# EDGAR Filing Document

**Accession Number:** 0002066659
**File Stem:** 0000000000-25-007166
**Filing Date:** 2025-7
**Character Count:** 23570
**Document Hash:** 6572642e0941d1ce7ea62896cef834d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007166.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000000000-25-007166

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250708

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beach Acquisition Co Parent, LLC
- **CENTRAL INDEX KEY:** 0002066659
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOTWEAR, (NO RUBBER) [3140]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 334932106
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287891

**BUSINESS ADDRESS:**
- **STREET 1:** C/O 3G CAPITAL INC.
- **STREET 2:** 600 THIRD AVENUE, 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 212-893-6727

**MAIL ADDRESS:**
- **STREET 1:** C/O 3G CAPITAL INC.
- **STREET 2:** 600 THIRD AVENUE, 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-25-057993

## Text-Extract

```

                                                            July 8, 2025

Asna Afzal
Principal Executive Officer
Beach Acquisition Co Parent, LLC
c/o 3G Capital Partners L.P.
600 Third Avenue, 37 Floor
New York, New York 10016

       Re: Beach Acquisition Co Parent, LLC
           Registration Statement on Form S-4
           Filed June 10, 2025
           File No. 333-287891
Dear Asna Afzal:

       We have reviewed your registration statement and have the following
comment(s).

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form S-4
General

1.     We note that members of senior management of Skechers will continue to
serve in
       senior management capacities following the Closing, and that the
possibility exists for
       the Greenberg Stockholders to own up to approximately 15.2% of
outstanding Parent
       Units. We also note that certain of these individuals own Skechers PSAs
that will
       convert into Class P Units, which high vote securities further increase
their aggregate
       equity ownership of Parent to an unspecified total. Finally, we note
that the Greenberg
       Stockholders are positioned to have the requisite voting power to elect
the Legacy
       Member Representative, the initial designation of whom appears to have
been pre-
       decided according to the disclosure in Annex D. Please provide us with
an analysis
       addressing whether Rule 13e-3 applies to your transaction. Refer to
Going Private
       Transactions, Exchange Act Rule 13e-3 and Schedule 13E-3 Compliance and
 July 8, 2025
Page 2

       Disclosure Interpretations Questions 201.01 and 201.05 for additional
guidance.
2.     We note that your forum selection provision in Section 13.12 of the
Parent A&R
       LLCA, filed as Annex D, identifies the Court of Chancery of the State of
Delaware
       and any Delaware state appellate court as the exclusive forum for any
Legal
       Proceeding. Please revise your prospectus to clearly and prominently
describe the
       provision, including in your Risk Factors and Description of Parent
Units sections.
       Please disclose whether this provision applies to actions arising under
the Securities
       Act or Exchange Act. In that regard, we note that Section 27 of the
Exchange Act
       creates exclusive federal jurisdiction over all suits brought to enforce
any duty or
       liability created by the Exchange Act or the rules and regulations
thereunder, and
       Section 22 of the Securities Act creates concurrent jurisdiction for
federal and state
       courts over all suits brought to enforce any duty or liability created
by the Securities
       Act or the rules and regulations thereunder. If the provision applies to
Securities Act
       claims, please also disclose that there is uncertainty as to whether a
court would
       enforce such provision and that investors cannot waive compliance with
the federal
       securities laws and the rules and regulations thereunder. If this
provision does not
       apply to actions arising under the Securities Act or Exchange Act,
please also ensure
       that the exclusive forum provision in the Parent A&R LLCA states this
clearly, or tell
       us how you will inform investors in future filings that the provision
does not apply to
       any actions arising under the Securities Act or Exchange Act. Further,
please clearly
       disclose any risks or other impacts on investors, including, but not
limited to,
       increased costs to bring a claim and that these provisions can
discourage claims or
       limit investors    ability to bring a claim in a judicial forum that
they find favorable.
       Please address whether there is any question as to whether a court would
enforce the
       provision.
3.     We note your waiver of jury trial provision in Section 13.13 of the
Parent A&R
       LLCA. Please revise your prospectus to clearly and prominently describe
this
       provision, including in your Risk Factors and Description of Parent
Units sections.
       Please disclose whether the provision extends to federal securities law
claims. If so,
       state that investors cannot waive compliance with the federal securities
laws and the
       rules and regulations promulgated thereunder. Further, please clearly
disclose any
       risks or other impacts on investors, including, but not limited to,
increased costs to
       bring a claim, limited access to information and other imbalances of
resources
       between the company and members, and that these provisions can
discourage claims
       or limit members    ability to bring a claim in a judicial forum that
they find favorable.
