2021 Annual
Impact Report
SEPTEMBER 2022

Table ofContents

L Catterton 2021 IMPACT REPORT3CEO Statement

5

Our ESG Approach

17

Environmental

31

Social41

Governance51

Our Community2

CEO STATEMENTOUR ESG APPROACH

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RETURN TO CONTENTSCEO Statement

J. Michael Chu

Scott Dahnke

Global Co-CEO

Global Co-CEO

SINCE THE FOUNDING OF L CATTERTON IN 1989,
we have considered environmental, social, and governancefactors as part of our operations and investment decisions. Oursteadfast mission is to create success; as investors, this meansdelivering outsized returns and creating value in the businesses
with whom we partner. Intrinsic to that success is, in the words ofpoet and naturalist Ralph Waldo Emerson, our ambition “to leave
the world a bit better.” We possess both the privilege and the
responsibility to cause positive change in the world. And while
poetry may capture the essence of our intent, the hard work of• Further integrated ESG into our Real Estate strategy,
conducting ESG reviews on six properties with the belief
that our real estate portfolio is well-positioned to drive
positive ESG outcomes.2• Finalized our plans to launch our inaugural L Catterton Impact
Fund and welcomed co-head Michael O’Leary.

• Deepened engagement with our ESG advisor, Malk Partners(Malk), launching 14 annual monitoring reviews, including all

progress is best told in prose.

Latin America fund investments completed in 2019 or laterIn this second annual impact report, we highlight the ways inin 2020 or later. 3 All Europe Fund V and Flagship Buyout

which we protect and drive value in our pursuit of success.

Fund X investments will also participate in annual

and all Flagship Buyout fund investments completed

Select highlights of L Catterton’s recent ESG efforts include:• Established partnerships with Ownership Works, Persefoni,
and Tablecloth to broaden the scope of our ESG work.

• Continued integration of ESG considerations into ourinvestment approach across our global investment platforms
through rigorous diligence and thoughtful analyses.

• Continued to engage our carbon offset partner, Bluesource,
offseting over 13,000 tonnes of CO2e to support meaningful• Supported ESG integration throughout the investment lifecycleby administering ESG surveys to all portfolio companies.

1

L Catterton 2021 IMPACT REPORT

monitoring reviews.

initiatives, including Paradigm Cookstoves, Alleghany Urban
Forestry, and Shaan Seelt Forestry.4

3

CEO STATEMENTOUR ESG APPROACH

ENVIRONMENTAL• Selected female candidates for approximately 50% of
all new hires and appointed 17 (of 21) diverse independent
Board of Directors on L Catterton boards, reinforcing ourcommitment to diversity.5• Achieved 2021 Great Place to Work© (GPTW) certification,
demonstrating our deep and ongoing commitment to ourculture and fostering the best possible working environment
at L Catterton.6

SOCIAL

GOVERNANCEOUR COMMUNITY

To leave the world a bit better,
whether by a healthy child, a garden
patch, or a redeemed social condition;
to know that even one life has breathedeasier because you have lived —that is to have succeeded.

• Partnered with local charitable organizations across our—RALPH WALDO EMERSON

global offices, including Feeding Westchester, Filling in the
Blanks, Meals & More, Henry Street Settlement, and Kids in
Crisis to support and empower local communities.

• Recently joined the Data Convergence Initiative to support
the effort to drive transparency and uniformity
in disclosures.
Through these efforts and others, L Catterton strives touphold its promise to “collectively pursue excellence —guided by respect, collaboration, humility, and candor; fueled

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While we humbly take pride in our achievements to date,
we remain acutely focused on the challenges ahead. Our
obligation as both investors and as global citizens demands
this dedication. We remain grateful for your support andshared commitment as we continue to navigate toward
positive and impactful outcomes. May we one day reflect on
our fulsome efforts and their measurable results and know
indeed that “this is to have succeeded.”by boundless curiosity; and leavened by humor — with acourageous spirit and a creative intellect.” This credo reflects
our aspirations to effect positive change in all our endeavors.
It informs our efforts to not only be a participant in this space,but also to be a leader.

J. Michael Chu

Scott Dahnke

Global Co-CEO

Global Co-CEO1

All portfolio companies were surveyed, though not all portfolio companies provided responses. Responses provided as of 12/31/21.

2

Real Estate reviews completed as of 5/10/22.

3

Monitoring reviews launched and/or completed as of 6/8/22.

4	Offset program covered 21 participating companies from 11/20 to 10/21.
5

Data reflects all full-time hires and Board of Director appointments over the 12-month period ending 4/30/22.

6

Certification active from 9/21 to 9/22.

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NotCo, an investment in our Latin
America fund, leverages artificial
intelligence to develop plant-based
products. See page 22 for a feature
on L Catterton’s recent investments inalternative protein and plant-based
food companies.

Our ESGApproach
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Development and Progression of Our
ESG Program
SELECT HIGHLIGHTS
2015• Formalized global ESG policy based on principles of the
UN Principles for Responsible Investment (UN PRI) and theAmerican Investment Council Guidelines for Responsible
Investment (AIC Guidelines)
2019

2017
• Became founding signatories at the launch of the
CEO Action for Diversity & Inclusion
2020• Signed UN PRI• Achieved LEED Platinum certification at global headquartersin Greenwich, CT• Administered first annual ESG surveys to all
portfolio companies• Formally engaged Malk for ESG diligence andannual monitoring• Launched FedEx carbon footprint initiative• As founding signatories, Scott Dahnke and Michael Chu
helped to launch ILPA’s Diversity in Action initiative• Expanded our long-standing Women’s Initiative Committee
into a global Diversity & Inclusion (D&I) Committee
2021• Featured in Private Equity International’s “30 Big Ideas
Shaping ESG: Due Diligence”• Became a founding member of the Women on
Boards Project• Became a sponsor of Level 20• Launched partnership with Him for Her to expand
L Catterton’s network of diverse executives• Wrote letter in support of NASDAQ diversity rule
• Published inaugural annual impact report1

2022• Added 17 women and under-represented minorities toportfolio boards2• Launched PRISM, our proprietary initiative to support
executive and board-level diversity, with particular a focus on
female leaders• Conducted ESG training for 100% of workforce3• Expanded ESG Committee with recent additions including,Michael O’Leary, Partner and co-lead of L Catterton’s
Impact Fund; Annie Kyprianou, Global Chief Financial
Officer; Derex Walker, Chief Risk Officer; and Julie Hamilton,
Managing Director of Firm Communications• Engaged Persefoni to support the Firm’s climate program• Joined the Data Convergence Initiative• Completed ESG annual monitoring engagements for 12
portfolio companies with Malk Partners⁴• Became a founding member of Ownership Works,a nonprofit organization that partners with companies
and investors to provide employees with the opportunity tobuild wealth at work1

All portfolio companies were surveyed, though not all portfolio companies provided responses. Responses were provided as of 12/31/2021.

2

Information was provided 4/30/22.

3

Training offered to all full-time employees as of 2/28/21.

4

Monitoring reviews launched and/or completed as of 6/8/2022.

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Global Approach to ESG
Our ESG approach is consistent across our Firm’s global platform: we cover over 90% of global GDP with sevenstrategies across 17 offices on five continents.1
Flagship Buyout

GrowthLatin America

EuropeAsia

Global Real

RMB

Fund

Fund

Fund

Fund

Fund

Estate Fund

Fund

Offices
Regional Headquarters
Global & Regional NA Headquarters

An increasing number of the thematic trends in which we invest are synonymous with prominent ESG issues.
ENVIRONMENTAL

1

SOCIAL

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Transparency

Sustainability

Blurring of
Meals

Outsourced
Homemaking

Access over
AssetsImperceptible
Commerce

Bifurcation ofValue & Luxury

Clean Labels

Humanization
 f Petso

ThirdSpacesExtendedCourtship

ExperientialRetailExperiences
Over Things

SharingEconomy

Influencer-Led
Personalization
BrandsCoping &S oothing

At-HomeLuxuryUrban
Adulthood

Multi-Gen
Households

Better forBaby

By Women,for Women

GenderFluidity

Cross-Border
BrandsProvenanceSocialFitness

Consumerized
Healthcare

Aging in
Place

New
Masculinity

Body
Positivity

Wokeness

National
Reactionism

Regional
Cuisines

Curatorial

FOMO

ScreenReaction
Mindfulness
ActiveLivingSource: World Economic Outlook Database International Monetary Fund Reflects 2020 estimates as of October 13, 2020.

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GLOBAL APPROACH TO ESG

Commitment toTransparency and
Building Internal
Capacity

OUR COMMUNITY

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United Nations
Sustainable
Development Goals(SDGs)
We’re committed to ensuring
our investments can help enable
progress against the challenges
facing our planet.

Our goal is to deliver this report annually.

We are excited to participate in the ESG Data Convergence
Initiative to drive transparency and uniformity indisclosures.
Since becoming a signatory to the UN PRI in 2019, wecomplete and provide an annual transparency report on
key ESG issues.
We maintain a cross-functional Global ESG Committee
consisting of representative members of the various
regions, departments, and strategies of L Catterton whomeet quarterly to drive our global ESG strategy.
We conduct firm-wide ESG training annually toincrease awareness of and adherence to our ESG
policy and procedures.

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Overview of ESG
Integration in Our
Investment Process
We consider ESG factors throughout all stages of ourinvestment process.
UNDERWRITING
Sourcing• Leverage “Vertical Process” in sourcing activities — a systematic approach based on
research and consumer insights to identify our investment trends.

• Integrate ESG principles into the underwriting process to help inform decision-making
and prioritization across prospective investments.

ESG Diligence by the
Numbers

26

diligence reviews conducted i n
partnership with Malk P artners

Due Diligence• Engage Malk Partners to conduct a bespoke ESG due diligence review for

all investment opportunities that reach the confirmatory diligence phase.

in 20211• Include a materiality assessment to identify relevant ESG risks and opportunities

12

Investment Committee

annual ESG monitoring reviews• Include key ESG findings from due diligence into Investment Committee materials.

in 20212

based on each company’s geography, industry, and operational characteristics.

portfolio companies launched• Incorporate ESG focus areas into a post-closing action plan.
INVEST95

portfolio companies
responded to L Catterton’s

PORTFOLIO MANAGEMENT

annual ESG survey3

Plan Implementation• Share ESG report with portfolio company management teams.
• Partner with portfolio companies to address and prioritize any ESG concerns identified

during the initial due diligence process and to execute against areas of ESG opportunity.

Monitoring and Reporting• Perform in-depth ESG monitoring on all investments in our most recent Latin America,
Flagship Buyout, and Europe funds.

• Share ESG updates with L Catterton Limited Partners.
EXIT

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1	Reflects ESG diligence reports delivered
between 1/1/2021 and 12/31/2021; excludes
due diligence reviews completed oninvestments that did not ultimately close.
2	Monitoring reviews launched and/or
completed as of 6/8/2022.
3	Calculation reflects the number of surveyed
companies that completed at least one
survey field, as of 4/14/2022.

