Singapore-based private equity firm L Catterton Asia is set to exit its investment in R.M Williams as owners of the luxury shoe brand have put the company up for sale for $500 million, according a report by the Sydney Morning Herald.
The report said, investment bank Goldman Sachs has been given the mandate to handle the deal.
L Catterton currently owns 82 per cent in R.M Williams, after raising its initial stake of 49.9 per cent in 2014. The other owners of the Australian-based company are IFM Investors, which operates on behalf of non-profit Australian superannuation funds, with 13 per cent and Hollywood actor Hugh Jackman with the remaining 5 per cent.
Founded in 1932, R.M. Williams designs and manufactures various kinds of clothing and accessories, but is best known for its elastic-sided horseriding boots.
Headquartered in Australia, the company says it exports to 15 countries, has more than 50 retail stores in Australia and a store in London. It also boasts 900 stockists around the globe and has retail space in numerous Myer department stores across Australia.
R.M. William is one of L Catterton’s numerous consumer brand portfolio, which includes swimwear brand Seafolly and sport brand 2XU.
One of the LPs of L Catterton is LVMH Moët Hennessy – the French luxury goods conglomerate that owns luxury consumer brands Louis Vuitton, Christian Dior, Givenchy, and the famous Moët Hennessy Champagne house.
Among L Catterton’s most recent exit was the partial sale of its stake in China’s mall operator Sasseur Cayman Holding Limited, which saw the PE firm significantly reduced its shareholding in the company from 58.86 per cent to 1.36 per cent.