.

Birkenstock will also look to invest in the further development of its direct-to-consumer business and in the growth of its e-commerce platforms.

The closing of the deal will be subject to antitrust audits.

  Alex Birkenstock, Bernard Arnault, Birkenstock, Christian Birkenstock, Financière Agache, Germany, L Catterton, Michael Chu, Retail acquisition news