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Creating Value Through ESG
We are committed to supporting ESG integration across the investment lifecycle, recognizing the benefits that
ESG can create across risk mitigation and value creation for our portfolio companies.

RISK
MANAGEMENTVALUECREATION

ENVIRONMENTAL

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Sound environmental

Robust labor compliance

Programs that encourage

management systems

programs reduce risk of

ethical conduct across all

integrated into the production

concerns such as discrimination

stakeholders, includingof consumer products

and harassment or wage andemployees, businessensure continued regulatory

hour noncompliance for retail orpartners, and suppliers, allow

compliance and minimize

hourly employees who may facecompanies to mitigate the risk

the risk of spills and otherincreased exposure to such riskof misconduct and associatedcontamination concerns,in their day-to-day duties.

regulatory penalties, as well as

preventing regulatory fines

potential reputational scrutiny

and public scrutiny.

among their consumers.

Strong corporate

Proactive initiatives

Leading corporate

sustainability programs forto promote employee

governance structures acrossconsumer goods may help

engagement and developmentareas such as business ethics

companies save costs related

and encourage diversity,and anti-bribery can serve as

to resource use and meet theequity, and inclusion bestcompetitive differentiators,

preferences and desires ofpractices to increase employee

allowing businesses totheir customer bases.

satisfaction and retention,better align themselves with

foster creative thinking, andconsumer values.

help ensure that consumer
goods businesses reflect thecustomers they serve.

PORTFOLIOCOMPANY
EXAMPLES

CiFlavors (LCA III) is a leading
independent multi-brandhaircare/skincare company.
In response to consumer
demand for sustainableproducts, CiFlavors’s brands
have started to assess potential
for sustainable packaging. The
8 THE THALASSO brand uses
sugarcane-based packaging,
avoiding the environmental
footprint of conventional
packaging.

L Catterton 2021 IMPACT REPORT

ThirdLove (LCG III) is a digitallynative intimates brand. In 2020,
the Company kicked off “TL
Effect,” its in-house mentorshipprogram geared toward
women-of-color entrepreneurs
looking to take their early-stage,
consumer-focused start-ups tothe next level. Refer to pg. 35 formore detail on this program.

Valoreo (LCLA III), a brandaggregator, maintains a robust
investment-diligence processacross areas like legal andregulatory matters, allowing it
to ensure brands uphold highstandards for business ethics
prior to acquisition.

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Prominent ESG Areas of Focus for
the L Catterton Portfolio
We continue to evolve our program to increasingly integrate ESG best practices into how we invest in
and partner with our companies.

Anti-Bribery & Corruption
Supply-Chain
Social andEnvironmental
Management

Diversity & Equal
Employment
Opportunity

Worker Healthand Safety

Environmental Management

Product and Food
SafetyAdverse Impact

Sustainable
Branding

Social and Labor
Conditions

Ethics and CompliancePositive Impact

L Catterton 2021 IMPACT REPORTClimate Change

Data Privacy
and Security

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Real Estate Fund Spotlight
The L Catterton Real Estate team has a longstanding history of incorporating ESG principles into its projects. Our Real Estate strategy
recently performed a detailed assessment of its ESG approach and revamped and formalized its bespoke program in partnership with
Malk. As a result of these efforts, all projects are not only subject to a dedicated ESG review, but will also follow a customized “ESGPlan” with real estate–specific goals established for each of the design, construction, and property management phases, as well as key
performance metrics developed to monitor progress against these goals.

Miami Design District,
L Catterton Real Estate
investment

Common ESG areas

Indoor Environmental

Environmentalof focus relevant

Quality

Stewardship

Climate Risks

Resource Efficiency,

Expanded Public

including Embodied Carbon

Servicesto our Real Estate
investments
include:Traffic Congestion

Community
Engagement

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Promotion of Arts

Good

Local Job Creation andOversight of Laborand Culture

Governance

Small Business S
 timulations

Practices

Tenant Satisfaction

Displacement of Local Businesses and Vulnerable Populations

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RETURN TO CONTENTSREAL ESTATE FUND SPOTLIGHT
Throughout the lifecycle of our Real Estate investments, we monitor the goals
set forth in each ESG Plan to ensure appropriate implementation and adherence.

Pre-Investment
1. SOURCING

2. DUE DILIGENCE• During the sourcing process, deal

• During investment diligence,teams screen for red flags, including

material ESG risks related to any

the potential for significant negative

specific development project are

impacts on the local environment

assessed, and joint venture partners

or community.

are vetted.

• Project-specific ESG Plans aredeveloped alongside investment
theses.

Post-Investment
1. DESIGN

2. CONSTRUCTION

3. MANAGEMENTAt the onset of each project phase, material ESG risks and opportunities are identified
based on a variety of factors, including planned operations, geographic footprint, andlocal community. ESG goals are then established to mitigate risks and capitalize on
opportunities. Throughout the lifecycle of the project, these goals are monitored on acontinuous basis to ensure appropriate implementation and adherence.
Example ESG Goals:• Incorporating the• Increasing use of• Prioritizing proper

inclusion of public green

minority- or local-

waste management

space or neighborhood

owned contractors.

practices.

improvements.

• Incorporating resource• Ensuring strong safety
performance on site.

efficiency and green
building materials.

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L Catterton Impact Fund
At L Catterton, we have focused on scaling great consumer
companies for nearly 33 years. As category-first investors
above all else, we have seen how themes of sustainability
and impact have increasingly gained consumer traction.
Our portfolio reflects this shift, with investments in brands
like The Honest Company, Public Goods, Boll & Branch, NotCo,
Plum Organics, and many others.
We are excited to announce the upcoming launch of our
new impact investing strategy, L Catterton Impact.
The L Catterton Impact Fund will harness the strength of
our platform to build the next generation of sustainable
and impact-driven consumer companies while seeking
to deliver outsized returns and significant positive socialand environmental impact. This strategy will become anew center of excellence within the Firm for sustainability
and impact.
Michael O’Leary, our newest L Catterton Partner, will be coleading our efforts to design and launch the new strategy.
He brings years of experience in the ever-growing world of
impact investing. Prior to joining the Firm, Michael was aManaging Director at the impact investment firm Engine No.
1. He was previously on the founding team of Bain Capital
Double Impact and an investor in Bain Capital’s flagshipbuyout fund, where he focused on the consumer andtech verticals.
He is also the co-author, with Warren Valdmanis, of
Accountable: The Rise of Citizen Capitalism (HarperCollins2020), which profiles the promise and challenges of the

L Catterton Impact invests
to scale the next generationof impact-driven consumer
businesses to make our
economy cleaner, healthier,and more equitable.
Building on the Firm’s clear
advantages in consumer
investing and deep history
with leading sustainable
brands, the Fund seeks
to deliver competitive
financial returns andsignificant, positive socialand environmental impact
against the economy’s
most important challenges.

sustainable investing movement. He and his writing about
impact investing have been featured by the Financial Times,
the Harvard Business Review, The New York Times, andThe Stanford Social Innovation Review, among others. We arethrilled to welcome Michael to the L Catterton team.

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Impact Fund Q&A
with Michael O’Leary
Partner, L Catterton Impact Fund

Where is the impact investing field today?
Given all the current enthusiasm around impact investing, it’sremarkable to remember that the term was only coined in 2007.
Impact investing refers to investing with the goal of generating
measurable positive social and environmental impact alongside
returns. For impact investors, impact is not accidental — it’s ansustainable products are also looking to work for sustainable
brands and invest in sustainable companies. This all pushes us
toward tipping points in new categories like electric vehicles oralternative proteins.

How is impact investing evolving?

explicit goal.

There are some areas where we’ve already made a lot of progress.

Impact investors have now amassed over $700 billion in assets

definitions, frameworks, and metrics that just did not exist aas they invest to take on climate change, sustainability, healthand education disparities, financial inclusion, and expanding
economic opportunity. In many ways, we have watched the fieldgrow up over the last 15 years, and it’s now hitting maturity.
For years, L Catterton has been investing behind themes thatanimate the impact investing world: sustainability, health andwellness, cleaner ingredients, and increased access. I see impact
investing as such a natural evolution of the Firm because we’realready so deep in the consumer trends that determine when andwhere a company’s impact drives its economics.

What has driven the growth in impact
investing?
As with so much in our economy, impact investing is ultimately
a consumer story. It’s about what consumers are looking to buy,what they’re willing to pay for, and how they compare products
and brands. The entire sustainable investment movement would
collapse if there weren’t consumers at the end of every value

For example, we’re now coalescing around certain impact
decade ago. But I think the most important evolution is in whatvalue impact investors can bring to the companies they invest in.
L Catterton is a good example of what this can look like:throughout its history, the Firm has invested significant
resources in partnering with founders and managers toaccelerate a company’s growth, providing critical operating
value-add to help companies scale and expand.
The best impact investors will be those that build a distinctiveedge that allows them to deliver this sort of value to theircompanies — on both traditional business concerns like team,marketing, or supply chains, as well as impact concerns likesustainability, diversity, and access. Often, those traditional andimpact concerns will coincide.
I think we’ll also see more sector- and theme-focused funds. Just
as traditional private equity has evolved to reward specialization,
we’ll see impact investors work harder to separate themselvesfrom other impact funds and traditional competitors.

chain placing value on sustainability and impact. L Catterton has
always put huge focus on understanding those consumers andhow their behavior is changing.
Importantly, those consumers are not just consumers — they’realso employees, entrepreneurs, investors, donors, and voters.
So it shouldn’t be surprising that consumer behavior is changing
at the same time as the behavior of all these other stakeholder
groups. The same Millennials who are interested in buying

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ESG Partnerships
During the past year, we continued to expand the scope of our partnership with our ESG advisor,
Malk Partners, and engaged in new partnerships to increase our ESG capacity.

Our partners at Malk continued to conduct rigorous ESG diligence of L Catterton investments acrossall six global platforms, with an increased focus on ESG integration in the Real Estate Fund. They
kicked off 12 ESG monitoring reviews to assess portfolio company ESG performance in 2021 and also
engaged with our management teams throughout the year to help navigate ESG opportunities andchallenges such as those outlined in the case studies throughout this report. Malk also provided ESG
training for all members of the L Catterton team and continues to offer ad hoc support on ESG topics
and strategies at the General Partner level.

We continued to establish internal accountability for our carbon footprint and set the foundationfor effective emission reduction initiatives through our partnership with Persefoni, a leading carbon
management SaaS platform. See page 20 for more information on this partnership.

We kicked off our partnership with Tablecloth, an ESG and impact analytics technology platform andservices firm, to support our Firm- and portfolio-wide efforts to collect, measure, and improve ESG
performance.

We became a founding member of Ownership Works, a new nonprofit organization that aims toincrease employee prosperity through shared ownership structure by providing access to wealthcreation. Ownership Works will develop and support programs that aim to generate $20 billion
of wealth for diverse and lower-income employees over the next 10 years. See page 34 for more
information on this partnership.

