L Catterton Closes Third Growth Fund Above Target at $615 Million

Substantially Oversubscribed Growth Fund Enhances L Catterton's Leadership in Consumer Investing

Feb 11, 2016, 08:00 ET from L Catterton

GREENWICH, Conn. and LONDON, Feb. 11, 2016 /PRNewswire/ -- L Catterton, the largest consumer-focused private equity firm in the world, today announced that it has closed its third North American growth fund, L Catterton Growth Partners III, L.P. ("LCGP III"), at $615 million including commitments from Limited Partners, the General Partner and strategic partners of L Catterton.  The substantially oversubscribed fund received strong support primarily from existing investors, along with select new investors around the globe. 

The closing of LCGP III follows Catterton's previously announced partnership with LVMH and Groupe Arnault to create L Catterton, the largest global consumer-focused investment firm.  Upon the closing of LCGP III and other successor funds, L Catterton expects to grow its assets under management to more than $14 billion.  With a 27-year history and more than 120 investment and operating professionals in 18 offices across five continents, L Catterton has the largest and most experienced team in global consumer investing.  L Catterton has six distinct and complementary fund strategies focusing on consumer buyout and growth investments across North America, Europe, Asia and Latin America, in addition to prime commercial real estate globally.

Consistent with L Catterton's investment strategy, LCGP III will target control-oriented investments in North American high-growth consumer companies in attractive categories.  Similar to Catterton's first two growth funds, LCGP III will seek investments in consumer-focused companies growing at double or triple digit rates and requiring between $10 million and $50 million of capital.

"We are delighted to close our third and largest North American growth fund, and thank our dedicated and loyal Limited Partners for their commitment to L Catterton," said Michael J. Farello, Managing Partner of L Catterton Growth.  "L Catterton is the clear leader in global consumer investing and our focus remains on partnering with entrepreneurs and great executives to develop high-growth companies.  Building on our proven track record, LCGP III will focus on identifying the most promising consumer growth concepts in the market today.  As the partner of choice in consumer investing, we look forward to generating continued strong financial returns for both our investors and portfolio companies."

"This is an exciting time to be investing in consumer growth as old consumer categories are being re-imagined and new consumer categories are being created," said Jonathan H. Owsley, Managing Partner of L Catterton Growth. "Since our founding in 1989, we have been fortunate to partner with the very best founders, entrepreneurs and management teams, and we look forward to continuing to do so in the future.  At L Catterton, we have a time-tested approach of identifying and working with great brands to help them build strong, enduring businesses.  We are thankful to our investors for their enthusiasm and ongoing support." 

Prior to combining with L Capital to form L Catterton, Catterton's previous two North America-focused growth funds, Catterton Growth Partners II and Catterton Growth Partners, closed in September 2013 and April 2008 with $420 million and $316 million in commitments, respectively, including commitments from Catterton. As with all prior Catterton funds, LCGP III will be advised by Catterton Management Company, LLC.

About L Catterton 

L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world.  Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton builds on this heritage with the addition of LVMH and Groupe Arnault's existing European and Asian private equity and real estate operations.  L  Catterton invests in all major consumer segments, including: Food and Beverage, Retail and Restaurants, Beauty and Wellness, Fashion and Accessories, Consumer Products and Services, Consumer Health, and Media and Marketing Services, as well as real estate projects anchored by luxury retail. L Catterton's investments include: Peloton, Restoration Hardware, CorePower Yoga, Sweaty Betty, Outback Steakhouse, Plum Organics, Chopt Creative Salad Company, Mendocino Farms, Noodles & Company, PIADA, Hopdoddy, Vroom, Snap Kitchen, Frederic Fekkai, PIRCH, Build-A-Bear Workshop, Wellness pet food, Nature's Variety pet food, Kettle Foods, Odwalla, P.F. Chang's, Ba&sh, Sandro and Maje, CellularLine, Vicinci / Zanotti, Cigierre,Gant, Nutrition and Sante, Pepe Jeans & Hackett, 2XU, Charles & Keith, Marubi, Bateel, Sasseur, Emperor Watch and Jewelry, Miami Design District and G6 in Ginza - Tokyo, to name a few. More information about L Catterton can be found at lcatterton.com.

Andi Rose / Jon Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher

SOURCE L Catterton