The Della Valle founding family is now relying on a partnership with L Catterton

The Della Valle founding family is making its next attempt to take the Italian fashion group Tod’s SpA off the stock exchange. According to a statement published on Saturday, it is relying on the investment company L Catterton as a financing partner. L Catterton leads, among other things, the investment and real estate businesses of the LVMH-owning Arnault family and has a majority stake in renowned brands such as Birkenstock, Ganni, APC and Etro.

L Catterton makes purchase offer to small shareholders

According to the agreement, L Catterton, through its specially founded subsidiary Crown Bidco SrL, is making a takeover offer for all Tod’s shares that are not owned by the brothers Diego and Andrea Della Valle and the investment company Delphine SAS, which is part of the French luxury goods group LVMH.

L Catterton is offering the remaining shareholders, who currently hold a total of 36 percent of the shares, 43.00 euros per share, which corresponds to a premium of almost 17.6 percent on the closing price from last Friday. If all relevant shareholders accept the offer, the investment company would pay a little more than 512 million euros for around 11.9 million shares.

The Della Valle family retains majority ownership of Tod’s

The aim of the planned transaction is to delist the fashion group, which includes the Tod’s, Roger Vivier, Hogan and Fay brands, the company said. This step would provide “greater organizational flexibility” and create the opportunity to accelerate management decisions and their implementation, according to a statement. In addition, the costs and obligations resulting from the stock market listing were eliminated.

If the takeover offer is accepted, the Della Valle family would remain the majority owner of the company with a total of 54 percent of the shares after withdrawing from the stock exchange. L Catterton would then have a 36 percent stake, Delphine would still have a ten percent stake.

A first takeover plan failed in 2022

With the plan now announced, the Della Valle family is making another attempt to take the company off the stock exchange and restructure it. In 2022, a corresponding project failed because not enough shareholders had accepted the takeover offer at the time.

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