We implemented climate initiatives with the continuation of our FedEx and UPS small-parcel shipping
offset program for our North American portfolio companies. With Bluesource, our carbon offset
partner, a total of 13,589 tonnes of CO2e was offset, covering 21 participating companies between
November 2020 and October 2021. See page 18 for more information on this partnership.

We joined the ESG Data Convergence Initiative and we are excited to partner with GPs and LPs toalign on a standardized set of ESG metrics and mechanisms for comparative reporting.

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Photo from McCloud River, CA, thelocation of one of the U.S. initiatives
covered by our carbon footprint oﬀset
program discussed on page 14.

Environmental
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Our Concern for theEnvironment & Sustainability
We continued to practice our commitment to the environment across our portfolio companies, working closely with ourmanagement teams to set and make progress against sustainability goals.

CARBON OFFSETTING PROGRAM

13,589tonnes of CO2e offset$150,000

worth of carbon offsets purchased

In 2020, we launched a program to offset emissions from FedEx and UPS
small parcel shipping for our North American portfolio companies. Over the
past year, with Bluesource, our carbon offset partner, a total of 13,589 tonnesof CO2e was offset, covering 21 participating companies between November

2020 and October 2021. We have continued to work with Bluesource topurchase $150,000 worth of carbon offsets over 2021 across a mix of U.S.
and international projects selected by our portfolio companies. We hope tocontinue to participate in this program biannually.

21

participating companies between
November 2020 and October 2021

Projects supported through our program include:
Paradigm Cookstoves
A project focused on leveraging carbon and microfinance to distribute efficientcooking technology in Kenya.
Alleghany Urban Forestry
A partnership between the local community and the Alleghany Land Trust
We have also partnered with Persefoni
to assess the greenhouse-gas emissions(GHG) of our portfolio companies. See
page 20 for more information.

to protect approximately 126 acres of urban woodlands in Pittsburgh fromconversion into a subdivision of 150 homes.
Shaan Seelt Forestry
A project that protects 8,996 acres of land covering several different
ecosystems, including 7,000 acres of old-growth forest, located on
Prince of Wales Island in the Alaskan Panhandle.

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GP Initiatives
In addition to our work with portfolio companies, we have also achieved Firm-levelsustainability milestones in our office spaces. In our 2020 annual impact report, wereported that our Greenwich, CT, global headquarters is one of only four commercial
buildings in Connecticut to receive LEED Platinum certification (the highest level), basedon factors like indoor environmental quality, water efficiency, materials and resources,and energy and atmosphere. This year, we are proud to announce that our London
office has achieved Fitwel certification, the leading certification system for buildingsthat prioritize occupant health, with consideration of factors such as indoor air quality,
outdoor spaces, and occupant safety. We also expect to achieve LEED Gold certification

GREENWICH, CT
Global headquarters is LEED
Platinum certified

PARIS
Regional headquarters is
LEED Gold certified

for our new office in New York City by 2023.

SINGAPORE
Regional headquarters is
LEED Gold certified

LONDON
Office is Fitwel certified

NEW YORK CITY
Office is expected to be
LEED Gold certified

L Catterton’s global headquarters in Greenwich, CT

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Persefoni Partnership
We recently launched a partnership with Persefoni, a leading carbon footprint

Scope 1

management SaaS platform, to support our Firm’s climate program. Our goal is to

Direct emissions from owned andunderstand our carbon footprint, enhance reporting to stakeholders, and explore thepotential to set targets for future performance.

controlled sources, such as onsite
combustion of fossil fuels.

Through a comprehensive approach, we will leverage the Greenhouse Gas Protocol —a global standardized framework to measure and manage emissions — to estimate
Scope 1, 2, and 3 emissions across our 17 global offices.
We will also work with Persefoni to conduct a top-down assessment of carbon emissions
across our global portfolio1 using the Partnership for Carbon Accounting Financials

Scope 2
Indirect emissions from purchased
electricity, steam, heating, and cooling.

(PCAF) framework, an industry-led initiative that allows financial institutions to
consistently measure and disclose emissions.

Scope 3

Together, these assessments will inform our strategy to reduce our collective carbon

All other indirect emissions, including

footprint and support our ongoing commitment to the global climate crisis. We believe

purchased goods and services,that advancing sustainability initiatives across our portfolio and operations enhances

capital goods, people activity,

long-term value.

and generated waste.

1 Certain portfolio companies may be excluded from the top-down carbon footprint assessment due to investment-specific dynamics.

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Environmental
Portfolio Examples
22

Feature on Alternative Protein and Planted-Based Products

25Interview with Jen Reed, Hanna Andersson

27
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28
29
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Alternative Protein and
Plant-Based Products
Conventional animal-based food production is a major driver of climate change andFour companies in L Catterton’senvironmental degradation, accounting for nearly 15% of annual global greenhouse gas

portfolio — NotCo, Aleph Farms,

emissions. For example, beef production requires 15,000 liters of water per kilogram

Wildtype, and Planted — areof edible product, and 20% of meat products are wasted at the point of consumption.

attempting to address these challenges

Animal-based food production is also a primary driver of deforestation, contributing towith innovative products that offer

biodiversity loss and stored carbon release into the atmosphere.

a more sustainable alternative toconventionally farmed animal products.

POSITIVE
IMPACT GOALS

SDG
ALIGNMENTSDG TARGETALIGNMENT

Reduce, Reuse, and8.4: Improve global resource efficiency

Recycle and Adopt

in consumption and production toa Circular Economy

decouple economic growth fromModel

environmental degradation.

12.2: By 2030, achieve the sustainable
management and efficient use ofnatural resources.
12.3: By 2030, halve per-capita global foodwaste at retail and consumer levels andreduce food losses along production andsupply chains.
12.5: By 2030, substantially reduce waste
generation through prevention, reduction,
recycling, and reuse.
12.6: Encourage companies to adopt
sustainable practices and integratesustainability information into reporting.

Carbon13.3: Improve education, awareness,

Neutrality

and human and institutional capacity forclimate change mitigation, adaptation,
impact resolution, and early warning.

Enhance15.1: By 2020, ensure the conservation,

Biodiversity

restoration, and sustainable use ofterrestrial and freshwater ecosystems.

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RETURN TO CONTENTSYEAR OF INVESTMENTINVESTMENT STATUS

2020

Current

Latin America

YEAR OF INVESTMENTINVESTMENT STATUS

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STR ATEGYSTR ATEGY

NotCo, founded in 2015 in Santiago, Chile, is a leading foodtech company that leverages artificial intelligence to accurately
develop superior plant-based products that mimic conventional
animal-based products, yet are radically more environmentally
sustainable. Specifically, NotCo has found that production of its
NotMilk product uses 74% less energy and 92% less water andgenerates 74% less CO2 than conventional milk; its NotBurger
product demonstrates similar benefits across reductions inenergy consumption, water use, and GHG emissions. Morerecently, NotCo has announced a joint venture with Kraft Heinz to
use NotCo’s first-of-its-kind AI solutions to develop and offer firstof-their-kind plant-based products to consumers, expanding theuniverse of plant-based alternatives available to consumers.

GrowthAleph Farms, founded in 2017, grows beef steaks from non-genetically engineered cells
isolated from a living cow. Cell-cultured meat can be substantially more climate-friendly
than conventional animal agriculture and the Company intends for its production
process to be carbon neutral by 2025 and its supply chain to be carbon neutral by 2030
through:1.

Integrating energy-efficient and circular practices in its operations and supply chain,

2.

Sourcing and generating renewable energy, and3.

Offsetting and insetting emissions through investments in decarbonization.

Switching to cell-cultured meat would reduce water consumption by 82% – 96%,
depending on the animal. Aleph Farms has engaged a third party to conduct ananalysis of its water use to benchmark water consumption against conventional meatproduction processes. Cell-cultured meat is also likely to have a longer shelf life than
traditional meat-products, allowing for decreased food waste. Aleph Farms predicts thatits products could remain safe to eat for at least several weeks. Finally, Aleph Farms istargeting markets for initial commercialization that are large beef consumers (e.g., U.S.,
China, Brazil, Europe), which will meet growing demand for meat products and maximize
the environmental benefits of substituting traditional meat for cell-cultured meat.

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GrowthWildtype, founded in 2022, is a San Francisco-based company
using cellular agriculture technology to grow cultivatedseafood. Wildtype’s cultivated salmon product aims to promoteecological sustainability by meeting growing demand for
seafood products without placing further strain on wild fish
populations. The Company will also limit the environmental
impacts of trawling and aquaculture, such as release of carbon
sequestered in ocean floors, chemical and nutrient pollution,diseases and parasites, and loss of biodiversity.

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STRATEGY

GrowthPlanted leverages innovations inbiostructure-based solutions to develop
plant-based alternatives to chicken andpork products such as schnitzel. Througha lifecycle assessment conducted with
Eaternity, Planted found that its products
emitted between 74% and 85% lessCO2e and used between 29% and 63%

less water than their animal-basedalternatives. Planted recently publishedits first sustainability report, applied
to become a certified B-corp (see page45), and leverages 100% hydropowerelectricity to power its Swiss operations.

Conventional animal-based foodproduction is a major driver ofclimate change and environmental
degradation, accounting for:

L Catterton 2021 IMPACT REPORT

15%

15K

20%

greenhouse gas

kilogram of edible

wasted at the point

emissionsproductof consumptionof annual global

liters of water perof meat products

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Flagship Buyout

Founded in 1983, Hanna Andersson is a leading premium brandof children’s apparel. In recognition of the environmental
challenges in the textile industry, including the heavy use ofwater, energy, and other resources, Hanna Andersson has built
robust supply-chain initiatives to minimize its environmental
impact and offer consumers sustainable, high-quality choices forchildren’s clothing. L Catterton recently met with Jen Reed, Hanna
Andersson’s Chief Sustainability Officer, to hear more about theCompany's approach to sustainability.

An Interview
with Jen Reed,
SVP Global
Sourcing/Chief
Sustainability
Officer
Describe the drivers behind developing
and implementing Hanna Andersson’s
product sustainability initiatives.
Hanna Andersson was launched almost 40 years ago withchildren from harmful chemicals. The durability, long-lastingbright colors, softness, and safety have been the key tenets ofHanna since its inception. Hanna has never wavered from theseprinciples, and when we launch a new fabrication or silhouette,it goes through some of the strictest testing in the market. We
continue to innovate in the space as well, having recently moved
two key product lines to using recycled fibers (Outerwear andSwim). Although the fabric costs were higher, we knew thatthe customer would be pleased that we had moved to a moresustainable option.

sustainability, corporate responsibility, and the desire to provide
quality children’s products that would last as core to our mission.
Gun Denhart, our founder, could not find 100% durable cotton
clothing and pajamas for her children in the early ‘80s. She
looked to her Swedish heritage for inspiration and launched acatalog company out of her garage that served this need in themarket. She was a pioneer of using organic cotton (initially calledgreen cotton) for safety and the environment, as well as starting
to use OEKO-TEX® almost 20 years ago to further protect

L Catterton 2021 IMPACT REPORT“We are bringing the Hanna customer
on the sustainability journey withus, providing them resources tounderstand why these certifications
and programs matter.”

