This webpage was generated automatically. To read the article at its original source, you may visit the link below:
https://www.wate.com/business/press-releases/cision/20250107PH89867/acon-investments-acquires-true-religion-an-iconic-lifestyle-brand
if you wish to have this article removed from our website, please reach out to us
WASHINGTON, Jan. 7, 2025 /PRNewswire/ — ACON Investments, L.L.C. and its subsidiaries (“ACON”) have announced today the purchase of a controlling interest in True Religion (“True Religion” or the “Company”), a lifestyle brand known for its high-quality craftsmanship, distinctive designs, and premium stitching. The financial specifics of the deal have not been revealed.
Established in 2002, True Religion has been a prominent name in the worldwide denim and apparel market for over 20 years. The brand has consistently been favored by athletes, musicians, artists, and dedicated customers around the world. Currently, True Religion operates as an omnichannel retailer with a substantial and rapidly expanding ecommerce platform, over 51 branded retail outlets, and numerous longstanding wholesale partnerships. The acquisition of True Religion further illustrates ACON’s capability to strategically invest in well-established brands during critical phases of their development. ACON has consistently executed a multi-faceted strategy to promote growth and enhance value within such brands.
The transaction received backing from both new and existing limited partners of ACON, including its strategic collaborator, SB360 Capital Partners, LLC (“SB360”), an affiliate of Schottenstein and an established investor in the apparel and retail sectors. Together, ACON and SB360 will deploy their combined resources and industry knowledge to accelerate True Religion’s growth, expand its geographical presence, and continue diversifying its product range.
Michael Buckley, the Chief Executive Officer of the Company and a significant minority stakeholder, expressed, “Our collaboration with ACON and SB360 opens new exciting possibilities for True Religion. With their expertise and resources, we are set to improve our digital and retail capabilities, expedite our international expansion, and continue innovating our apparel range. We eagerly anticipate working together to present True Religion’s bold and genuine style to an even larger audience globally.”
Ken Brotman, the Founding Partner of ACON, remarked, “We are excited to welcome Michael, his team, and the True Religion family into the ACON portfolio.” Suma Kulkarni, Managing Partner of ACON, added, “True Religion has created a unique and robust brand with a loyal following and a deep commitment to its core principles of authenticity, quality, and self-expression. By partnering with SB360, we will gain essential additional resources to unlock the Company’s potential fully.”
Aaron Miller, President of SB360, further stated, “We are enthusiastic about collaborating with the talented team at True Religion, an iconic brand with a storied heritage. We seek out brands possessing a strong core identity and a dedication to leading a market segment. The growth experienced since 2020 is unprecedented, and by utilizing our retail expertise, we are confident we can support the Company in continuing to flourish. Our investment reflects our conviction in the Company’s growth prospects and ongoing innovation in the fashion sector.”
True Religion will function independently, maintaining its headquarters in Gardena, California. The Company will persist in delivering distinctive denim and lifestyle products to consumers globally while investigating collaborative and innovative opportunities within ACON’s and SB360’s diverse portfolios.
Financing for the acquisition was primarily facilitated by the Company’s existing lender, Second Avenue Capital Partners LLC, alongside Alpha Wave Global LP and Sagard Credit Partners. Pillsbury Winthrop Shaw Pittman LLP and Hogan Lovells acted as transaction counsel and fund counsel, respectively, to ACON. Robert W. Baird & Co. and Akin Gump Strauss Hauer & Feld LLP served as financial advisor and transaction counsel, respectively, to True Religion.
About ACON Investments
ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that oversees private equity funds and special-purpose partnerships focused on investments in the United States, Latin America, and Europe. Featuring 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 its inception, showcasing a 29-year record of success. For more information, please visit www.aconinvestments.com.
About SB360 Capital Partners
SB360 Capital Partners (sb360.com), a Schottenstein affiliate, stands as one of North America’s premier advisory and retail investment firms. The firm directly invests equity capital into businesses to promote growth initiatives. The firm’s lending division, Second Avenue Capital Partners, extends asset-based loans to middle-market enterprises. SB360’s leadership has substantial financial interests across internationally recognized retail and wholesale companies, consumer brands, financial service operations, and commercial, residential, and industrial real estate properties. For more details, visit www.sb360.com
About True Religion:
Founded in 2002, True Religion made its debut in the Los Angeles denim landscape by revolutionizing the construction of the traditional five-pocket jean. With its five-needle threading applied at two stitches per inch, the True Religion Super T stitch garnered instant recognition for its style, setting it apart from any other denim brand globally. Today, True Religion stands as an iconic label, embraced by athletes, musicians, artists, and loyal consumers alike. Offering an exclusive range of signature styles, True Religion prioritizes the production of premium-quality denim, sportswear, and other 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]
View original content to download multimedia:
SOURCE ACON Investments, L.L.C.
This webpage was generated automatically. To read the article at its original source, you may visit the link below:
https://www.wate.com/business/press-releases/cision/20250107PH89867/acon-investments-acquires-true-religion-an-iconic-lifestyle-brand
if you wish to have this article removed from our website, please reach out to us
