Tod’s set to leave Milan bourse as L Catterton offer succeeds

 L Catterton, a private equity firm backed by French luxury group LVMH, said on Friday it succeeded in securing enough shares in luxury shoe maker Tod’s to take it private in agreement with the Italian group’s main shareholder, the Della Valle family.

L Catterton said it had secured 8,656,066 shares following its bid for the Italian company, bringing its holding, together with the stakes held by the Della Valles and by LVMH, over the 90% threshold needed to delist the group.

The offer period will end on May 8.

In addition to the eponymous brand, famous for its Gommino loafers, Tod’s also owns the Roger Vivier shoe brand, as well as the Fay and Hogan labels.

Tod’s will leave the Milan bourse after 24 years.
Going private will allow the new owners the space to try to revive its brands away from the constant scrutiny of stock market investors.

In February, L Catterton announced its offer to buy 36% of the luxury shoemaker at 43 euros per share, which values Tod’s at just over 1.4 billion euros, and take it private in agreement with the founding family.
Company CEO and founder Diego Della Valle is tendering a 10.45% stake in Tod’s, while retaining another 54% together with his brother Andrea.

LVMH will keep its 10% stake and L Catterton will own the remainder of Tod’s.

The Della Valle family had already attempted to take the group private in 2022 but failed to win sufficient support for the deal to go ahead.