(Bloomberg) -- L Catterton, the private equity firm backed by luxury French fashion house LVMH, agreed to buy iconic German sandal maker Birkenstock.
The investment firm and the family behind Birkenstock announced the deal on Friday without disclosing the financial terms. Bloomberg News reported earlier this week that the purchase would value the sandal maker at about 4 billion euros ($4.9 billion).
L Catterton beat out a rival offer from buyout firm CVC Capital Partners, which was close to sealing a deal earlier this year, people familiar previously said. In the end, the family owners of Birkenstock preferred L Catterton’s track record with family-backed consumer brands as well as its ability to expand in Asia.
“Our global platform and network will provide Birkenstock not only with new opportunities, but the resources to support the continued growth in the brand and the business,” Michael Chu, co-chief executive officer of L Catterton, said in a statement.