ACON Investments and its affiliates acquired a controlling stake in True Religion, a lifestyle, apparel and accessories brand. Financial terms of the transaction were not disclosed.
The transaction 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 the diversification of its product offerings.
“Our partnership with ACON and SB360 represents an exciting new chapter for True Religion,” Michael Buckley, CEO and a significant minority shareholder, said. “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.”
“We are thrilled to welcome Michael, his team and the True Religion family into the ACON portfolio,” Ken Brotman, founding partner of ACON, said.
“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,” Suma Kulkarni, managing partner of ACON, said. “Our partnership with SB360 will provide valuable additional resources essential to unlocking the company’s full potential.”
“We are excited to collaborate with the talented team at True Religion, an iconic brand with a rich heritage,” Aaron Miller, president of SB360, said. “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.”
True Religion will operate independently, with its headquarters remaining in Gardena, California. 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.
Financing for the acquisition was led by the company’s incumbent lender Second Avenue Capital Partners along with Alpha Wave Global and Sagard Credit Partners. 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.
