From Fortune:

Family owners of Tod’s SpA are collaborating with buyout firm L Catterton to take the brand private. L Catterton, backed by LVMH, is offering €43 per share in a bid valued at about €1.4 billion. The move aims to help Tod’s keep pace with luxury rivals and is backed by the founding family.

The Della Valle brothers aim to keep a 54% stake in Tod’s, while L Catterton plans to gain a 36% holding. Tod’s shares rose 18% on Monday, reaching €42.84 in Milan, following the news of the buyout bid.

Chairman Diego della Valle stated that delisting the company is the most suitable move and would provide significant benefits for Tod’s future development. Leaving the stock exchange would help Tod’s make strategic investments and meet challenging goals, according to Della Valle.

The deal would deepen Diego Della Valle’s ties with LVMH, where he is a board member. If successful, the bid will add Tod’s to LVMH’s portfolio of Italian luxury brands, which currently includes Bulgari, Fendi, and Loro Piana. JPMorgan Chase & Co. is advising L Catterton on the deal, and Bank of America Corp. is working with the majority shareholders.

Tod’s is a well-known Italian luxury brand famous for its leather driving loafers. The company also owns Roger Vivier and Hogan. The buyout bid marks the family’s latest attempt to take the company private, following a failed offer in 2022.



Read more: LVMH-backed fund is buying a big chunk of Tod’s as leather driving loafer maker struggles to remain relevant in luxury world