L Catterton to sell $1B in Birkenstock shares, with $500M buyback
What's the deal? Birkenstock Holding plcDealroom has a profile for this one. Try Dealroom → has launched an underwritten secondary offering of $1 billion of its ordinary shares, to be sold by an entity affiliated with private equity firm L CattertonDealroom has a profile for this one. Try Dealroom →. The company itself is not selling shares and will receive no proceeds from the offering.
The mechanics: Alongside the sale, Birkenstock has authorised a repurchase of up to $500 million of the shares in the offering, redeemed from the underwriter and then cancelled. J.P. MorganDealroom has a profile for this one. Try Dealroom → is acting as underwriter, waiving fees on the repurchased shares.
Why now? The selling shareholder, BK LC Lux MidCo S.à r.l.Dealroom has a profile for this one. Try Dealroom →, intends to grant the underwriter a 30-day option to buy additional shares equal to 15% of the total sold. Final pricing and share counts will be set at the time of pricing, subject to market conditions.
By the numbers: The $1 billion offering ranks among the largest post-IPO secondary deals tied to the UK, sitting in the 96th percentile of 156 such transactions on an all-time basis.
The signal: The move lets L Catterton trim its stake in the German sandal maker while the concurrent buyback reduces Birkenstock's outstanding share count — a signal that the sponsor is stepping back as the company manages dilution on its own terms.
Read more: EQS News
Image credit: Menswear Market
