Deal Detail

Tod’s S.p.A. to L Catterton

EV / LTM EBITDA

8.1x

EV / LTM Sales

1.8x

Enterprise Value

$2.2B

Primary Source

Tender Offer Document

Comparable Transactions

Luxury & Apparel transactions announced in the five years to February 2024. 8 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jan 2024	Sperry	Authentic Brands Group	$130M	0.6x	12.9x	Strategic
Sep 2023	Chico's FAS	Sycamore Partners	$872M	-	4.9x	Financial
Aug 2023	Capri Holdings	Tapestry	$8.5B	1.5x	9.0x	Strategic
Sep 2021	Lugano Diamonds & Jewelry, Inc.	Compass Diversified	$256M	2.7x	8.5x	Strategic
Jul 2021	Sweaty Betty	Wolverine World Wide	$416M	2.1x	18.1x	Strategic
Dec 2020	Stone Island (Sportswear Company S.p.A.)	Moncler	$1.4B	4.7x	16.6x	Strategic
Oct 2020	Tiffany & Co.	LVMH	$16.6B	3.8x	16.6x	Strategic
Sep 2020	BOA Technology Inc.	Compass Diversified	$454M	4.5x	15.1x	Strategic
	Mean			2.9x	12.7x
	Median			2.7x	14.0x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Fairness Opinion / Source	Advisor	Source Year	Enterprise Value	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	sec filing	Tender Offer Document	-	2024	$2.2B	1.8x	8.1x	-	L Catterton acquired 36% of Tod's to support delisting of the company in partnership with majority owner Della Valle family (56%) and LVMH (10%). EV and EBITDA on IFRS 16 basis. EUR:USD FC of 1.08 as of announcement date. EV / EBIT of 21.6x; P/E of 28.5x. All based on FY2023 results.	Open