Footwear giant Birkenstock is reportedly exploring a private equity sale that could value it at $5 billion

• Birkenstock is exploring a sale to private equity company CVC, sources told The Financial Times.
• The deal could value the footwear company at more than $4.85 billion including debt, the sources said.
• It isn't certain whether the companies will reach an agreement, one of the sources said.

German footwear giant Birkenstock is exploring a sale that could value it at more than 4 billion euros ($4.85 billion) including debt, sources close to the matter told The Financial Times.

The company is exploring a sale to Luxembourg-based private equity company CVC, the sources said, but has attracted interest from Permira and at least one other private equity firm.

Birkenstock, which has nearly 4,000 employees, recorded 721.5 million euros ($875 million) in revenues in the year to September 2019, the FT reported, citing a corporate filing. Its net profit rose 40% from the previous year.

This may have risen further since, after demand grew during the pandemic. As Americans swap out their high heels for comfort shoes while working from home, searches for Birkenstock online have increased by 225%, Insider's Bethany Biron reported.

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Goldman Sachs has been helping the company look at sale options for months, the sources said. Birkenstock has been in talks with CVC over that period, one of the sources told the publication, adding that there's no confirmation the companies will definitely reach an agreement.

Birkenstock and CVC did not immediately respond to Insider's request for comment.