The investor of the large restaurant L Catterton could go public

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L Catterton, the large private equity firm with significant stakes in the restaurant industry, is considering options to go public, according to a Reuters report on Tuesday.

Reuters said no decision had been made and said the Greenwich, Connecticut-based company could go public through an initial public offering or merger with a publicly traded shell company known as SPAC, or special purpose acquisition company.

Such a move would make public what has always been one of the most active investors in the industry.

L Catterton, born in 2016 from the merger of the private equity firm Catterton with the owner of Louis Vuitton LVMH and the family investment company Groupe Arnault. The company has $ 28 billion in assets.

A part takes place in restaurants. L Catterton has always been one of the most active investors and buyers of restaurant chains in recent years.

Among its most notable recent deals, the company in 2017 provided $ 18.5 million in bailout funds for Noodles & Co., the laid-back and fast-paced chain it had gone public four years earlier in a big way. pump but which had struggled to convince investors. The company’s shares have nearly tripled in value since then.

Most recently, in 2019, L Catterton acquired Del Frisco’s Restaurant Group, privatizing the company for $ 650 million. L Catterton then sold Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille to Landry’s – a fate Del Frisco’s had hoped to avoid earlier – while retaining the Barcelona Wine Bar and Barteca growth concepts.

Current majority investments include Uncle Julio’s, Velvet Taco, Primanti Bros. and Anthony’s Coal Fired Pizza. He owns a minority stake in the burger chain Hopdoddy, the Italian chain Piada and the health-focused concepts Snap Kitchen and Protein Bar. It also owns majority stakes in global concepts such as the Spanish leisure chain Goiko and the Indian chain operator Impresario.

L Catterton is considering going public in part because the valuations of publicly traded private equity firms have soared. Blackstone Group shares are up two-thirds this year; KKR is up about 50% and Apollo Global Management is up 21%.


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