ACON Investments and its affiliates announced the acquisition of a controlling stake in True Religion, a lifestyle, apparel, and accessories brand known for its quality craftsmanship, unique designs, and sophisticated stitching. The financial terms of the transaction were not disclosed.
Founded in 2002, True Religion has been in the denim and apparel industry for over two decades. Athletes, musicians, artists, and loyal customers have always embraced the brand globally. Now True Religion is an omnichannel retailer with a large and rapidly growing e-commerce platform, a footprint of more than 51 branded retail locations, and many longstanding wholesale partners. Acquiring True Religion evidences ACON’s ability to strategically invest in established brands at an inflection point in their evolution. ACON has successfully implemented a multi-pronged strategy to drive growth and value in such brands.
This deal is supported by both new and continuing limited partners of ACON, including its strategic partner, SB360 Capital Partners, a Schottenstein affiliate and established investor in apparel and retail. Together, ACON and SB360 will utilize their combined resources and sector expertise to accelerate True Religion’s further growth, broaden its geographic reach, and continue diversifying its product offerings.
True Religion will operate independently, with its headquarters remaining in Gardena, California. And the company will continue to deliver unique denim and lifestyle products to consumers worldwide while exploring opportunities for collaboration and innovation within ACON’s and SB360’s diverse portfolios.
The financing for the acquisition was led by the company’s incumbent lender, Second Avenue Capital Partners, Alpha Wave Global LP, and Sagard Credit Partners. And Pillsbury Winthrop Shaw Pittman and Hogan Lovells served as transaction counsel and fund counsel, respectively, to ACON. Robert W. Baird & Co. and Akin Gump Strauss Hauer & Feld served as financial advisor and transaction counsel, respectively, to True Religion.
ACON Investments is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that invest in the United States, Latin America, and Europe. And with professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City, and São Paulo, ACON has managed $7.2 billion in assets since inception and has a 29-year track record.
KEY QUOTES:
“Our partnership with ACON and SB360 represents an exciting new chapter for True Religion. With their expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering. We look forward to working together as we bring True Religion’s bold, authentic style to even more consumers around the world.”
– Michael Buckley, the Company’s Chief Executive Officer and a significant minority shareholder
“We are thrilled to welcome Michael, his team and the True Religion family into the ACON portfolio.” Suma Kulkarni, Managing Partner of ACON added, “True Religion has built a unique and powerful brand with a loyal customer base and a deep connection to its core values of authenticity, quality and self-expression. Our partnership with SB360 will provide valuable additional resources essential to unlocking the Company’s full potential.”
– Ken Brotman, Founding Partner of ACON
“We are excited to collaborate with the talented team at True Religion, an iconic brand with a rich heritage. We seek out brands with a strong core identity and a passion for leading a market segment. The growth since 2020 is unprecedented and by leveraging our expertise in retail, we are confident we can help the Company to continue to thrive. Our investment reflects our belief in the Company’s growth potential and continued innovation in the fashion industry.”
– Aaron Miller, President of SB360
