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Interested as well.
I also would like to hear about this.
First Google search result. http://www.bloomberg.com/news/articles/2016-01-05/lvmh-to-combine-priva…
That was the article that got me interested!
Historically, apart from a few experienced partners, L Capital has been exclusively french (like most French company) and focused on Europe. Catterton is a very good consumer PE shops although they only do restaurants and food deals now so it's quite narrow niche (although one that is very interesting). Not sure what the combination will look like, it's a bit of a weird mix.
Thanks for the info. Would you happen to know any similar US counterparts to L Capital?
There are a few MM consumer-focused firms such as Castanea, JH. TSG, Lion and most MF / large MM funds have a consumer group.
Not exactly sure about their operations outside of Asia. Based on the people which I had spoke to in Asia, L Capital is often cited as the example of PE firm destroying business due to a lack of expertise. An example would be one of their portfolio companies, Jones the Grocer, which had declared bankruptcy previously. L Capital did get a lot of attention when they had invested into more than 90% of Crystal Jade for about USD 100m . However, L Capital had sold part of it to Standard Chartered Private Equity for about 50m (I assume that L Capital probably needs the money or they realized the F&B industry is a tough industry to be in. In my opinion, this also shows the difficult in exiting investments in consumer based businesses).
On a side note, L Capital is also very well known to overpay for companies such as Ku De Ta, which I heard is not doing well recently as well. Lastly, while L Capital did make some rockstar investments such as Charles and Keith, I do question whether they are able to replicate their previous success. Maybe it will change with the new combined firm.
Hope it helps.
Thanks for the info. I was actually more interested in their Asia Group so this was great. Since it seems like L Cap isn't doing too well in Asia, do you have any idea on who is?
I am not exactly sure about who is doing well. I did hear that the larger PE firms are still ok but there isnt as much large deals in Asia as compared to the U.S. Also, most PE firms in Asia are growth equity instead of LBO.
I would focus on PE firms that genuinely participate in recruiting. Brentwood Associates is a good example of a consumer focused firm with fashion / retail exposure
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