Birkenstock, which went public in October 2023, plans to sell 14 million shares in a secondary public offering of the BIRK shares. The shares will be sold by L Catterton and Birkenstock employees.
L Catterton bought a majority stake in Birkenstock in 2021 in a deal that valued the company at about $4.3 billion. Following the completion of the proposed offering, L Catterton will hold approximately 73.2 percent of the ordinary shares outstanding of the company.
Shares of Birkenstock closed Monday at $59.78 compared to its IPO price of $46.
Commenting on the development, Oliver Reichert, CEO of Birkenstock Group and board member, said, “Supported by the positive outlook and strong performance of our business, the intended secondary offering is an opportunity for us to further broaden our investor base and to increase the liquidity of our stock.”
“At L Catterton, we remain deeply committed to Birkenstock and continue to be long-term partners who have deep conviction in the company’s growth story. As a lead investor and the largest shareholder, we are committed to executing this transaction in a responsible way,” added Michael Chu, global co-CEO of L Catterton and chair of the company’s board.
Goldman Sachs and J.P. Morgan are acting as joint lead book-running managers for the proposed offering.
Image courtesy Birkenstock