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How do Hanna Andersson customers
respond to the certifications andinitiatives you have in place?

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We continue to educate our customers on the environmental

Concepts of sustainability in the fashionand textiles industry seem to change
weekly. How do you keep up with the bestpractices in sustainability?

benefits of these types of changes, and we feel like we are

We attend a lot conferences to hear about where the industry isbringing the Hanna customer on the sustainability journey with us,providing them resources to understand why these certifications
and programs matter. For a younger generation of moms, thecertifications our products have can really make a difference, as
many of these consumers will find our brand through the “Global
Organic Textile Standard” (GOTS) or OEKO-TEX websites.

How does Hanna Andersson measure theimpact of its initiatives?
We continue to message the durability of our products as wellas the desire for our customers to hand down their garments.
We will be able to benchmark and track metrics in the future since
we joined the Textile Exchange and began using the Higg Index(a standard for assessing environmental and social practices insupply chains).

“We are committed to continuous
improvement on sustainability and havea few key initiatives in the works...”

L Catterton 2021 IMPACT REPORT

going, and our suppliers bring new and exciting innovations to us.
Beyond that, we do a lot of research internally and leverage our
networks. The more groups we join and certifications we achieve,
the more knowledge we gain through exposure.

Looking ahead, what’s next on Hanna
Andersson’s sustainability journey?
We are committed to continuous improvement on sustainability
and have a few key initiatives in the works. Some ideas we are
exploring that we are excited to share include:• Exploration of potential for Global Recycle Standard(GRS) Certification• Continued testing and exploration of recycled cotton, transitional
cotton, and regenerative cotton, as well as other sustainable
alternatives, such as recycled foodstuff, Tencel, and algae• Continued exploration and testing of U.S. and Northern
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Flagship Buyout

bartaco serves small-concept upscale street tacos, specialty

vehicles driven for one year). Specifically, bartaco achieved

cocktails, and beer at 22 coastal-inspired restaurant locations

these offsets by funding a variety of green projects, such as tree

across the U.S. At the industry level, restaurants generate

planting, electrification, and sequestration initiatives. bartaco

emissions across Scope 1 (e.g., natural gas burned on cooktops),

continues to work with GreenPlaces to identify future high-Scope 2 (e.g., electricity for refrigeration), and — most of all —impact sustainability solutions and has committed to managing

Scope 3 (e.g., ingredient production and transportation andits climate impact on an ongoing basis. bartaco’s innovative

methane released from discarded food waste).

sustainability efforts can engage a key environmentally- andbartaco has taken proactive measures to calculate and manage
its climate impact. Notably, bartaco engaged carbon consultancy

health-conscious customer base, who are more likely to beattentive to restaurant sustainability practices.

GreenPlaces to conduct a full GHG-footprint assessment acrossall of its locations. Based on insights from the assessment,
bartaco implemented sustainability initiatives to reduce its
gross carbon footprint, including furnishing all locations withenergy-efficient LED lighting and reclaimed wood and utilizing
bamboo utensils, compostable bowls, and biodegradable chipbags. To complement these reductions initiatives, bartaco
partnered with GreenPlaces to offset its remaining 11,000-metrictonne carbon footprint (the equivalent of 2,370 gas-powered

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STRATEGY

GrowthFounded in 2020, SellerX acquires, aggregates, and grows

In addition to these challenges, SellerX relies almost exclusively

third-party Amazon retailers. The Company partners withon Amazon’s fulfillment and, as such, its emissions are closely

entrepreneurs who have built businesses selling on Amazon

linked to Amazon’s carbon efficiency. As a result, the Company

and helps them scale to reach their full potential. To do so,

has focused its climate initiatives on its Scope 3 emissions toSellerX provides in-house expertise in operations, marketing,drive meaningful positive impact. SellerX plans to onboard an

legal, and other functional areas.

e-commerce–specific carbon management solution, Vaayu, toGiven its platform and influence on high-growth retail brands,
SellerX is well-positioned to support leading sustainability
practices across its portfolio. While e-commerce can besubstantially more climate-friendly than conventional
brick-and-mortar retail, e-commerce companies that utilize
third-party shipping and transportation often have limited
visibility into Scope 3 emissions resulting fromproduct transit (often these emissions comprise the vast
majority of their carbon footprints).

L Catterton 2021 IMPACT REPORT

help its retailers measure and reduce their Scope 3 emissions.
By analyzing logistics, operations, and packaging data,
Vaayu can measure the carbon emissions generated by each
shipment of retail products. Vaayu will provide dependable
data that will allow SellerX to understand its climate risk
and remain accountable for meeting its reduction goals. By
partnering with Vaayu, SellerX is taking the first step toward
tracking its total carbon footprint. Going forward, it plans tofocus on identifying areas of improvement in inbound logistics,
last-mile delivery, and operations.

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Growth• Packaging alternatives that replace traditional petroleum-household cleaning products can present health hazards tobased plastic with sugarcane-based bioplastics, avoiding thehumans, release volatile organic compounds affecting indoor

heavy emissions associated with the fossil fuel industry.

air quality, and lead to toxicity in waterways. Similarly, plastic
packaging used in many consumer products can result insignificant environmental consequences — 98% of single-use
plastic products are products from fossil fuels, polluting aquaticand terrestrial ecosystems and persisting in the environment
for centuries.
Founded in 2015, Public Goods is a mission-driven company
committed to addressing these challenges by delivering
healthy, sustainable essential products. The Company upholds
this commitment through a variety of sustainable productofferings, including:• Tree-free paper towels made from fast-growing, non-GMO
grasses (bamboo and sugarcane) that replenish rapidly.

• Refill versions of lotion and soaps that allow reuse ofplastic bottles.

• Biodegradable and compostable fabric softener sheets, wastebags, dental floss, and other products, reducing the amount ofwaste sent to landfills.

L Catterton 2021 IMPACT REPORT• Investment in zero-waste product packaging, where items suchas bar soap, produce bags, sea sponges, and shampoo bars
are 100% biodegradable, compostable, reusable, do not havepackaging, or have packaging that is 100% easily recyclable.
Public Goods also aims to eliminate controversial substances,such as parabens, phthalates, and sulfates, in its products,
avoiding associated impacts on human health and theenvironment. Since 2019, the Company has also partneredwith Eden Reforestation Projects, a nonprofit organization thatprovides one tree for every new Public Goods order, helping
restore forests, support impoverished communities, and fightclimate change.

“Public Goods is a missiondriven company that provides abroad assortment of sustainably
sourced everyday essentials ataffordable prices.”28

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Asia

Founded in 2015, Sociolla has rapidly grown to become theof the brand, to recycling stations at Sociolla stores, and inleading specialty beauty omnichannel retailer in Indonesia, withexchange, Sociolla rewards customers with points that can gohigh resonance with consumers, curated beauty and personal

toward purchasing Sociolla products. Thus far, Sociolla has set up

care brands, and a strong market positioning as one of the early

recycling stations in 42 stores in 23 cities, with 845kg of waste
recycled in just two months, bypassing the Company’s initial goal

pioneers in online specialty retail in the region.
Sociolla identified an opportunity to address climate changeof 1,000kg of waste recycled by the end of 2021.

with sustainable packaging initiatives in response to changing
consumer trends and in recognition of its operations inSoutheast Asia, a region with high biodiversity. As a way to
reduce waste associated with its products, Sociolla was thefirst major e-commerce company in Indonesia to commit toeliminating bubble wrap. With this initiative, it is estimated that
the Company’s plastic use will decrease by 250,000 square
meters per year. To further combat its carbon footprint, Sociolla
implemented a recycling initiative with one of its brand partners,
Sukin. Customers can bring their empty products, regardless

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STRATEGY

EuropeFounded in 2016, Butternut Box provides Direct-to-Consumer (DTC) pet food and wellness
products. Given its DTC business model, Butternut Box is well-positioned to apply leading
sustainability and carbon reduction processes in its operations and across its supply chain.
In 2021, Butternut Box moved operations to a purpose-built factory to allow for directcontrol over Scope 1 and 2 emissions. Further, Butternut Box has fully mapped its Scope
1 and 2 emissions, generating dependable data to better understand climate risk andset actionable reduction targets in the future. By the end of 2022, Butternut Box aims tofully map its entire carbon footprint in real time. At present, to limit Scope 3 emissions,
Butternut Box partners with courier and delivery services that have committed tolessening their impact on the planet, either through carbon-neutral travel or carbonemission reduction strategies. It is also part of a cycle-to-work scheme and offers multiple
staff incentives to reduce emissions. In addition to these efforts, Butternut Box aims tosource its core meal ingredients as locally as possible while considering availability andsupplier ethics. The Company also maps lifecycle emissions of each meal — considering
shipping, packaging, raw ingredients, and processing — in order to identify areas for
improvement. Butternut Box’s impact purpose, “to leave the world happier and healthierthan we found it,” is a reflection of the dedication and determination of the team and theirlove of dogs.
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Real Estate

The South Bay Social District (South Bay) project is thehotel, and office components, along with the planned extension

redevelopment of an existing shopping center into an iconic,of the Green Line Metro, the site will be transformed into a green

mixed-use destination in Redondo Beach, CA. The projecttransit–oriented development.

features a number of retail, dining, entertainment, residential,
and office facilities. To align with stakeholder values and inrecognition of Southern California’s broader exposure to climate
risk such as drought, L Catterton identified the opportunity to

In support of the project’s environmental ambitions,South Bay is targeting sustainability certifications, including
LEED-ND Gold and Fitwel, for the overall project, as wellleverage sustainability as a key focus of the project.

as LEED Gold Core and Shell for the new-build residential

As planned, the project intends to conserve 75% of the existing

criteria, including energy performance, water-use reduction,

superstructure and 100% of the substructure through thematerial sourcing, transit options, and community outreachredevelopment. This decision to conserve most of the existingand engagement. The credentials speak to the broad range

infrastructure has significant environmental benefits relativeof improvements that will be undertaken to deliver a project

to demolishing and rebuilding the site, representing a savings

that aligns with the ESG goals of L Catterton and the South Bay

of 14,440 tonnes of embodied carbon — the equivalent CO2

community.

emissions of burning 14,493,681 pounds of coal.

The project also aims to curb ongoing emissions throughoperational changes and densification. The current HVAC
system will be removed from the main circulation areas, andthe shopping center will be partially open to the exterior tocreate a naturally ventilated pavilion experience. Further
improvements are planned for lighting, tenant guidelines, andwaste management processes. With the addition of residential,

L Catterton 2021 IMPACT REPORT

component. These certifications assess the project against key“The South Bay Social District istargeting sustainability certifications,
including LEED-ND Gold and Fitwel,for the overall project, as well as LEEDGold Core and Shell for the new-build
residential component.”

