THE WHAT? LVMH-backed L Catterton has emerged as the preferred bidder in the race to acquire casual shoe manufacturer Birkenstock, according to a report published by Bloomberg.

THE DETAILS CVC Capital Partners is also said to be in the running to acquire the German sandal maker. A decision is expected in the next few months with Birkenstock’s owners seeking a valuation of approximately €4 billion to €4.5 billion.  

THE WHY? The shoe brand’s owners are said to prefer the private equity firm’s approach to buying and growing family-owned firms, Bloomberg said, and its track record in Asia, a region it has targeted for future growth.