L Catterton has launched a voluntary tender offer to buy 36% of Tod’s shares at €43 (£36.7) per share to delist Tod’s from the Milan Stock Exchange.
Following the deal, the Della Valle family, which currently controls the group, will retain its majority shareholding of 54% of the brand’s capital while L Catterton will own 36% stake. Minority shareholder Delphine SAS, a subsidiary of LVMH, will retain 10% of the shares.
L Catterton said in a statement that the delisting “is a precondition to ensure the pursuit of [Tod’s] future growth programs and consolidation” to allow the brand “to pursue its objectives in a market environment and legal framework characterised by greater management and organisational flexibility, with faster decision-making and execution times and also benefiting from reduced management and listing costs”.
The private equity firm added that it “is determined to promote and support this project, aware of the quality and experience of the management structure, the excellence of the production chain – which reflects in the great quality of the products – of the international network of stores of the group belonging to Tod’s”.
It comes after Tod’s founding family tried to delist the company in August 2022 however the plan did not reach the 90% ownership threshold needed to take it private.