ACON Investments Takes the Helm of True Religion: Reviving a Fashion Legacy

WASHINGTON, Jan. 7, 2025 /PRNewswire/ — ACON Investments, L.L.C. alongside its affiliates (“ACON”) is excited to announce today that it has acquired a controlling interest in True Religion (“True Religion” or the “Company”), a brand renowned for its high-quality craftsmanship, distinctive designs, and premium stitching in the lifestyle, apparel, and accessories market. The financial specifics of the deal remain undisclosed.

Established in 2002, True Religion has been an integral part of the global denim and apparel landscape for over two decades. The brand has consistently garnered the support of athletes, musicians, artists, and devoted customers worldwide. Presently, True Religion operates as an omnichannel retailer with an expansive and swiftly advancing ecommerce platform, more than 51 branded retail outlets, and a myriad of long-standing wholesale associates. The acquisition of True Religion significantly illustrates ACON’s capacity to strategically invest in well-established brands at pivotal moments in their journey. ACON has reliably and effectively executed a multi-faceted strategy to stimulate growth and value in such brands.

This transaction is backed by both new and existing limited partners of ACON, including its strategic partner, SB360 Capital Partners, LLC (“SB360”), a Schottenstein affiliate and seasoned investor in the apparel and retail sectors. ACON and SB360 will leverage their combined resources and industry expertise to expedite True Religion’s growth, extend its geographical presence, and diversify its product range.

Michael Buckley, the Chief Executive Officer of the Company and a prominent minority stakeholder stated, “Partnering with ACON and SB360 marks an exhilarating new phase for True Religion. With their expertise and resources, we are well-positioned to enhance our digital and retail capabilities, speed up our international expansion, and continue to innovate in our apparel offerings. We eagerly anticipate collaborating as we present True Religion’s bold, authentic style to even more consumers worldwide.”

Ken Brotman, Founding Partner of ACON expressed his enthusiasm, “We are pleased to integrate Michael, his team, and the True Religion family into the ACON portfolio.” Suma Kulkarni, Managing Partner at ACON remarked, “True Religion has developed a unique and impactful brand with a devoted customer following and a profound connection to its core principles of authenticity, quality, and self-expression. Our collaboration with SB360 will offer invaluable additional resources critical to unlocking the Company’s full potential.”

Aaron Miller, President at SB360 elaborated, “We are enthusiastic about working alongside the skilled team at True Religion, an iconic brand with a rich legacy. We pursue brands with a distinct core identity and a commitment to leading in their market segment. The growth observed since 2020 is unparalleled, and by utilizing our retail expertise, we are confident we can facilitate the Company’s continued success. Our investment underscores our belief in the Company’s growth potential and ongoing innovation within the fashion sector.”

True Religion will function as an independent entity, maintaining its headquarters in Gardena, California. The Company will persist in delivering unique denim and lifestyle products to consumers globally while seeking collaboration and innovation opportunities within ACON’s and SB360’s diverse portfolios.

The funding for the acquisition was led by the Company’s current lender, Second Avenue Capital Partners LLC, in collaboration with Alpha Wave Global LP and Sagard Credit Partners. Pillsbury Winthrop Shaw Pittman LLP and Hogan Lovells acted as legal counsel and fund counsel, respectively, for ACON. Robert W. Baird & Co. and Akin Gump Strauss Hauer & Feld LLP served as financial advisor and legal counsel, respectively, for True Religion.

About ACON Investments

ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm overseeing private equity funds and specialized partnerships that invest in the United States, Latin America, and Europe. With professionals located 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 boasts a 29-year track record. For more information, visit www.aconinvestments.com.

About SB360 Capital Partners

SB360 Capital Partners (sb360.com), a Schottenstein Affiliate, stands as one of North America’swww.sb360.com 

About True Religion:

Launched in 2002, True Religion disrupted the Los Angeles denim industry by redefining the construction of the classic five-pocket jean. With its unique five-needle threading and two stitches per inch, the True Religion Super T stitch quickly became renowned for its distinctive style, setting it apart from any other denim brand in the world. Today, True Religion stands as an iconic brand endorsed by athletes, musicians, artists, and devoted customers. Offering a unique array of classic styles, True Religion emphasizes the production of high-quality premium denim, sportswear, and various apparel for men, women, and children. For additional information, please visit www.truereligion.com.

Contacts: 

ACON Contacts:

Suma Kulkarni
ACON Investments, L.L.C.
(202) 454-1132
[email protected]

Meena Thever
ACON Investments, L.L.C.
(202) 454-1100
[email protected]

True Religion Media Contacts:

Berns Communications Group
Lori Rhodes / Michael McMullan
[email protected] / [email protected]

SOURCE ACON Investments, L.L.C.