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Members of the L Catterton teamenjoying lunch at the Firm’s global
headquarters in Greenwich, CT

Social
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Supporting Diversity and Inclusion
Across Our Global Portfolio
At L Catterton, we believe that strong D&I integration promotes workforce creativity, engagement, andretention, while also enhancing brand reputation and customer loyalty. We have continued to partner with
our portfolio companies to maintain and improve D&I efforts across our global portfolio.
Earlier this year, we launched PRISM, our proprietary board development program for diverse executive leadersin the consumer sector, who are at the beginning of their board journeys and at varying stages of their careers.
See page 33 for more detail on this initiative.
In 2020, we entered a partnership with Him for Her, a social-impact venture focused on accelerating diversity on
corporate boards, to continue promoting board diversity across portfolios. Since the beginning of this partnership,
Him for Her has introduced over 150 diverse consumer executives to our existing network. Our partnershipextends beyond introductions and drives direct board appointments throughout our global portfolio.
We are a founding member of the Women on Boards (WOB) consortium, which helps place women and other
under-represented minorities on the boards of portfolio companies across the private equity and venture
capital industries. We continue to champion diversity on boards across the consumer landscape through ourpartnership with WOB by offering WOB candidates opportunities for board appointment within our portfolioof companies.
The 2X Challenge is an initiative backed by several G7 Development Finance Institutions with the goal ofmobilizing $3 billion in commitments for investors who provide women in developing countries access toleadership opportunities, quality employment, finance, and enterprise support. We continue to participate in
the 2X Challenge through our Latin America Fund III and plan to expand this partnership by adding all successor
Latin America Funds.
In 2021, Truck Hero, a Flagship Buyout Fund IX portfolio company, appointed four new directors to its board. Aspart of this search, we required Truck Hero to consider a diverse slate of candidates with consideration of factors
such as gender diversity and professional background/expertise. This resulted in three of the four new directors
being women and one being a person of color.

43%

14

45%

dedicated diversity policy

minorities were appointed to portfolio

Funds III, IV, and V are in companies

company boards in 20211

with diverse founders or CEOs2of portfolio companies have a1

women and under-representedof capital invested inL Catterton Growth

Data provided 4/21/22.

2	Data provided 4/21/22; diverse Founders or CEOs include individuals who identify as female and/or an under-represented minority.

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The L Catterton
PRISM Initiative
We are proud to share that we launched PRISM,
our board development program for diverse
executive leaders in the consumer sector,
in alignment with our belief that a diverse
boardroom leads to better business.

PRISM’s inaugural class includes a cohort of 17 female

We recognize that many board diversity initiatives today

Over the course of this year, PRISM programming has been

focus on leveraging existing networks to drive diverse
board appointments. While overcoming network barriers isessential and significant progress has indeed been made,there are other core barriers to achieving gender parity inthe boardroom. For example, we recognized a gap in tailoredmentorship and development and in representation of
women in executive roles more broadly. In response to thesechallenges, PRISM builds on our longstanding partnerships
with existing programs (e.g., Him for Her, Women on Boards) byaddressing additional barriers to female executive leadershipand board membership. We believe that training and mentoring
potential candidates can help ensure their success in board
roles and expand the circle of available talent. The programis designed to be small — each annual cohort consisting ofaround 20 participants — to not only allow engender trust andpromote open and honest communication among members,
but also to ensure success in board placements through its
deeply curated offerings.
More specifically, PRISM promotes success in the board
recruiting process and aims to accelerate impact once in theboardroom. Programming covers topics such as positioning
for broad board placement, building board resumes, andpreparing for board interviews and tactical skills (e.g., how to
ask the right questions, tailor communication to the relevant
audience, and research the company) are honed. Together,
participants develop a comprehensive toolkit, leaving themconsumer executives, representing a range of consumer
categories across which L Catterton invests (e.g., retail, beauty,
health and wellness, restaurants, consumer services, etc.) anddifferent functional positions, covering all areas of expertise(e.g., sales, marketing, operations, technology, finance, etc.).

supported by numerous experienced Board Directors,
including our esteemed Advisory Board (see page 34), whichis composed of five accomplished consumer executives who
advise, mentor, and develop PRISM participants throughvarious touchpoints. These events are built around bothin-person and virtual engagements throughout the year,
including a Board Bootcamp co-hosted by Maggie Wilderotter,an experienced board advisor to major consumer brands (e.g.,
Costco, HP, etc.), with an agenda that included sessions on the
dynamics of public company boards, how to secure a board
seat, and what success looks like in a board room. Additional
programming has also included dinner discussions focusedon successful board interviewing practices, webinars focusedon how to build a digital presence, and other virtual sessions
dedicated to understanding private company board dynamics,
networking, and storytelling. PRISM’s Advisory Board Directors
also dedicate hours to leading mock board interviews withparticipants so that they can practice and perfect their board
interview skills. In addition to PRISM’s formal Advisory Board,various L Catterton leaders and external partners haveengaged and delivered content throughout the year.
PRISM is overseen by Scott Dahnke, Global Co-CEO of
L Catterton, along with Amanda Roberts and Karen Gordon,
Talent Partner and Managing Partner of Portfolio Operations at
L Catterton, respectively.

confident to enter the recruitment process. PRISM is also

Next year, PRISM plans to recruit, develop, and place thefocused on the long-term. By providing guidance on how tonext cohort, with the goal of encouraging women of thebuild chemistry with internal management teams and otherprevious cohort to continue to engage with the program

board directors, for example, the program strives to develop

and provide mentorship and curriculum development.

the capabilities needed to be a valuable and enduring advisor

Ultimately, success will be measured by the community

in the boardroom.

built by PRISM and the positive effects of more diverse
representation in business leadership.

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RETURN TO CONTENTSPRISM Advisory Board

Julie Bornstein

Ann Fudge

Eileen Kamerick

Chief Shopping Officer |Pinterest

Former Chairman & CEO |Young & Rubicam Brands

Former MD & CFO |Houlihan Lokey

Karen Katz

Lauri Shanahan

Interim CEO |Intermix

Former EVP & CAO |Gap, Inc.

NOTE: Click on images for further details on avisory counsel biographies.

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Ownership Works
Partnership
At L Catterton, our investment philosophy prioritizes partnershipwith portfolio companies to drive value creation and alignment
with ESG best practices. In 2022, we became a founding memberof Ownership Works, a nonprofit organization that works withcompanies and investors to provide employees with opportunities
to build wealth at work.
More broadly, Ownership Works offers support
for structuring and implementing equity plans,
developing a culture of employee ownership,
creating a financially inclusive workforce withadditional resources, and evaluating the impact
of shared ownership programs on businesses
and employees.
We hope that this partnership will support
our efforts to increase wealth-building
opportunities for employees across theportfolio companies we have identified
as strong candidates for adopting an
employee-ownership model. We are
currently focused on identifying candidates
within our portfolio that are well-suitedto transition to an employee-owned model,such as companies that are geographicallyconcentrated, have similar compensation
structures across the organization, and havesufficient timelines to exit for an employeeownership model to be implemented.

As an example of our efforts
towards this initiative, following
our investment in Kodiak Cakes(Flagship Buyout IX) in 2021,
the Company offered 100% of
its employees options in its
management incentive plan.

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Social Portfolio
Examples37

Interview with Third Love

39

40

40
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GrowthFounded in 2013, ThirdLove is a digitally native intimates brandwith a highly differentiated product portfolio and algorithmbased sizing technology through ThirdLove’s patented Fit Finder.
As a lifestyle brand that was both founded by a woman andis focused on women, ThirdLove identified the opportunity toelevate women-led businesses. L Catterton recently caught up
with the ThirdLove team to hear more about their initiatives topromote minority-owned consumer brands.

An Interview
with ThirdLove
What is the TL Effect, and what were thedrivers behind developing the program?
Started in 2020, the TL Effect is an in-house mentorship program
geared toward women-of-color entrepreneurs looking to taketheir early-stage, consumer-focused start-ups to the next level.
Women of color are prolific entrepreneurs, but there’s a huge
gap between that participation in entrepreneurship and theaccess to the capital needed to scale and grow those businesses.

ThirdLove created this program as a launching pad for building
brand awareness and elevating start-ups through grant accessand invaluable mentorship and fundraising advice from ourown direct-to-consumer thought-leaders. As a brand that wants
women to be the best versions of themselves, ThirdLove is able toreinforce and amplify its own brand position by helping others.

How does ThirdLove select program
participants?
The program is open to a wide variety of applicants, consistingof women of color leading U.S.-based, early-stage, consumerfocused start-ups with existing products or services that are
in need of venture capital funding. Applications are consideredbased on their vision and concept, business strategy, andcommunications and social strategies.

“As a brand that wants women to
be the best versions of themselves,
ThirdLove is able to reinforce andamplify its own brand position byhelping others.”
ThirdLove co-Founders, Ra’el Cohen (Left) & Heidi Zak (Right)

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How have participants
reacted to the program?

What does engagement with program
participants look like?

Arah Sims, Founder of Kyutee Beauty

We offer personalized mentorship to each recipient. Recipientsand the ﬁrst TL Eﬀect recipient:“I have only amazing, inspiring, positive
things to say about the TL Effect. I felt
like this program was an MBA courseon steroids. Working with Heidi and theother team members at ThirdLove, I wasable to learn so much, and it was truly
an immersive and intensive experience.
Throughout the program, I was able towork at my own pace, and since I wasjust starting my business right alongside
this program, it sometimes felt like I wasbuilding the airplane while I was flying
it. But I knew that I had the right tools
and the best support team from the TL
Effect. This experience truly pushed meout of my comfort zone, and I would
recommend it to any entrepreneur.”

identify the areas of business they’re most interested in, fromshipping and logistics to marketing and fundraising, and thelike. They then meet with ThirdLove teammates who are experts
in their area to receive mentorship along with brainstorming
and strategy ideation sessions and expert points of view on realissues impacting their businesses. We also offer ongoing supportand help on an ad hoc basis whenever we can.

What are outcomes of the program andfuture goals?
To date, we’ve had three successful cohorts. In total we’ve
had over 900 applicants to the program. Cohort recipients
have received press coverage in outlets like WWD, Insider, andFashionista, among others. We plan to continue the program at
our current cadence of one cohort per year. We’d love to growand expand the program by partnering with other organizations
who can lend unique expert points of view and resources.

Tiffany Gifford, Founder ofBright Black:“Participating in the program was reallygreat, with the highlight absolutely being
having access to Heidi. I’ve been a partof other grant/mentoring programs anddidn’t have access to the CEO nor accessto someone who really gets being astart-up or scaling in a palpable way. The
fact that this wasn’t the case with the TL
Effect program was fantastic. I felt likethe TL Effect program really respected
my time, while also bringing great
resources, both human and economic,
to bear.”

