Tods has announced its intention to go private in a deal with private equity firm L Catterton that would see the company delist from the Euronext Milan stock exchange. As part of the deal, the Della Valle family would retain majority ownership of the company with 54 percent of the shares, while L Catterton would have 36 percent of total share capital. Minority shareholder LVMH which owns 10 percent of shares, is maintaining its stake.
L Catterton will pay 512 million euros or 43 euros per share for its stake, a 17.6 percent premium to the price of the shares on Feb. 9, the last trading day before the announcement. The news comes after a previous plan to go private, announced in August 2022, was aborted.
The Tod’s Group, which includes the Tod’s, Roger Vivier, Hogan and Fay brands, generated 1,12 billion euros in revenue in fiscal year 2023, up 11.9 percent year over year.
In a statement, Diego Della Valle, Chairman and CEO of Tod’s Spa, said: “I am very pleased to announce this transaction, which will provide further benefits to the future development of Tod’s Group, built through continuous investments and challenging goals. We determine that, leaving the Stock Exchange now – with which we have always had excellent relationship- is the most appropriate strategic choice.”
Michael Chu, Global Co-CEO and cofounder of L Catterton, stated: “Tod’s Group is synonymous with luxury, quality and craftsmanship, embodying the Italian ethos that the Della Valle family captured so perfectly over 100 years ago. It is an honor to partner with the Della Valle family in this important next stage of the company’s remarkable journey.”
Matteo Tamburini, who was appointed Creative Director of Tod’s in December, will show his first collection during Milan Fashion Week later this month.
Stay tuned to BoF for updates on this developing story.