L Catterton has received a passive minority investment from Hunter Point Capital (HPC) to boost growth via a new fund platform that is focused on the credit business.
HPC Co-Founder and Executive Chairman Bennett Goodman will serve as a strategic credit advisor to L Catterton, a $33 billion private equity firm that has already expanded with three new fund platforms this year: Credit, Impact and RMB. Additionally, the partnership will reinvest HPC’s capital into L Catterton’s funds.
“For over three decades, we have remained true to our mission of partnering with leading management teams to build outstanding consumer brands around the world,” said Scott Dahnke, global co-CEO of L Catterton. “In pursuit of this quest, we seek to leverage our distinctive strengths as a consumer investor, deliver our high-standard of risk-adjusted returns, and most importantly, strengthen the platform in a way that ‘raises all boats’. We are confident that our partnership with HPC will support these efforts and will help us to continue to create value for our portfolio companies and limited partners alike.”
The size of the new fund platforms was not disclosed nor were the financial terms of the deal. There will be no change in governance, investment process, or day-to-day management of L Catterton, officials said. LVMH’s and Financière Agache’s collective minority stake in L Catterton remains unchanged, they added.
“We have long admired Scott, Michael, and L Catterton for delivering significant value to limited partners and portfolio companies over the course of more than three decades. L Catterton is in a league of its own and represents precisely the kind of world-class firm for which our strategic capital is intended,” said Avi Kalichstein, co-founder and CEO of HPC. “We look forward to adding value through HPC’s suite of business-building services as L Catterton continues to expand its proven franchise across new products.”
In 2021, HPC also took a minority stake in MidOcean, which officials described as helping advance the competitive advantages of its credit business.