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GrowthFounded in 2015, Getaway designs and operates “tiny house” rentals in rural areas locatedclose to major cities. Situated in secluded natural landscapes, the Getaway experience
provides a restorative environment for overworked and overconnected guests. Manyexperts agree that the health benefits of rest, disconnecting, and spending time outdoors
are immense. However, people of color often face barriers to accessing outdoor recreation.
In June 2020, Getaway partnered with author, speaker, and activist Rachel Cargle to launch“A Year of Rest,” giving the opportunity for members of the Black community to dedicate
time to relax and recharge.
The National Health Foundation points to a “diversity gap” in nature-based and outdoor
recreational activities — in particular, the significant costs of entrance fees, lack of paid
leave, cost of outdoor gear, and other issues can inhibit access to outdoor recreation,
and Black, Indigenous, and people of color (BIPOC) individuals are more likely to facethese economic barriers. As a result, Black Americans are reported to be significantly
underrepresented in outdoor activities.
Getaway aims to address some of these challenges with its Year of Rest initiative, which
provides 365 free nights of rest to Black healthcare workers, creators, and activists who
are working for change and progress in their communities. Recognizing that rest has
so often been out of reach for many members of the Black community, Getaway has
committed to providing access to rest for those working for change. Recipients of the
Getaway initiative were selected through nominations by friends, family, and colleagues.
Thanks to thousands of submissions, Getaway was able to offer nature as a restorative
refuge to 365 remarkable individuals including human rights attorneys, ICU nurses,
activists, educators, entrepreneurs, and poets. The program guaranteed that participants
had both transportation and food at their respective cabins to ensure the experience was
comfortable, restful, and rejuvenating. Furthermore, Getaway has committed to sustaining
the program as a long-term initiative, creating ongoing engagement with and support for
the Black community.

“Its Year of Rest initiative...provides 365 free nightsof rest to Black healthcare workers, creators, andactivists who are working for change and progress intheir communities.”

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Latin America

Ben & Frank is a Mexico-based eyewear brand. Founded in 2015, Ben & Frank delivers its
fashionable, high-quality prescription eyewear through a direct-to-consumer omnichannel model.
During 2021, Ben & Frank identified an opportunity to enhance its diversity practices andencourage hiring and development of under-represented employee groups. Notably,
Ben & Frank tracks diversity for groups such as single mothers with little or no help,
employees of age 55+, indigenous peoples, and migrants, an important first step
toward supporting facets of diversity outside of gender. Additionally, Ben & Frankhosts roundtables for employees and maintains pride month initiatives to further
support a culture of diversity and inclusion more broadly. Finally, Ben & Frank has
attempted to ensure that at least one woman is involved in any interview process,including final rounds, and has made efforts to train female junior team members
for promotion into leadership positions.

YEAR OF INVESTMENTINVESTMENT STATUS

2018

Construction Stage

STRATEGY

Real Estate

Royalmount is a mixed-use neighborhood which is currently under construction inMontreal. The project is envisioned as Montreal’s new “Midtown” and will feature a numberof commercial facilities, including retail, hotels, dining, entertainment, and prime offices.
In collaboration with its project partners, L Catterton identified opportunities to actively
engage with local community members and groups throughout the lifecycle of the
project to cultivate positive relationships and strengthen its social license to operate.
To this end, Royalmount hosted a variety of roundtables and information sessions
with more than 70 key stakeholders and experts during project development to solicit
important feedback on the needs and desires of community members affected by the
project. In 2021, this included 11 virtual and in-person information sessions with the
public, which reached around 1,500 participants.
Additionally, Royalmount created a Good Neighbor Committee with its industrial neighbors
and plans to launch a community engagement program with a $90,000 annual budget.
Through this program, the project will support local causes and charity events, further
cultivating goodwill and engaging with its community. Recently, Royalmount has hired afull-time, dedicated ESG professional to oversee the ESG monitoring and documentation
work associated with the creation of this significant new urban hub for Montreal.
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L Catterton global headquarters inGreenwich, CT

Governance
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Portfolio Update
We strive to develop and maintain sophisticated cyber and compliance programs across our portfolio
companies and our own global operations.

Cybersecurity
We have upheld an exceptional privacy and security program under the leadership of our Chief Information Officer, Tom Steinthal.
In 2021, the Firm prioritized the implementation of next-generation firewall technology to provide more modern, powerful, and secure
infrastructure across its global operations. We continued to run a rigorous testing, training, and monitoring program, which successfully
defended against all attempted attacks in 2021. We frequently implement phishing tests and share those test results across theorganization, as well as conduct remedial training to ensure the team remains equipped to detect and respond to increasingly frequentand sophisticated phishing attacks.
Throughout 2021, we also continued to engage our trusted cyber-advisory partners (including Agio and ACA Aponix) for diligencesupport on nearly all of our investments, as well as for Firm-level risk assessments. In 2022, we intend to onboard a third provider for
Firm assessments in order to gain fresh perspective on its privacy and security posture.

Approaching

3

100%

100%

engaged for 2022 Firm assessments

investment cybersecurity diligence in 2021

annual cybersecurity training

industry-leading cybersecurity vendors

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Risk & Compliance
We continue to view compliance as a critical component ofchanging SEC expectations. In addition, we have placed greater

effective risk management at the Firm and portfolio level.

emphasis on accurate and timely reporting of financial and otherIn 2021, we expanded our compliance team, welcoming Mitzie

information by the portfolio companies proactively identifying

Pierre as our dedicated Chief Compliance Officer and Derex

and addressing potential portfolio issues in a more challenging

Walker as Chief Risk Officer along with vesting additional

economic environment. In this regard, the Firm recently

responsibilities in Dan Reid, Chief Operating Officer and General

conducted its first cybersecurity preparedness survey amongCounsel. Ms. Pierre will lead an increasingly specialized andthe portfolio companies. The survey results are being used tosophisticated team to meet growing compliance demands

identify potential shortcomings and areas for improvement.

within the industry. The Firm provides annual compliancetraining, updating content to reflect changes to the regulatoryenvironment, and leverages third-party experts to regularly
review its compliance posture. In addition to legacy partnerships
with various legal vendors, in 2021, we engaged an SEC

Looking forward, Ms. Pierre plans to continue growing thecompliance team, bringing in expertise as the Firm launches new
fund types, and identifying subject matter experts on topics
under heightened regulatory scrutiny.

compliance specialist to ensure proactive compliance with

100%

of workforce completed ethics and compliance training

100%

of workforce completed discrimination and harassment
prevention training74%

of portfolio companies maintain a Code of Conduct

43%

YoY increase in monitoring of supplier ESG performance 1

Following the outbreak of conflict in
Ukraine, we sought expert advice tohelp portfolio companies navigate
an increasingly difficult compliancelandscape. Derex Walker, Chief Risk
Officer, and Karen Gordon, Managing
Partner of Portfolio Operations,
supported the portfolio companies inquickly assessing and understanding
the likely implications of the conflicton inflation, interest rates, supply
chains, fuel prices, sanctions, andcybersecurity and thinking throughhow to manage their businesses in amore uncertain environment.
1	Based on data provided by ESG survey
respondents as of 12/31/21, data indicatedan increase from 0% of portfolio companies
monitoring supplier performance as of
12/31/20 to 43% as of 12/31/21.

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Governance Portfolio
Examples45

Feature on B-Corp Certification

46
47
48
49
49
50
50
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B-Corp Certification
A key focus for several of L Catterton’s portfolio companies
over 2021 has been progress toward and achievement of
B-Corp certification, a designation of high standards of verified

To achieve certification, our portfolio companies must:•

performance, accountability, and transparency across areas suchas supply-chain practices; good jobs for employees; and diversity,
equity, and inclusion.
For consumer goods companies in particular, we recognizethat B-Corp certification can foster trust and engagement with

Achieve a B Impact Assessment score of 80 or above and passa risk review.

•

Change their corporate governance structure to demonstrateaccountability to all stakeholders and achieve benefit
corporation status if available in their jurisdiction.

•

Exhibit transparency by allowing information about theirperformance to be publicly available on B Lab’s website (theconsumers, local communities, suppliers, and employees andnonprofit that certifies B-Corporations).

can also attract mission-aligned investors.

We are proud to share that five of our portfolio companies
currently have B-Corp certification in progress, and 23 havedemonstrated interest in pursuing B-Corp certification. Goingforward, we will continue to encourage our portfolio companies
to pursue B-Corp certification where feasible.

Selected B-Corp Highlight
Bliss, a global skin wellness brand, recently achieved
B-Corp certification.

•

In its first assessment, Bliss earned an overall score of
84.4 — by comparison, the median score for ordinary
businesses that undergo the B Impact assessment is 50.9,
demonstrating the strong commitment that Bliss has madeto transparency and accountability in its environmental, social,and governance performance.

•

Particular areas of strength include Bliss’s dedication toproviding good jobs to its employees; it earned a total scoreof 29.7 in its assessment of worker treatment, with 100% of
employees earning at least living wages, and benefits including
health and wellness programming and dedicated professional
development initiatives.

•

More information on Bliss’s B-Corp certification is publicly
available on the B Lab website.

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Flagship Buyout

Founded in 1968, West Marine is the leading integrated

To build a diverse and inclusive community, West Marineomni-channel provider of aftermarket products and services

promotes interest in marine activities among diverse youth

to the boating, fishing, sailing, and watersports markets inthrough its nonprofit, Blue Future. Blue Future offers grants to

the U.S. With 236 physical locations across 38 states andcommunity-based organizations that provide water recreation

Puerto Rico, and two e-commerce platforms reachingsuch as boating, fishing, and paddling expeditions as well as

consumers and professional customers, West Marine ismarine science education to youth. These contributions fundrecognized as the leading resource for cruisers, sailors,scholarships, equipment, staff, and new programs, affording

anglers, and watersports enthusiasts.

organizations the key resources they need to realize theirWest Marine’s core markets, the recreational boating andmission.

fishing industries, have been historically dominated by a white,

The most recent grant recipient pool (2020) included 63

male customer base. In fact, a 2020 report by the Recreationalorganizations. One recipient was Adaptive Expeditions, aBoating and Fishing Foundation and the Outdoor Foundation

nonprofit organization that offers education and outdoor

found that women and racial or ethnic minorities accounted forrecreation adventures to individuals with physical and sensory

only 36% and 21% of participants in the U.S. fishing industry,

disabilities. Another recipient, Chicago Adventure Therapy,

respectively. Recognizing this challenge, West Marine identified

will utilize Blue Future’s grant to provide outdoor adventure

the opportunity to proactively expand access to and encourage

experiences to Chicago children, youth, and young adults.

participation of diverse groups in recreational boating, fishing,sailing, and watersports.