       Address any question regarding whether or not a court would enforce the
provision
       and the impacts of limitations on claims arising under other applicable
state or federal
       laws. Further, please clarify whether the provision applies to
purchasers in secondary
       transactions.
Cover Page

4.     We note disclosures on pages 26 and 153 that the Parent Units will not
be listed on
       any stock exchange and that you intend to terminate or suspend your
reporting
       obligations under the Exchange Act as promptly as practicable following
the
       Transaction. Please disclose this on the cover page.
 July 8, 2025
Page 3

5.     We note disclosure on page 34 that the Parent will be controlled by Fund
VI. Please
       disclose that you will be controlled by Fund VI on the cover page and
describe the
       beneficial ownership and voting power held by the controlling member
after the
       Merger.
6.     We note disclosures regarding the percentage of issued and outstanding
Parent Units
       that the Greenberg Stockholders would own under various scenarios. We
also note
       that the Greenberg Stockholders will own Class P Units, which are
high-vote
       securities. Please revise your filing to clearly state the expected
total voting power of
       the Greenberg Stockholders under the scenarios presented.
Questions and Answers about the Transaction
How do I elect the type of Merger Consideration that I prefer to receive?, page
10

7.     We note your disclosure that Skechers stockholders electing the Mixed
Election
       Consideration will be required to execute a joinder to the Parent A&R
LLCA. Please
       file the form of joinder to be executed by stockholders electing the
Mixed Election
       Consideration.
Is the Merger subject to the fulfillment of certain conditions?, page 13

8.     Please revise the Q&A to disclose the conditions of the Merger that are
waivable.
       Please also consider including a cross reference to any appropriate risk
factors.
Summary, page 17

9.     Please revise this and the Risk Factors sections to describe your
capital structure,
       including the different authorized classes of Units, and the nature of
the disparate
       voting rights, including the number of votes to which each class of Unit
is entitled.
       Disclose that future issuances of high-vote securities may be dilutive
to low-vote
       members. Finally, please disclose, if applicable, that the capital
structure and/or
       disparate voting rights may have anti-takeover effects preventing a
change in control
       transaction that members might consider in their best interest.
10.    We note disclosure on page 149 that    [e]xcept as expressly required by
the Parent
       A&R LLCA or applicable law, the holders of Parent Units will not be
entitled to
       vote.    Please revise to describe those circumstances in which holders
of low-vote
       Units would be entitled to vote on particular matters, the number of
votes required for
       approval of such matters, and whether classes would vote separately or
together as a
       combined class. Please also revise your disclosures on page 149.
Risk Factors
Risks Related to the Mixed Election Consideration and Ownership of Parent Units
Legacy Members that hold Parent Units will not have the same rights or
protections as
shareholders of a corporation..., page 33

11.    We note disclosure that    Legacy Members will not have the same rights
typically
       available to corporate shareholders,    including    fiduciary
protections.    Please revise
       to elaborate on the lack of fiduciary protections.
Risks Related to the Transaction
Skechers may waive one or more of the conditions to the Closing without
re-obtaining
 July 8, 2025
Page 4

stockholder approval., page 41

12.    Please revise to note which conditions to closing are waivable. Please
also revise your
       risk factor disclosure to include a discussion of the risks related to
the potential waiver
       of the relevant conditions, and disclose how you will inform investors
if and when
       material conditions are waived.
Background of the Transaction, page 59

13.    Please revise your disclosure in this section to include negotiations
relating to material
       terms of the transaction, including, but not limited to, structure,
consideration,
       proposals and counterproposals, and termination fee. In your revised
disclosure,
       please explain the reasons for the terms, each party   s position on the
issues, and how
       you reached agreement on the final terms. Please revise your disclosure
to provide
       more detail regarding the parties in attendance at, and the topics
discussed during,
       each meeting.
14.    We note disclosure on page 60 that in November 2021, Skechers management
was
       first introduced to 3G Capital. Please revise to discuss who initiated
the contact and
       why. Further, we note disclosure that Skechers management and 3G Capital
met
       several times, including in December 2023 and in June 2024. Please
revise to
       elaborate on the nature of these meetings.
15.    We note disclosure on page 62 that the March Proposal contemplated the
role of a
       Legacy Member Representative to represent Skechers stockholders holding
equity in
       Parent. Please revise to elaborate on how the rights and limitations of
(i) the Legacy
       Member Representative and (ii) the Legacy Members as a group were
negotiated and
       any counterproposals.
16.    We note disclosure on page 106 that the Parent entered into the Debt
Commitment
       Letter and the Equity Commitment Letter. Please revise to discuss this
Debt Financing
       and Equity Financing and the need to obtain additional financing for the
Parent.
