In a statement shared by Tod’s on behalf of L Catterton, the Italian brand’s largest stake will be held by the Della Valle family, representing 54% of the share capital. The family will maintain exclusive control over Tod’s.
As part of the agreement, L Catterton will be buying 11,913,128 shares of Tod’s at €43 ($46.09) per share. The equity firm will also be granted a representation in the board of directors at Tod’s and certain other governance and exit rights.
Meanwhile, a minority stake of 10% will be held by LVMH-owned subsidiary Delphine S.A.S.
Second-attempt at delisting
According to news agency Reuters, this is the second attempt by Tod’s at delisting the company after its initial buyout failed to meet the required threshold of support.
Reuters noted, at that time Tod’s founder and Chairman Diego Della Valle and his brother Andrea had offered to buy out other investors at €40 a share but that failed to gain the requisite 90% support. They had the option to try to de-list the company via a merger with DeVa Finance as an alternative.
Della Valle told Reuters at the time: “We noted that some of our shareholders believed the value of the Tod’s group to be significantly higher than our valuation and preferred to remain in possession of their shares.”
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In a recent financial update, Tod’s reported 11.9% growth in group revenues to €1.13bn for fiscal year 2023.