The US denim specialist True Religion has new owners.
On Tuesday, financial firm Acon Investments LLC announced it had acquired a majority stake in the apparel retailer. The investment firm SB360 Capital Partners LLC also participated in the purchase as a strategic partner. Its chairman is Jay Schottenstein, the CEO of the clothing group American Eagle Outfitters.
Financial details of the transaction were not disclosed. The hedge fund Farmstead Capital Management, which was recently able to get True Religion back on the road to success after two bankruptcies, initiated a sales process for the brand at the beginning of last year.
The two new main owners now plan to let True Religion continue to operate independently. The company will retain its headquarters in Gardena, California, and CEO Michael Buckley, who is also a “significant minority shareholder,” will remain on board. The aim is to “further accelerate True Religion’s growth, expand its geographical reach and further diversify its product offering,” said Acon.