L Catterton will couple Catterton's buyout expertise with LVMH's global presence to invest in brands and companies with "high growth opportunities in categories with attractive consumer economics," the firms said in a statement on Tuesday.
The new entity, whose headquarters will be in Greenwich, Connecticut and London, will combine Catterton's North American and Latin American private equity operations with LVMH and Groupe Arnault's European and Asian private equity and real estate investments.
Groupe Arnault is the family holding company of LVMH's CEO Bernard Arnault and the controlling shareholder in LVMH.
L Catterton is the culmination of a professional relationship that dates back to 1998, when LVMH and Groupe Arnault first invested in Catterton's funds.
Catterton's investments include fitness chain Pure Barre and fast casual salad chain Chopt Creative Salad Company. LVMH's and Groupe Arnault's investments include Italian casual dining concept Cigierre and high-end shoe brand Giuseppe Zanotti.
L Catterton expects to grow its assets under management to more than $12 billion. The transaction is expected to close early in 2016, subject to approvals.
(Reporting by Lauren Hirsch in New York; Editing by Andrew Hay)
By Lauren Hirsch
