Davis Polk Advised Birkenstock On $845 Million Secondary Offering And $200 Million Share Repurchase
Davis Polk Advised Birkenstock On $845 Million Secondary Offering And $200 Million Share Repurchase
Davis Polk advised Birkenstock Holding plc in connection with its SEC-registered secondary offering of 20,027,344 ordinary shares by BK LC Lux MidCo S.à r.l., an affiliated fund of L Catterton Management Limited, as selling shareholder, including 2,100,000 shares sold upon the full exercise by the underwriters of their option to purchase additional shares from the selling shareholder.
In connection with the offering, Birkenstock repurchased 3,927,344 ordinary shares from the underwriters at the price per share paid by the underwriters to the selling shareholder. Gross proceeds to the selling shareholder were approximately $1.0 billion. The ordinary shares are listed on the New York Stock Exchange under the symbol “BIRK.”
Headquartered in Linz am Rhein, Germany, Birkenstock is a global footwear company that designs and manufactures sandals, shoes, sleep systems, and natural cosmetics. The company operates a vertically integrated manufacturing model, assembling all footbeds and most products in Germany and sourcing the majority of its materials from Europe. Birkenstock serves a broad customer base across various geographies and price points through a network of international sales offices.
The Davis Polk corporate team included Leo Borchardt (Partner), Christopher Diel (Counsel), and Serdar Inci (Associate). Alon Gurfinkel (Counsel) and Kelli A. Rivers (Associate) provided U.S. tax advice. Dominic Foulkes (Partner) and Samantha Wilson (Associate) provided U.K. tax advice. Sarah E. Kim (Counsel) and Saloni Pant (Associate) advised on 1940 Act matters. Members of the Davis Polk team are based in the firm’s London and New York offices.
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