TOD’S acquired by L CATTERTON
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.
TOD’S, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).
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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
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 750M - 1.3b EUR
EBITDA range: 250M - 500M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: tod’s
Acquirer: l catterton