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02/2024Minority

L Catterton invests in Tod’s

ITALY Luxury Goods / Fashion & Leather Goods EV €1–10bn

Context

L Catterton, in concert with the founding Della Valle family, has launched a voluntary tender offer to acquire the remaining shares of Tod’s SpA and delist the company from Euronext Milan. This represents the family's second attempt to take the company private in less than two years, following a failed bid in 2022. The strategic rationale for the delisting is to provide the group with "greater management and organizational flexibility" and faster decision-making capabilities. Post-transaction, the Della Valle family will maintain majority control with a 54% stake, while L Catterton will hold 36% and LVMH (via Delphine S.A.S.) will retain its existing 10% stake. This structure reinforces the long-standing "friendly support" between the Arnault and Della Valle families while positioning Tod's for a period of accelerated consolidation and brand repositioning under private ownership.

By taking control of Tod’s, L Catterton continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Alliance Animal Health in 2020.

Tod’s, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Tod’s SpA is a premier Italian luxury house renowned for its high-end footwear, apparel, and leather accessories. The group operates several iconic brands, including Tod’s, Roger Vivier, Hogan, and Fay. Its business model is centered on "Made in Italy" craftsmanship, combining traditional artisanal techniques with a global retail and wholesale distribution network. The company maintains a significant international presence, particularly in Europe, Greater China, and the Americas. The brand’s value proposition is built on timeless elegance and quality, supported by a sophisticated industrial structure and a network of directly operated stores that reinforce its luxury positioning.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

15x–25x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€1–10bn
€250–500M
€50–100M
2022
€1–10bn
€250–500M
€50–100M

Other operations with L Catterton

Other operations with L Catterton
DateAcquirerTargetCountrySector
09/2026L CATTERTONNANDHANA FOODSINDIARestaurants / Chains
09/2026L CATTERTON / ALTAS PARTNERSFULLSCRIPTCANADAHealthcare
09/2026L CATTERTONHYROXGERMANYLeisure Facilities
01/2026L CATTERTONEX NIHILOFRANCEHigh-End Lifestyle
09/2024L CATTERTONSOLIDCOREUNITED STATESLeisure Facilities
11/2020L CATTERTONALLIANCE ANIMAL HEALTHUNITED STATESVet Clinics
03/2020L CATTERTONJOTTFRANCEFashion & Apparel
12/2014L CATTERTONINTERCOSITALYHygiene & Beauty Brands

Similar deals in Luxury Goods

Similar deals in Luxury Goods
DateAcquirerTargetCountrySector
06/2024LVMHL'EPÉE 1839SWITZERLANDWatches & Jewelry
04/2024QUADRIVIO GROUPFILIPPO DE LAURENTIISITALYFashion & Leather Goods
10/2023FISKARS GROUPGEORG JENSENDENMARKWatches & Jewelry
07/2023KERINGVALENTINOITALYFashion & Leather Goods
05/2023PERMIRAGRUPPO FLORENCEITALYFashion & Leather Goods
03/2023BRIDGEPOINTMONICA VINADERUNITED KINGDOMWatches & Jewelry
11/2022PENINSULA CAPITAL / PERCASSIMC2 SAINT BARTHITALYFashion & Leather Goods
07/2022AMF GROUPCHAINES ET CIEFRANCELuxury Supply Chain
06/2022AMF GROUPITALCATENEITALYLuxury Supply Chain
06/2022G-III APPAREL GROUPKARL LAGERFELDFRANCEFashion & Leather Goods

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Tod’s by L Catterton are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: tod’s

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Tod’s, an Italian company specialised in Fashion & Leather Goods, by L Catterton in 2024.

How was the acquisition of Tod’s by L Catterton valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Tod’s’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Tod’s generated annual revenue estimated in the €1–10bn range and EBITDA in the €250–500M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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