L Catterton makes cash with Birkenstock, but it’s not a divestment

L Catterton cashes out of Birkenstock, making $756 million from the sale of a 7.9% stake (done in part through a group of employees). The stock market has not taken the move very well: the German sandals’ stock has lost 11% in the past 5 days (but it is also true that it had risen…