       Further, we note references in the prospectus to the    Commitment
Letters.    Please
       revise to define this term. Finally, we note disclosures on pages 36 and
43 that, while
       the parties have not entered into definitive agreements, you expect the
agreements to
       contain various covenants. Please revise to add a standalone section, or
revise the
          Summary of the Merger Agreement     Financing of the Merger
section, that
       discusses the expected material terms of the Debt Financing and Equity
Financing.
17.    We note disclosure on page 132 that, notwithstanding that    no
definitive arrangements
       have been negotiated or entered into,    you expect the current Skechers
named
       executive officers to serve in the same titles at Parent after the
merger, with
          substantially similar to or lower    compensation that they currently
receive at
       Skechers. Please revise to elaborate on the discussions/negotiations
concerning these
       compensation arrangements with Parent.
18.    Please revise to disclose whether Skechers received unsolicited
Acquisition Proposals
       during the window-shop period and, if applicable, the Board   s
consideration of such
       proposals.
19.    We note that the negotiations on the termination fees were a percentage
of Skechers
 July 8, 2025
Page 5

       equity value. We note that the Company Termination Fee is $339,883,891
and the
       Parent Termination Fee is $534,103,258. Please revise your disclosure to
more clearly
       disclose how the terms evolved, and final terms were agreed upon.
20.    We note there were several discussions regarding Skechers management
team
       remaining actively engaged in any post-closing company. We also note
your
       disclosure that the March Proposal indicated that the equity in the
post-closing
       company would not be listed on a stock exchange, and the post-closing
company
       would terminate its periodic reporting obligations under the Securities
Exchange Act
       of 1934 as soon as practicable after the closing. Please elaborate on
the negotiations
       related to the structure of the post-closing company and how the parties
decided on
       the ultimate structure.
The Merger
Treatment of Outstanding Skechers Equity Awards, page 59

21.    We note disclosures on pages 139 and 141 that your named executive
officers hold
       Skechers PSAs, which will convert into Class P Units. Please revise your
prospectus
       to disclose who holds your Skechers RSU Awards that was granted after
the date of
       the Merger Agreement, which will convert into Class P Units.
Recommendations of the Independent Committee and the Skechers Board; Skechers'
Reasons
for the Transaction, page 70

22.    We note that the Board and Independent committee did not obtain a
fairness opinion
       for the Mixed Election Consideration, but did obtain a fairness opinion
for the Cash
       Election Consideration. Please tell us what consideration the Board and
the
       Independent Committee gave to this decision when determining that "the
Merger
       Agreement, the Transaction and all other transactions contemplated by
the Merger
       Agreement are fair to and in the best interests of Skechers and its
stockholders."
Negotiations with 3G Capital, page 71

23.    We note disclosure that, as a result of negotiations, Skechers was able
to obtain    more
       favorable    terms of the Transaction    to Skechers and its
stockholders than initially
       proposed by 3G Capital.    However, we note disclosure that in the March
Proposal, 3G
       Capital proposed $73 in cash for the Cash Election Consideration and $66
in cash and
       one equity unit for the Mixed Election Consideration, which are values
that are lower
       than those in the final Cash Election Consideration and Mixed Election
Consideration.
       Please revise to clarify.
Certain Unaudited Prospective Financial Information, page 76

24.    We note disclosure that certain assumptions were included in your
projections. Please
       expand the discussion of your material assumptions underlying the
projections,
       quantifying where applicable. Additionally, please revise to provide
detailed
       quantitative disclosure describing the basis for your projected sales
and the factors or
       contingencies that would affect such growth ultimately materializing.
Finally, please
       compare these assumptions with those underlying the Updated 2024 Long
Range Plan
       and Annual Operating Plan disclosed on page 77.
 July 8, 2025
Page 6

Opinion of the Financial Advisor of the Skechers Board
Selected Comparable Company Analysis, page 81

25.    Please revise to state whether the advisor excluded any companies
meeting the
       selection criteria from the analysis. Please explain the basis for such
exclusions, if
       any.
Unaudited Pro Forma Condensed Combined Financial Information
Note 2. Preliminary Purchase Price Allocation, page 125

26.    Refer to the discussion in Note 2(a)(i). Please expand to separately
disclose the
       number of Skechers Common Stock outstanding as of May 2, 2025 (or the
appropriate
       date) and the number of Skechers RSUs and RSAs for which the estimated
cash
       consideration has been determined. Expand the tabular disclosure on page
126 of the
       sensitivity analysis to also disclose the number of Skechers Common
Stock, Skechers
       RSUs and RSAs used for each of the three scenarios.
