True Religion Embraces New Chapter with ACON Acquisition
Deal News | Jan 07, 2025 | Headway Capital Partners LLP
Headway Capital Partners in collaboration with ACON Investments has acquired a controlling stake in True Religion, a renowned lifestyle brand known for its high-quality denim and apparel. While financial details remain undisclosed, the acquisition highlights ACON's strategic investment acumen. True Religion, with a broad retail platform and a growing online presence, aims to leverage ACON and SB360 Capital Partners' expertise to enhance its market position. The acquisition received financing support from Second Avenue Capital Partners, Alpha Wave Global, and Sagard Credit Partners, with legal and financial advisory services from Pillsbury Winthrop Shaw Pittman, Hogan Lovells, Robert W. Baird & Co., and Akin Gump Strauss Hauer & Feld LLP. This transaction signifies a strategic effort to bolster True Religion's brand presence and expand its geographic and product reach.
Sectors
- Private Equity
- Apparel and Accessories
Geography
- United States – True Religion is headquartered in Gardena, California, and the acquisition involves U.S.-based entities.
- United Kingdom – Headway Capital Partners is based in London, UK, contributing to the deal.
Industry
- Private Equity – The article discusses an acquisition deal conducted by private equity firms ACON Investments and Headway Capital Partners.
- Apparel and Accessories – True Religion, the target company, operates within the apparel and accessories sector, particularly known for its premium denim products.
Financials
- 1.5 billion – Advised funds under management by Headway Capital Partners.
- 7.2 billion – Assets managed by ACON Investments since inception.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Headway Capital Partners LLP | Co-investor | Company | A London-based private equity firm co-investing in the acquisition of True Religion. |
| ACON Investments, L.L.C. | Bidding Company | Company | An international private equity investment firm that acquired a controlling stake in True Religion. |
| True Religion | Target Company | Company | A U.S. apparel and lifestyle brand, known for its high-quality denim products. |
| SB360 Capital Partners, LLC | Strategic Partner | Company | A strategic partner in the acquisition, providing sector expertise for True Religion's growth. |
| Second Avenue Capital Partners LLC | Lender | Company | The incumbent lender for the acquisition financing. |
| Alpha Wave Global LP | Lender | Company | Provided financing support for the acquisition. |
| Sagard Credit Partners | Lender | Company | Provided financing support for the acquisition. |
| Pillsbury Winthrop Shaw Pittman LLP | Transaction Counsel | Company | Served as transaction counsel to ACON. |
| Hogan Lovells | Fund Counsel | Company | Served as fund counsel to ACON. |
| Robert W. Baird & Co. | Financial Advisor | Company | Financial advisor to True Religion during the transaction. |
| Akin Gump Strauss Hauer & Feld LLP | Transaction Counsel | Company | Served as transaction counsel to True Religion. |
| Michael Buckley | CEO and Minority Shareholder | Person | Chief Executive Officer of True Religion and significant minority shareholder. |
| Ken Brotman | Founding Partner | Person | Founding Partner at ACON Investments. |
| Suma Kulkarni | Managing Partner | Person | Managing Partner at ACON Investments. |
| Aaron Miller | President | Person | President of SB360 Capital Partners. |