Birkenstock dips after L Catterton's $941 mln stock sale priced

Birkenstock Holding

29/05/2025 11:47

** Shares of German sandal maker Birkenstock BIRK.N down 1.1% before the bell at $53.71 after secondary offering priced

** Co announced sale of ~17.9 mln shares by affiliate of private equity firm L Catterton at $52.50 for ~$941.2 mln gross proceeds

** Offering price is 3.3% discount to stock's last sale

** Co to concurrently repurchase ~3.9 mln shares from the underwriters. Late Weds, co said it would buy back $200 mln worth of shares

** L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, held ~135 mln shares for ~72% stake prior to offering

** BIRK has ~187.8 mln shares outstanding for $10.2 bln market cap

** Goldman Sachs and JP Morgan acting as joint lead book-running managers for offering, joined by BofA

** Through Weds, BIRK shares down 4% YTD

** Earlier this month, co said it plans to raise prices globally and seek production efficiencies to help offset tariffs

** 17of 20 analysts covering BIRK rate stock "strong buy" or "buy", rest rate "hold" and median PT is $70, latest LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))