Birkenstocks are known for their convenience and comfort, including the original cork footbed

Birkenstocks are known for their convenience and comfort, including the original cork footbed

Private equity firm L Catterton and Financière Agache have completed their acquisition of German footwear brand Birkenstock.

A deal was struck in February which would see L Catterton and Financière Agache, the family investment firm of Bernard Arnault – chairman and CEO of luxury conglomerate LVMH – acquire a majority stake in Birkenstock.

Financial terms of the transaction were not disclosed.

In conjunction with the closing, Birkenstock has formed and appointed six members to the company's supervisory board, including: Michael Chu, global co-CEO, Nik Thukral and Luigi Feola, managing partners at L Catterton; Oliver Reichert, CEO of Birkenstock; and one representative each from both GIC and Financière Agache.

In partnership with L Catterton and Financière Agache, Birkenstock intends to continue its growth trajectory by investing further in its business and expanding its market leadership in Europe and North America while growing its presence in future markets, particularly in China and Asia.

"We are pleased to have completed the acquisition of Birkenstock, and I look forward to working closely with Oliver and the exceptional management team, as well as my colleagues on the supervisory board, to drive growth and unlock new opportunities for a business with an unrivaled heritage," says Chu.

Reichert adds: "L Catterton and Financière Agache have an unmatched expertise and international network of resources, and we are confident this partnership will serve as a major leap forward for Birkenstock. Our company has long been at the forefront of the footwear and lifestyle industry worldwide thanks to the outstanding skills and abilities of our people. Today we are opening a new, very promising chapter in the company's history."