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L Capital Management, the private equity firm sponsored by the LVMH Group and its private holding company Groupe Arnault, has closed its L Capital 3 fund with €400 million, well in excess of the fund’s original target of €350 million.
L Capital Management is Europe’s most established private equity firm specialising in lifestyle brands and selective retail businesses in Europe.
L Capital 3 will invest in mid-market European lifestyle brands and selective retail benefiting from global consumption trends. In particular, it will seek to invest primarily in lifestyle brands which are “aspirational, affordable and alternative”, the company said.
“Changing demographics, consumer behaviour and emerging new market segments in mature economies in Europe and the US, an increasing wealthy middle-class and emergence of important, powerful economies in China, India, southeast Asia and South America create significant demand for lifestyle brands,” said L Capital Management Senior Partner Philippe Franchet.
“Working in partnership with management teams and drawing upon the worldwide resources and expertise of the LVMH Group and L Capital Asia – a sister fund focused on Asia, with offices in Singapore, Mumbai and Shanghai – L Capital Management’s goal is to develop world-class brands and retail businesses benefiting from growing global consumption trends,” noted L Capital Management Chairman Daniel Piette.
The fund will acquire majority or minority equity interests, either alone or jointly with select co-investors, in mid-market companies with enterprise values of up to €400 million. It intends to invest in a portfolio of 10-15 companies.
“The fund builds on a very compelling market opportunity in lifestyle brands and selective retail, and the track record of L Capital Management’s prior funds,” the company said.
About L Capital Management
With offices in Paris, Milan and Madrid, and a team of 15, L Capital Management (www.lcapital.eu) is Europe’s most established private equity firm specialising in lifestyle brands and selective retail businesses in Europe. L Capital’s investments include Micromania, Gant, Forte Pharma, Nutrition & Santé, Sandro, Maje & Claudie Pierlot, Vitamin Water, Pepe Jeans & Hackett Group, Princess Yachts, Calligaris, Stroili Oroa and Dondup.
