New takeover bid for the company after the failed one in 2022, but this time thanks to an agreement with the L Catterton private equity fund controlled by the LVMH group, the global luxury giant, led by Bernard Arnault
Tod’s enters trading on the stock exchange and gains 17.4% to 42.7 euros, below the takeover bid price set at 43 euros per share. The offer launched by Crown Bidco, a company wholly owned by a private fund managed by an affiliate of L Catterton Management Limited, concerns 36% of the capital of Tod’s at a price of 43 euros per share, with a premium of 17.59 % which sets the value of the operation at 512 million euros.
Della Valle: It is the most suitable strategic choice
The objective of the founder and number one of the Marche group, in agreement with his brother Andrea, is to say goodbye to Piazza Affari: “At this moment, exiting the stock exchange, with which we have always had excellent relations, we believe is the most strategically suitable”, explains Diego Della Valle, who said he was “very satisfied” explaining that the operation “will bring further benefits to the future development of the Group, a development made up of continuous investments and challenging objectives”. And as regards the exit from Piazza Affari, the entrepreneur underlines that “sharing this path with L Catterton, world leading private equity in the consumer goods sector, will give us the opportunity to develop further and seize the opportunities that the market will offer.”
Michael Chu: Tod’s is synonymous with luxury
For his part, Michael Chu, co-CEO of L Catterton, recalls how “the Tod’s Group is synonymous with luxury, quality and craftsmanship and embodies the Italian style that the Della Valle family has been able to perfectly represent for almost a century. It is an honor join the Della Valle family in this important path of development of the company”, said Chu.
The takeover bid failed in 2022
In August 2022, the offer launched by Della Valle alone at a price of 40 euros per share failed due to failure to reach the necessary participation threshold. Tod’s, a company specialized in the production of luxury footwear, clothing and accessories, recorded revenues of over one billion euros in 2023, an increase compared to the previous year and with all the group’s brands – from Hogan to Fay – clearly growth.