WASHINGTON, January 7, 2025 /PRNewswire/ — ACON Investments, LLC and its affiliates (“ACON”) announced today the acquisition of a majority interest in True Religion (“True Religion” or the “Company”), a lifestyle brand lifestyle, clothing and accessories brand known for its quality craftsmanship, unique designs and premium stitching. Financial terms of the transaction were not disclosed.
Founded in 2002, True Religion has been a staple of the global denim and apparel industry for over two decades. The brand has consistently been embraced by athletes, musicians, artists and loyal customers around the world. Today, True Religion is an omnichannel retailer with a large and rapidly growing e-commerce platform, a presence of over 51 branded retail locations, and a plethora of long-standing wholesale partners. The acquisition of True Religion once again demonstrates ACON’s ability to strategically invest in established brands at an inflection point in their evolution. ACON has consistently and successfully implemented a multi-pronged strategy to drive the growth and value of these brands.
The transaction is supported by ACON’s new and continuing sponsors, including its strategic partner, SB360 Capital Partners, LLC (“SB360”), an affiliate of Schottenstein and an established investor in the apparel and retail industry. detail. Together, ACON and SB360 will use their combined resources and industry expertise to accelerate True Religion’s future growth, expand its geographic reach and continue to diversify its product offerings.
Michael Buckleythe company’s CEO and a significant minority shareholder said: “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 to innovate in our clothing offering. We look forward to working together to bring True Religion’s bold, authentic style to even more consumers around the world.
Ken Brotmanfounding partner of ACON, commented: “We are delighted to welcome Michael, his team and the True Religion family to the ACON portfolio.” Suma KulkarniManaging Partner of ACON, added: “True Religion has built a unique and powerful brand with a loyal following 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 full potential of the business.
Aaron MillerPresident of SB360 added: “We are thrilled to collaborate with the talented team at True Religion, an iconic brand with a rich heritage. We look for brands with a strong core identity and a passion for leading a market segment. 2020 is an unprecedented year and by leveraging our retail expertise, we are confident we can help the business continue to thrive. Our investment reflects our confidence in the company’s growth potential and continued innovation in the fashion industry.
The True Religion will operate independently, with its headquarters remaining at Gardena, California. The company will continue to bring unique denim and lifestyle products to consumers around the world while exploring opportunities for collaboration and innovation within ACON and SB360’s diverse portfolios.
Financing for the acquisition was led by the company’s incumbent lender, Second Avenue Capital Partners LLC, as well as Alpha Wave Global LP and Sagard Credit Partners. Pillsbury Winthrop Shaw Pittman LLP and Hogan Lovells served as transaction advisor and fund advisor, respectively, to ACON. Robert W. Baird & Co. and Akin Gump Strauss Hauer & Feld LLP served as financial advisor and transaction advisor, respectively, to True Religion.
About ACON Investments
ACON Investments, LLC is a Washington, D.C.international private equity investment company that manages private equity funds and special purpose partnerships that invest in the United States, Latin AmericaAnd Europe. With professionals from Washington, D.C., Dallas, Los Angeles, new YorkBogota, Madrid, Mexicoand São Paulo, ACON succeeded $7.2 billion in assets since its creation and has a history of 29 years. For more information, visit www.aconinvestments.com.
About SB360 Capital Partners
SB360 Financial Partners (sb360.com), a subsidiary of Schottenstein, is one of the North America leading retail investment and advisory firms. The company invests equity directly in businesses to support growth opportunities. The company’s lending arm, Second Avenue Capital Partners, provides asset-based lending to middle-market businesses. SB360 principals hold significant financial interests in internationally renowned retail and wholesale companies, consumer brands, financial services operations and commercial, residential and industrial real estate properties. For more information, visit www.sb360.com
About true religion:
Founded in 2002, True Religion emerged into the market Los Angeles denim scene by disrupting the construction of the classic five-pocket jean. With its five-needle thread at two stitches per inch, the True Religion Super T stitch was immediately recognized for its style that was unlike any other denim brand in the world. Today, True Religion is an iconic brand worn by athletes, musicians, artists and loyal customers alike. Offering an exclusive assortment of iconic styles, True Religion focuses on producing high-quality denim, sportswear and other premium clothing for men, women and children. For more information, please visit www.truereligion.com.
Contacts:
ACON contacts:
Suma Kulkarni
ACON Investments, LLC
(202) 454-1132
(email protected)
Meena Thever
ACON Investments, LLC
(202) 454-1100
(email protected)
True Religion Media Contacts:
Berns Communications Group
Lori Rhodes / Michael McMullan
(email protected) / (email protected)
SOURCE ACON Investments, LLC
