Global buyout giant Blackstone has agreed to buy into womenswear brand SPANX at a valuation of $1.2bn through its Blackstone Growth and Blackstone Tactical Opportunities units.
The firm said the acquisition will enable the brand to accelerate its digital transformation and online presence and expand its global footprint and product offering.
Founded in 2000 by Sara Blakely, one of TIME magazine’s 100 Most Influential People, SPANX sells women’s innerwear, figure-flattering outerwear, activewear and swimwear with a mission to make things better and more comfortable for women.
Ann Chung, global head of consumer for Blackstone Growth (BXG), said, “Sara is an iconic businesswoman who bootstrapped SPANX into not only a category creator and household name, but also a symbol of authenticity, confidence building and female empowerment. We’re honored that Sara and her team have placed their trust in Blackstone as their partner of choice to further accelerate SPANX’s digital transformation and growth, and look forward to what the business will achieve with our full set of resources behind it.”
The firm said the transaction was led by an all-female Blackstone investment team and the company intend to create an all-female SPANX board of directors.
Other female-founded companies Blackstone has backed include online dating app Bumble, mission-driven media company Hello Sunshine, fiber-based telecommunication services provider Hotwire Communications and geolocation compliance technology provider GeoComply.
Blackstone was reportedly eyeing up to $10bn for one of the largest growth capital funds ever raised last week, just seven months after the firm pulling in $4.5bn to close its debut fund in the strategy.
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