The Investment Giant Behind Some of Fashion’s Biggest Deals

When Birkenstock makes its public-market debut as soon as this month, it won’t just be a win for the nearly 250-year-old sandal maker.

It will also be a victory for its owner, L Catterton, which looks all but certain to make a sizable profit, having purchased the company in 2021 for

(about $4.9 billion at the time). The brand is now reportedly seeking a valuation of $8 billion.

The private-equity firm has been closely…