US: TowerBrook closes 824m True Religion deal
TowerBrook Capital Partners has completed its $824m acquisition of denim and sportswear brand True Religion Apparel.
The deal, which was first revealed in May, means True Religion common stock will no longer be listed on the Nasdaq stock exchange.
TowerBrook, which operates in the US and Europe, is a former owner of high-end footwear and leather brand Jimmy Choo. True Religion, meanwhile, operates 124 stores in the US as well as 31 international stores.
The company has also appointed a new leadership team, with David Conn becoming CEO of the denim brand.
Lynne Koplin, who was interim CEO, has transitioned to a new role as chief merchandising officer, and Eric Bauer has been named as chief financial officer and chief operating officer.
TowerBrook Capital Partners Completes Acquisition of True Religion
VERNON, Calif.--(BUSINESS WIRE)--True Religion Apparel, Inc. (Nasdaq: TRLG) today announced the completion of the acquisition of the Company by TowerBrook Capital Partners L.P. ("TowerBrook"), the New York and London-based investment management firm. As previously announced, TowerBrook acquired True Religion for $32 per share in a transaction valued at approximately $824 million.
The transaction was approved by the Company's shareholders at a special meeting of True Religion shareholders held yesterday.
As a result of the completion of the transaction, True Religion common stock will no longer be listed for trading on the NASDAQ Stock Exchange, effective as of the close of trading today. For additional information, shareholders can contact Deborah Greaves, General Counsel and Corporate Secretary at True Religion.
Guggenheim Securities, LLC served as financial advisor and Greenberg Traurig, LLP served as legal advisor to True Religion and the Special Committee of the Board. Akin Gump Strauss Hauer & Feld is legal advisor to the Company. Deutsche Bank, Jefferies and UBS Investment Bank acted as financial advisors to TowerBrook, and Wachtell, Lipton, Rosen & Katz served as legal advisor.
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based denim and denim-related sportswear brand. The Company designs, manufactures and distributes True Religion Apparel products, including its premium True Religion Brand jeans, sportswear and licensed accessories. True Religion products may be found in the Company's branded retail and outlet stores as well as contemporary department stores and boutiques in 50 countries on six continents. As of June 30, 2013, the Company operated 130 stores in the U.S. and over 33 international stores. For more information, please visit www.truereligionbrandjeans.com.
About TowerBrook Capital Partners
TowerBrook Capital Partners L.P. is an investment management firm with in excess of US$8 billion under management. The firm is based in London and New York and focuses on making investments in European and North American companies. TowerBrook primarily pursues control-oriented investments in large and middle market companies, partnering with highly capable management teams and seeking situations characterized by complexity.
Original source: www.truereligionbrandjeans.com
The Higg Index sustainability measurement tool for the apparel supply chain has been updated with a new web interface and social impact modules, improved environmental content - and for the first time...
This report provides an update of business news in the following categories: acquisitions, divestments and mergers; corporate social responsibility (CSR); financial results; international trade policy...
The Alliance for Bangladesh Worker Safety has opened an office in Dhaka, giving it a local presence from which to focus its efforts on improving fire and structural safety in the country's garment fac...
This report analyzes the worldwide markets for Sports and Fitness Clothing in US$ Million by the following Product Segments: Sports Apparel, and Fitness Clothing. The report provides separate comprehe...
- Slow fashion: a fast-growing opportunity?
- Rethink needed as low-cost labour options dwindle
- China's apparel sector ponders sustainability
- US textile and apparel trade and sourcing snapshot
- African apparel sector needs cooperation to thrive
- Tazreen Fashions compensation agreement outlined
- Puma commits to 100% PFC removal
- Gap unveils management changes as Q3 profit rises
- Long-running SL Garment dispute settled
- Long-term partnerships key to Adidas sourcing mode