27.    Refer to Note 2(c) of the preliminary estimated merger consideration
allocation and
       the $4.5 billion assigned to identifiable intangible assets shown in the
second table on
       page 127. Disclose if the $4.0 billion assigned to the brand is solely
pertaining to the
       overall Skechers Brand, and whether it includes the various trademarks,
design
       patents and other proprietary rights as discussed on pages 51 and 52.
Also for the
       other definite-lived assets of $500 million, disclose in the narrative
the separate
       amounts that are allocated to customer relationships and
customer-related assets and
       franchise agreements / reacquired rights.
Note 3. Adjustments to the Unaudited Pro Forma Condensed Combined Balance
Sheet, page
128

28.    Refer to Note 3(i) and (j). Please expand to disclose if the gross
proceeds from first
       lien terms loans and other first lien debt pertains to the $2.1 billion
first lien term loan
       facility and the $1.9 b billion senior secured bridge facility. We note
you disclose that
       Parent management has assumed the first lien revolving facility will be
undrawn at
       Closing, which we note is $1.6 billion. Refer to your disclosure in the
second
       paragraph under the heading of Financing of the Merger on page 21.
Note 5. Earnings Per Unit, page 131

29.    Please explain why there is no assumed issuance of the Class P Units,
given that such
       are assumed to be issued with the Skechers RSU Awards and with the
Skechers PSAs
       which are tied in full or in part to the achievement of performance
goals or metrics.
       Tell us also why these would not be considered as common stock
equivalents with
       disclosure of the impact to diluted earnings per unit.
30.    It appears the impact to pro forma basic and diluted number of weighted
average
       shares resulted in a limited increase from the historical basic and
diluted number of
       weighted average shares. For example, the pro forma basic shares for the
three months
       ended March 31, 2025 was 149,209 as compared to the historical shares of
149,411.
       Please explain if this is the result of the number of Skechers Common
Stock being
       converted into the Cash Election Consideration being substantially
higher than the
       number of Units being issued for the rollover equity and the Parent's
equity financing.
 July 8, 2025
Page 7

31.    Further, as the Parent was formed subsequent to the March 31, 2025 pro
forma
       financial statement period, please provide a footnote or supplemental
table that
       reflects the detailed equity section on a pro forma basis inclusive of
the total Parent
       Units expected to be issued and outstanding after the merger and
financing
       transactions, along with the pro forma basic and diluted units per share
data, including
       the number of weighted average units used in the computation. To the
extent the next
       amendment includes updated June 30, 2025 unaudited interim historical
financial
       statements, we assume all of the Parent Units would be given pro forma
effect given
       the Parent was formed in April 2025. In this regard, it is not clear if
both the amount
       and number of Common Units and Class P Units of the Parent's total
capitalization,
       before and after the transaction, will differ materially from the number
of Common
       Units and Class P Units that will be issued in the Mixed Election
Consideration, and
       therefore differ from the March 31, 2025 and December 31, 2024 pro forma
financial
       statements. We note your disclosure on the cover page that following the
merger, for
       illustrative purposes only, the Greenberg Stockholders will own an
aggregate of 3.7%
       or a maximum of 15.2% of the issued and outstanding Parent Units. It may
be useful
       to also provide a table summarizing the expected allocation of 100% of
the Parent
       Units after the transaction.
Directors and Management of Parent After Completion of the Transaction, page
132

32.    We note disclosure that following the Transaction, Fund VI expects to
control
       approximately 80% of the voting power of the Parent Units and that the
Legacy
       Members will, by majority vote of the Parent Units, elect a Legacy
Member
       Representative. Please revise to clarify whether Fund VI will be a
Legacy Member.
       Further, please disclose whether there are any arrangements or
understandings
       regarding who will serve on your board of directors following the
Transaction. For
       any director nominee, please provide the information required by Item
19(a)(7) of
       Form S-4. Finally, please file the consent of each director nominee who
will be
       appointed to your board of directors upon the effectiveness of the
registration
       statement. Refer to Rule 438 of the Securities Act.
Certain Beneficial Owners of Skechers Common Stock, page 135

33.    Please add a table that reflects the ownership of Parent after the
transaction.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

        Please contact Beverly Singleton at 202-551-3328 or Kevin Stertzel at
202-551-3723
if you have questions regarding comments on the financial statements and
related
matters. Please contact Jenny O'Shanick at 202-551-8005 or Asia Timmons-Pierce
at 202-
551-3754 with any other questions.
 July 8, 2025
Page 8

                          Sincerely,

                          Division of Corporation Finance
                          Office of Manufacturing
cc:   Steven B. Stokdyk

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._