Catterton Partners Closes Two Funds Totaling $2.1 Billion
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Catterton Partners Closes Two Funds Totaling $2.1 Billion

catterton nfCatterton Partners has closed its seventh buyout fund, Catterton Partners VII, LP, as well as its second growth fund, Catterton Growth Partners II, LP.  With the closing of these two funds, which on a combined basis have $2.1 billion of limited and general partner commitments, Catterton now has over $4 billion of capital under management.

Both funds were significantly over-subscribed.  To accommodate investor demand, Catterton Partners VII increased its hard cap from $1.5 billion to $1.6 billion.  Catterton Growth Partners II, which was raised in just three months, also increased its hard cap, from $350 million to $400 million.  Both funds received support from existing investors and also attracted new investors.  The limited partner base consists of public pension funds, sovereign wealth funds, insurance companies, endowments, foundations, and family offices.

“We are pleased to have closed two new funds at levels that exceeded our expectations,” said J. Michael Chu, Co-Managing Partner of Catterton Partners.  “Over the last 24 years, Catterton has built a leading franchise in consumer investing.  The great success we have enjoyed since our inception would not be possible without the support of our limited partners and the outstanding work of the management teams with whom we partner.  Our ability to close these funds in a short period of time is a testament to our strategy and solidifies our leadership in consumer-focused investing.  We look forward to continuing to leverage our expertise to help high-growth consumer companies realize their full potential.”

Catterton’s previous buyout fund, Catterton Partners VI LP, closed in June 2006 with $1 billion in commitments.  Its previous growth fund, Catterton Growth Partners, LP, closed in April 2008 with $316 million in commitments.

Consistent with past funds, both new funds will target control-oriented investments in high growth consumer companies.  Catterton Partners VII will target companies with enterprise values from $100 million to more than $1 billion.  Similar to the first Growth fund, Catterton Growth Partners II will target companies with enterprise values that are less than $100 million.

“We were honored to earn the overwhelming support of investors in these two funds, which surpassed our targets,” said Scott Dahnke, Co-Managing Partner of Catterton Partners.  “Catterton is well known for building market-leading consumer growth companies, powered by strong brands with deep consumer appeal.  We will continue to pursue the strategy our firm has followed since our inception: partnering with management teams of well-positioned consumer companies to build outstanding brands.  We look forward to continued success and to delivering strong returns in Fund VII and Growth Fund II.”

Fund VII has already completed three investments in Primanti Brothers, PIRCH and CorePower Yoga.  Growth Partners II has completed its first investment in Snap Kitchen.

Catterton Partners focuses exclusively on the consumer industry and invests in all major segments including food and beverage; retail and restaurants; consumer products and services; and media and marketing services. Catterton was founded in 1989 and has more than $4 billion in capital under management. The firm is located in Greenwich, CT (www.cpequity.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 9-19-13

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