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Ole & Steen is a premium Danish bakery with more than

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Europewhistleblowing service through an external partner, WhistleB,

100 bakeries across Denmark, the U.K., and New York City.

which it has made publicly available on its website. As part ofOle & Steen specializes in traditional pastries, such as cinnamon

this service, employees, customers, suppliers, and others aresocials, rustic sourdough, rye, and Skagen bread loafs.

given the opportunity to report any concerns anonymously. Ole

As an international organization with geographicallydispersed employees, Ole & Steen identified the opportunity
to enhance its governance structures to proactively set strong
expectations of conduct across its employee base with thegoal of maintaining high business ethics in all activities. Within
the retail space more broadly, this risk often spans a wide
variety of stakeholders involved in the production and saleof Ole & Steen’s products, including employees, consumers,& Steen investigates all matters it receives through the hotline
and allows reporting stakeholders to select their preferredaudience: Group A, which includes the Group CEO, Chairmanof the Board, and Head of Legal, or Group B, which includes
the Head of Legal and an external law firm. Overall, Ole & Steenviews the tool as a critical service that ensures serious matters
are addressed appropriately and which helps foster employee,customer, and public confidence in the Company.

and suppliers. For example, Ole & Steen has introduced a

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Founded in 2000, GANNI is a contemporary ready-to-wear

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EuropeTo address its contributions to climate change, GANNI has

fashion brand that brings luxury garments to a broader audiencesigned the United Nations Fashion Charter for Climate Action,

for a more affordable price. The brand specializes in brightcommitting to reduce greenhouse gas emissions by 30% by

dresses in happy prints, patchwork denim, and tailoring infused

2030 and become carbon neutral by 2050, in line with the Paris

with a designer sensibility. As a key player in the new luxury

Agreement. GANNI has established a comprehensive supply

fashion industry, GANNI identified an opportunity to differentiate

chain accountability program focused on promoting supplieritself from competitors and align with stakeholder values intransparency and responsible labor practices. This programsupport of sustainable fashion. These efforts were recently

includes partnerships with sustainable marketing technology

highlighted in the New York Times article “Ganni Girls Like to Havefirms to provide consumers with product-level visibility into

Fun: How the cult label that reimagined the Scandi look became

the social and environmental impacts of its upstream supply

a global giant with ‘responsibility’ built into its business model.”chains. Additionally, GANNI publicly reports all Tier 1 suppliers(Read here)
Results from a recent survey indicate that GANNI customers are
10% more attentive to sustainable and ethical brand practices
and 8% more likely to use social media for fashion than the
average luxury shopper. In response, key initiatives during2021 focused on making GANNI’s supply chain more socially andenvironmentally responsible. GANNI also launched its@GANNILAB Instagram account to highlight these initiatives.
GANNI has adopted an industry-leading sustainability strategy,aligned with the UN’s Sustainable Development Goals of
Responsible Consumption and Production, Climate Action, andGender Equality. Currently, 92% of products use responsible
materials (e.g., organic cotton) and 20% of styles are designed

to Open Apparel Registry, a database of global apparel facilities,
and in 2021, announced that 100% of its Tier 1 – 4 suppliers aretraceable, from yarn mills to stitching operations. Lastly, GANNI
also launched a collaboration with Levi’s in 2021 (GANNI x LEVI’s),
focused on responsible fabrics, such as organic cotton denim andsoft cottonized hemp, and the creation of a rental-only capsulecollection of upcycled denim from vintage Levi’s 501 jeans.
Going forward, GANNI will continue to push the envelope insustainable fashion, with plans to eliminate virgin leather andintroduce plant-based alternatives to its products. Moreover,
GANNI is actively pursuing a B-Corp certification (expected in2022), committing to transparency across its internal operations,in addition to its supply chain.

with circularity principles; GANNI aims to incorporate circularity
into 100% of its styles moving forward. GANNI has also
continued to grow its REPEAT rental platform to extend its
product life cycle, reduce waste, and facilitate the transition
toward a circular economy.

Tier 1

Assembly factories: Cutting, sewing, assembling,
and packing for shipment

Tier 1+

Subcontracted assembly factories

Tier 2

Processing facilities: Fabric production

Tier 3

Processing facilities: Yarn spinners and fiber processors

Tier 4

Raw material suppliers

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Latin America

Petlove is one of Brazil’s largest pet e-commerce platforms, withequity, and inclusion among its workforce, such as a diversity

a portfolio of more than 17,000 pet products, such as pet food,committee, partnerships with diverse recruiting channels, andtoys, and medications. In addition to its online retail offerings,

affinity groups. In 2021, Petlove also instituted a transformational

Petlove offers pet sitting and boarding services, pet insurance,

incentive plan promoting shared employee ownership, whereby

and services to veterinarians through several of its subsidiaries:

every employee in the Company received share grants.

PortoPet, Nofaro, DogHero, VetSmart, and Vetus.
During 2021, Petlove worked to enhance its ESG governancestructures to promote ongoing accountability and oversight ofits various initiatives. For example, Petlove hired a dedicated ESG
manager in 2021 to drive the Company’s ongoing ESG initiatives,
as defined in the Company’s 2020 – 2025 ESG roadmap. Within
this roadmap, Petlove is actively conducting a carbon inventory
and executing targeted emissions reductions initiatives — suchas fleet electrification — to reduce the greenhouse gas emissionsof its operations. Further in line with its ESG roadmap, Petlove has
implemented new human capital initiatives to cultivate diversity,

YEAR OF INVESTMENTINVESTMENT STATUS

2021

Current

STRATEGY

Asia

Founded in 2009, Pure & Natural Pet is a leading domestic

an extensive presence across offline and online channels in China,

brand in China’s premium pet food market, with both a

and a focus on balanced nutrition f or pets.

domestic premium dog food brand and an up-and-coming
domestic premium cat food brand. Pure & Natural Pet operates
as a vertically integrated business, with a robust supply chain,Over 2021, Pure & Natural Pet has recognized the importanceof proactive ESG risk mitigation and value creation to align withevolving consumer preferences in China for sustainable products
and to reduce the Company’s carbon footprint more broadly.
As a result, Pure & Natural Pet has set a goal to develop andcomplete an ESG Assessment Management System in the next
two years, led by the Board Secretary and tailored to meet therequirements of the China Securities Regulatory Commission(CSRC) requirements for listed companies — these include, forexample, disclosures on environmental protection and social
responsibilities. Initial priorities for Pure & Natural Pet include aninvestment in solar energy equipment, high-efficiency equipment,
and measurement of the Company’s carbon emissions.

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2021

Current

Asia

YEAR OF INVESTMENTINVESTMENT STATUS

2019

Realized

STRATEGYSTRATEGY

Genki Forest is a Chinese beverage company that sells low-sugar,
low-calorie sparkling waters, teas, and energy shots.
In response to concerns of natural disasters and poverty
impacting remote communities in China, Genki Forest realized
opportunities to practice corporate social responsibility andsupport public welfare and environmental sustainability. For
example, Genki Forest partnered with Hunan TV’s
Youth on Earth to visit 10 poverty-stricken villages and donate
supplements to help with poverty eradication. Its yogurt subbrand, North Sea Ranch, together with Green Food Bank, hasstarted a targeted yogurt donation program, regularly delivering
1,200 bottles of yogurt to Green Food Bank per week, which
will be distributed to lower-income groups, sanitation workers,
and couriers. Additionally, Genki Forest has worked with China
Forestry Group on reforestation initiatives to promote ecologicalprotection and forest restoration. Internally, Genki Forest iscommitted to building and operating sustainable factories, fromupgrading wastewater and solid waste discharge procedures tomaking full use of renewable energy.

Asia

OWNDAYS designs and manufactures optical eyewear glasses that are sold to customers
under the OWNDAYS retail brand through more than 450 stores in 13 countries,
including Japan, Singapore, Taiwan, and others in Southeast Asia.
As a retail business in the eyewear space, OWNDAYS has identified an opportunity tosupport access to eyewear in the communities in which it operates. For example, in
December 2020, OWNDAYS started a single-parent support project in partnership with
Good Neighbors Japan (GNJP), a nonprofit organization, to provide glasses for children
aged 7 to 18 in single-parent families who have undergone vision evaluations in school
health examinations. As of May 2022, this project has been implemented at OWNDAYS
stores in the Tokyo, Kanagawa, Chiba, Osaka, Hyogo, Kyoto, Nara, and Shiga prefecturesof Japan. OWNDAYS hopes to expand the program to additional stores in the future.

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L Catterton team members
volunteering for Feeding Westchester
as part of L Catterton’s Days of Service.
See page 57 and page 58 for moredetail.

Our
Community
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A Focus on Diversity and Inclusion
Has Been Central to Who We Are
Since Our Firm’s Founding
As individuals and as a team, we have worked to establish and implement a coordinated global approach to attracting,developing, and retaining diverse talent. While these efforts have resulted in a more diverse and talented Firm, we remaincommitted to constant and continuous improvement.

DIVERSITY AND INCLUSION MISSION STATEMENT

Talent knows nobounds. We seek
and celebrate allsuperior talent.

L Catterton’s mission is to be the world’s leading
consumer growth investor. Core to this mission is ourcontinued commitment to building a team of professionals
and portfolio companies that promulgate our firm’s corecultural values. We use the unique backgrounds, experiences,and perspectives of our team to responsibly and successfully
invest in consumer companies globally.

DIVERSITY METRICS

45 % 47%

40 %At L Catterton, we continue to focus
on building and preserving a diverse
and inclusive culture. Globally,

33 %Percentage of Females

31 %females comprise nearly half of our
total headcount compared to one-

20 %third in the private equity industry

PE Industry3

more broadly. When considering
investment professionals, the2021

percentage of new hires in the past

New hires since 2017

five years that have been female isdouble industry benchmarks.

TOTAL GLOBALHEADCOUNT 1

1

Includes all global L Catterton employees

2Includes professionals on investment, operating, and investor relations teams

INVESTMENT
PROFESSIONALS 2

3	Total global headcount industry benchmark per EY, Can PE win deals if it doesn’t deal with DEI? Investment professionals industry benchmark per BVCA, Diversity & Inclusion Report

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We Built Our Comprehensive
Approach to D&I in
Partnership with ILPA
Our Firm became an official signatory to the Institutional Limited Partners Association’s (ILPA) Diversity in Action
initiative in 2020, when the program was first announced. As part of our diversity and inclusion journey, we joined handswith limited partners and other general partners in the private equity arena who shared our commitment to D&I bestpractices. Our Firm established and continues to execute a comprehensive approach to diversity and inclusion following
these ILPA guidelines.

Select examples of our Firm’s diversity and inclusion initiatives
within the ILPA framework include:
DEMONSTRATE ORGANIZATIONALSUPPORT FOR D&I

ATTRACT AND PROMOTEDIVERSE TALENTBUILD AND SUSTAIN
INCLUSIVE CULTURES• CEO Action for D&I• Diverse slate of candidates• Generous caregiver leave policies,• ILPA’s Diversity in Action Initiative• Proactive outreach to• France Invest charter• With Intelligence Women’s PE Summit• Wharton’s “Women in Business” andHBS’s “Women in Investing”• Girls Who Invest• Level 20• Him for Her• PRISM• Women on Boards• 2045 Studiounderrepresented communities• Diverse interview teams• Recruiting/educational events 		
targeted at candidate pools• Internship programs with a focus
on diverse candidates• Semi-annual dinners to promote
informal networking• Diversity metrics tracking• Global new hire diversity training

Malk Partners for potential investment
opportunities (across all funds)• Comprehensive ESG assessment report
post-investment and follow-up withportfolio company management• Equal employment opportunityand harassment training• Flexible work policies• Inclusive office spaces• Charitable matching gift program of$2,000 per year per employee and twoservice days per year, per person• Sponsorship and buddy programs• Developmental training initiatives
and executive coaching program

APPLY D&I TO THE INVESTMENT STR ATEGY• ESG due diligence review performed byadoption policies, and other benefits,
including Maven Clinic, to support
employees• Annual monitoring of existing

investments through ESG surveys
sent to all of our portfolio companies
to track ESG data

• Annual ESG monitoring engagement

MEASURE AND BENCHMARK
D&I PROGRESS• Annual participation in the Great
Place to Work® survey• Ongoing D&I metrics reportingwith certain funds• Annual public-facing impact report

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Supporting Our Employees
Professionally and Personally
Our culture — one that is “owned” by all — is rooted in a shared belief in the power of continuous improvement.
We are committed to supporting the growth, potential, careers, and spirits of every hard-working member of our team.

