L Catterton exits RM Williams to Australian billionaire

The size of the transaction was not disclosed, but The Sydney Morning Herald reported that Tattarang will pay A$190 million ($135 million) for the asset. It added that R.M. Williams reported net profit of A$23 million in 2019, putting the acquisition valuation at about 9x earnings.

L Catterton acquired a 49.9% stake in R.M. Williams from the Cowley family in 2013 for A$52 million and exercised an option to buy the remaining 50.1% a year later. IFM Investors and Australian actor Hugh Jackman subsequently came in as minority investors. The company provided clothing for the 2008 movie “Australia,” which starred Jackman, and he remains an ambassador for the brand.

Founded in 1932, R.M. Williams manufactures high-quality footwear, clothing, and leather goods, and is best known for its leather boots. The founder – after whom the company is named – sold it to stock and station agents Bennett & Fisher in 1988. After entering receivership in 1994, the company was placed under the ownership of Ken Cowley, a long-time friend of Williams.

As of 2013, the company had approximately 50 stores in Australia and its products were stocked by 900 retailers across 15 countries. There are now 57 domestic outlets and about half a dozen overseas, while approximately 500 third-party retailers – 300 of them in Australia – are listed on the company website. L Catterton is said to have focused on building up the brand’s international and youth appeal, with an emphasis on e-commerce.

Forrest said in a statement that he and his wife Nicola were “incredibly proud and humbled to be able to bring R.M. Williams back under Australian ownership.” He added: “R.M. Williams is a quintessential Aussie brand with a long and proud history of high-quality Australian craftsmanship.”

Forrest made his money in mining – he is seventh in the latest Forbes ranking of wealthiest Australians with a net worth of $4.3 billion – but grew up on a cattle station in Western Australia. Tattarang describes itself as proudly Western Australian with a portfolio that encompasses agriculture, energy, resources, property, hospitality, sport, and entertainment.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Trade sale
• Consumer
• Australia
• L Catterton