SPANX, Inc. and Blackstone Close Majority Sale, Secure New Investors Including Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd
18 Novembre 2021 - 2:15PM
Business Wire
SPANX, Inc., the mission-driven womenswear brand founded by Sara
Blakely in 2000, today announced that funds managed by Blackstone
(“Blackstone”), a leading global investment firm, have completed
their previously announced majority investment in the business at a
valuation of $1.2 billion. Additional new investors in SPANX
participating in the closing include iconic female entrepreneurs
Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd, as well as
female-founded investment funds G9 Ventures, founded by Amy
Griffin, and Able Partners.
SPANX was founded by Blakely 21 years ago when she took $5,000
in savings and set out to take on the male-dominated shapewear and
undergarment industry. Blakely, who had never taken a business
class in her life and was selling fax machines door to door at the
time, wrote her own patent and invented the first SPANX
undergarment in her apartment. Without ever taking any outside
investment, she went on to turn SPANX into a global powerhouse that
has changed the lives of women all over the world. Blakely has been
named one of TIME magazine’s 100 Most Influential People in the
world and was featured on the cover of Forbes magazine as the
youngest self-made female billionaire. Through her personal
foundation, Blakely has given millions of dollars to help elevate
other women and in 2013 she signed the Giving Pledge, promising to
donate half her wealth to philanthropy.
“I’m thrilled to welcome Oprah Winfrey, Reese Witherspoon,
Whitney Wolfe Herd, G9 Ventures and Able Partners as investors of
SPANX! This is an incredible, ‘pinch-me!’ full-circle moment
because both Oprah and Reese have been longtime supporters of
SPANX, and Whitney has been a gamechanger for women in business.
Oprah was a big reason for SPANX’s early success when she named it
one of her iconic ‘Favorite Things’ in 2000,” said Blakely, who now
serves as Executive Chairwoman of SPANX. “To have the support of
these smart, thoughtful, world-class female-founders who have also
disrupted their industries to elevate and support women means
everything. As we like to say at SPANX, ‘we’ve got your butt
covered!’ With these new partnerships, that promise is as true as
ever. I can’t wait to see what’s in store for the brand — and most
importantly — for our customers.”
Oprah Winfrey said: "When Sara first came on The Oprah Show to
tell us about her idea for SPANX, I knew it was brilliant. We’d all
been cutting off our panty hose for years! So from the moment I
wore my first pair, they became a staple in my wardrobe. It’s
remarkable the business that Sara and her team have created, with
the comfort and support of all women at the heart of their
creations, and I’m happy to be part of the evolution."
Reese Witherspoon, Founder of Hello Sunshine, said: “As a
self-made founder who has built an absolute powerhouse of a brand,
Sara is an inspiration to female entrepreneurs everywhere. In
addition to developing a remarkable product and business that
literally supports women every day, Sara has become a role model
for leveraging your success to elevate other women. I’m so proud of
Sara and the entire SPANX team, and I cannot wait to see what the
future has in store for this incredible company.”
Ann Chung, Global Head of Consumer for Blackstone Growth (BXG),
said: “Since creating the shapewear category more than two decades
ago, Sara has built the company into a leading apparel brand and
online force – and they’re just getting started. We’re so excited
to partner with their team and this iconic group of co-investors to
further accelerate the business’ growth through new product
innovation, geographic expansion and continued digital
transformation.”
As previously announced, Blackstone and SPANX intend to create
an all-female SPANX board of directors, and Blackstone’s investment
team for the transaction was all women. Blakely will continue to
maintain a significant equity stake. Blakely, along with SPANX’s
existing senior management team, will also continue to oversee
daily operations.
Blackstone’s investment in SPANX, made through its Blackstone
Growth (BXG) and Tactical Opportunities businesses, is the most
recent example of a number of innovative female-founded companies
the firm is proud to back. This includes in just the last two years
Bumble, the online dating app where women make the first move
founded by Whitney Wolfe Herd; Hello Sunshine, the mission-driven
media company that puts women at the center of every story it
creates, founded by Reese Witherspoon; Hotwire Communications, a
leading provider of cutting-edge fiber-based telecommunication
services co-founded by its CEO Kristin Johnson; GeoComply, a global
leader in geolocation compliance technology, co-founded by its
Chairman Anna Sainsbury; and Medable, a leading cloud platform for
patient-centered clinical research, co-founded by Dr. Michelle
Longmire. This is in addition to female-led technology businesses
in which Blackstone has invested such as Ancestry.com, Articulate
and Ellucian.
SPANX was represented by Goldman & Sachs and Allen & Co.
in the transaction, with legal representation from Cravath, Swaine
and Moore. King & Spalding served as Blakely’s legal advisor.
Blackstone’s financial advisor for the transaction was JPMorgan and
legal advisor was Simpson Thacher & Bartlett LLP.
ABOUT SPANX, INC.
Founded by Sara Blakely in 2000, SPANX, Inc. is a dynamic
women’s brand that has revolutionized an industry and changed the
way women around the world get dressed. The mission of the brand is
to make things better and more comfortable for women. Through
tremendous consumer demand, the company has expanded into offering
both innerwear solutions and figure-flattering outerwear,
activewear and swimwear. SPANX is constantly identifying and
solving problems from a women’s point of view. With smarter, more
comfortable must-haves including leggings, denim, the Perfect Pants
collection, activewear, intimates and innovative shapewear, SPANX
elevates women through product and empowers them to look and feel
their best. Further information is available at www.spanx.com.
Follow SPANX on Facebook, Twitter and Instagram @SPANX.
ABOUT BLACKSTONE
Blackstone is the world’s largest alternative asset manager. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $731 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity, life sciences,
growth equity, opportunistic, non-investment grade credit, real
assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211118005800/en/
MEDIA
SPANX: Lauren Hauther (470) 868-8492 LHauther@spanx.com
Blackstone: Matt Anderson (518) 248-7310
Matthew.anderson@blackstone.com
OR
Mariel Seidman-Gati (917) 698-1674
Mariel.seidmangati@blackstone.com
Grafico Azioni Blackstone (NYSE:BX)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Blackstone (NYSE:BX)
Storico
Da Apr 2023 a Apr 2024