We offer comprehensive and competitive benefits to our employees, including primaryand secondary caregiver leave, flexible and remote work options, fertility coverage,
well-being programs, online therapy options, and more.
We also offer a wide range of learning and professional development opportunities, bothformally and informally, to help employees advance their careers and maximize the value
they can add to the global firm.
Select highlights include:•

Career Mentorship & Development Opportunities — As our Firm continues to grow,we remain focused on mentorship and development in order to enable all L Catterton

2021 GREAT PLACE TO WORK ®

colleagues to maximize their talents. In this regard, we have added several mentorship

We have participated in the Greatand development programs including Hogan assessments, communications training,
Ceresa coaching, Green Peak coaching, Day 1 Manager Training, Interviewing andFeedback training, “Ask Me Anything” video sessions, and our “Lunch with a CEO” series.

•

Mental Health & Well-Being Programs — Our partnership with Cigna provides us
access to many great mental health and well-being benefits. We have access to a large
network of in-person providers that offer more traditional methods, as well as an array of
industry-leading apps that are using technology to reshape the landscape of this space,including MyCigna, Ginger, MDLive, Talkspace, Happify, and iPrevail.

•

Family Building & Support Coverage — In addition to our Family Leave policy, theFirm provides significant family building and support coverage, primarily through ourPlace to Work® (GPTW®) employee
survey for three consecutive
years (globally for the two mostrecent years). We received GPTW®
certification upon completion of
all three surveys, with increasing
employee participation and higher
approval ratings each year. In 2021
91% of participants responded that
L Catterton is a “great place to work.”comprehensive Cigna medical insurance plan and our fertility management program
through our partnership with Maven. See page 55 for more detail.

•Work-Life Balance Efforts — To continue promoting strong work-life balance, we partneredwith Becoming Superhuman to host “The Science of Energy Management” workshop, led by
UC Berkeley neuroscientists and faculty members, Dr. Sahar Yousef and Professor Lucas Miller.
Becoming Superhuman delivers engaging and inspirational talks that help smart, driven
people reclaim their ability to focus and achieve meaningful progress toward their mostimportant goals and milestones every day.

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Select Internal D&I Highlights
DIVERSITY EXPLAINED DINNERS
Through our partnership with Porter Braswell, founder of Studio 2045 and Jopwell, we plan to host several
Diversity Explained dinners. These dinners are intended to be intimate curated events that will connect
the L Catterton team directly to a network of diverse investment professionals. Diversity Explained willlead thoughtful conversations that promote authentic and unique interactions around diversity. At our firstdinner, we plan to explore the rapid increase in Black and Latinx buying power (with an emphasis on retail) in
the United States. Given our focus on consumer investing and the scope of our partnership with Mr. Braswell,
we believe this will be an organic, thought-provoking, and value-additive discussion for our team and thebroader set of attendees.

MAVEN CLINIC
In addition to our Family Leave Policy, the Firm provides significant family building and support coverage,
primarily through our comprehensive Cigna medical insurance plan and our fertility management programin partnership with Maven, which we began cultivating in 2022. Specifically, Maven offers support to ouremployees through:• Fertility and preconception• Pregnancy and postpartum• Adoption• Surrogacy• Early pediatrics, with coverage for parents of children up to 10 years old
We believe that Maven’s commitment to inclusivity, through a network of providers with deep experience
serving families of diverse backgrounds and family structures, makes them a natural partner for L Catterton.
Across these two benefits, employees have access to fertility management and healthy pregnancy support,
care advocates, 24/7 telehealth accessibility, surrogacy, and adoption reimbursement benefits. We offer
our employees a lifetime maximum benefit of $20,000 in reimbursements for eligible fertility (including egg
freezing), adoption, and/or surrogacy expenses. The initiative has been met with overwhelmingly positive
employee feedback, with multiple employees expressing gratitude for the additional flexibility the initiative
provides in determining family planning timelines aligned with their career goals.

SEMI-ANNUAL WOMEN’S DINNERS
As part of our ongoing Women’s Initiative, we host semi-annual dinners to promote informal networking,relationship building opportunities, and discussion of topics of interest (e.g., sponsorship and mentoring)
among the Firm’s female professionals.

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Reinforcing Our Commitment toDiversity Within the Industry
In addition to our D&I efforts at both the General Partner and portfolio company levels, we aim to expand our impact
by partnering with organizations and joining initiatives focused on advancing D&I within the broader private markets
industry, including:

In February 2021, L Catterton proudly submitted a letter in support of Nasdaq’s proposal to enhance board
diversity disclosures and encourage the creation of more diverse boards through a market-led solution.
The SEC approved the proposal in August 2021.
Global Co-CEO, Scott Dahnke, is a member of the New York Stock Exchange (NYSE) Board Advisory Counsel.
The Council, which is composed of CEOs from some of the world’s largest and most well-established brands,
leverages their own personal networks to identify talented candidates interested in serving on boards.
Through an exclusive online network and series of live events, the Council introduces candidates to NYSElisted companies seeking to expand diversity on corporate boards.

Refer to page 53 for more detail.

CEO Action for Diversity & Inclusion™ is the largest CEO-driven business commitment to advancediversity and inclusion in the workplace. Currently, there are more than 2,200 CEO signatories, 85+
industries represented, and approximately 21 million employees represented in the U.S. L Catterton’s
co-CEOs, Scott Dahnke and Michael Chu, were among the founding signatories of this initiative when it
was established in 2017. By signing the pledge, our Firm has committed to take action in promoting more
inclusive environments and advance diversity and inclusion within the workplace, our industry, and ourbroader communities.
L Catterton continues to sponsor Level 20, a European initiative aiming for women to hold 20% of senior
positions in the European private equity industry. Level 20 aims to help women in investment roles succeed
by providing support such as mentorship and internships, as well as facilitating the sharing of insights andexperience across women in the industry. Level 20 has eight chapters across Europe, with a membershipbase of more than 2,500 individuals and more than 80 private equity sponsors.

Refer to page 35 for more detail.

We are also signatories to the France Invest Charter and sponsors of the Falk-Marques Women in PE Summit,
Harvard Business School’s “Women in Investing” and Wharton’s “Women in Business” clubs.

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Community Contributions &Employee Engagement
We remain deeply committed to our people and to our community.

L CATTERTON DAYS OF SERVICE
Continuing our tradition of partnering with worthy organizations in order to give back to the community, we
held three “Days of Giving” across our Americas offices. Across these three days, 61 team members located in
our North American offices participated in five different volunteer sessions, helping two great organizations
focused on food insecurity: Feeding Westchester and/or Filling in the Blanks.
Feeding Westchester is a member of Feeding America, the nationwide nonprofit network of more than
200 food banks serving every state in the United States. In 2021, the organization distributed almost 22
million pounds of food, equal to 18.2 million meals. Our team helped prepare and sort “Help From Home”
bags, making it possible to fulfill an order for the organization’s senior sites.

Filling in the Blanks continues their mission of feeding the most vulnerable children in Fairfield andWestchester Counties. The organization is now serving over 3,800 children weekly, at 86 sites, 51
weekends a year. This year, each of our four volunteer groups packed approximately 4,300 meals and1,075 bags, totaling over 17 thousand meals.

In 2021, our employees organized a fundraiser in support of a 50 – 100 mile cycling event for Henry Street
Settlement, an organization that has been helping underserved communities in New York City for over
125 years. In total, the group was able to raise nearly $9,500 to support Henry Street Settlement’s social
services, arts, and healthcare programs.

In 2021, we continued our annual coat drive initiative for Kids in Crisis, a charitable organization inGreenwich, CT, that provides emergency shelter, crisis counseling, and community education programsfor children and families facing crises.

We have continued our gift matching program to support employees’ philanthropic
efforts up to $2,000 per employee per year, including when employees donate morethan 40 hours to an eligible charity.
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OTHER
ORGANIZATIONSWE SUPPORTL Catterton 2021 IMPACT REPORT

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ESG and D&I Priorities and Next Steps
While we humbly take pride in our achievements to date, we remain acutely focused on the challenges ahead.

ESG

Climate Strategy

•

•

•

Continue to work with Malk Partners and other ESG experts torisks and opportunities for every investment as part of

information on our ESG partnerships.

the ESG due diligence process and encourage portfolio

Explore relevant opportunities for the Firm to continue to aligncompanies to track emissions where relevant.

with industry frameworks and best practices.

••

Evaluate our climate change programs for alignment withbest practices and broader industry trends; for example,

Consider options for the Firm to join industry coalitions and

we are currently in process of enhancing our carbon

networking groups on ESG topics.

•

Continue to integrate the consideration of climate changebuild on our existing ESG capabilities. See page 16 for moreaccounting program through our partnership with Persefoni.

Continue to build our internal ESG knowledge base to promote

See page 20 for more information.

meaningful portfolio company engagement on ESG topics.

D&I

Impact Fund••We want to clearly state — and demonstrate — that we
do not take a reactive approach to issues of diversity. Our

Continue to build on our foundation of rigorous ESG
analysis in our investment approach (focused on a company’s

policy has, for over a decade, been to explicitly include

internal environmental, social, and governance practices) andqualified minority and female candidates in every new hirepursue a sophisticated impact investing approach throughinterview pool. This approach has been one of the many

our Impact Fund, which will aim to identify companies whose

ways in which we have promoted equality within L Catterton

products or services create compelling positive societal

and has resulted in a more diverse and talented Firm. This

and/or environmental impacts and assist such companies inwill remain a cornerstone of our focus on diversity andcontinuing to enhance their impact alongside financial returns.

inclusion going forward.

•

Leverage ESG and impact management best practices learned
from Impact Fund portfolio companies across our other funds
where applicable, in the spirit of continuous improvement on
ESG integration across the Firm.

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With approximately $33 billion of equity
capital across its fund strategies and 17
offices around the world, L Catterton is thelargest global consumer-focused private
equity firm. Leveraging deep category
insight, operational excellence, and abroad strategic network of relationships, L
Catterton's team of nearly 200 investment
and operating professionals support
management teams around the world inbuilding strong, category-leading brands.
Since 1989, the firm has made around
250 investments in consumer businesses.
For more information about L Catterton,
please visit www.lcatterton.com.1

OUR CULTUR AL VALUES
Low EgoCommitment to
ExcellenceContinuous
Improvement
CandorCuriosity

Creativity

Collaboration

Courage

Characters

1

Investment and operating professional headcount as of 3/31/22.

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