True Religion Brand Jeans has been acquired by private equity firms ACON Investments and SB360 Capital Partners, marking a new chapter for the once struggling denim brand.
True Religion has new owners after the jeans company made a comeback in the aftermath of two bankruptcy filings. The Y2K-era jeans brand, now an urban staple and popular in the hip hop community, was acquired by private equity firm ACON Investments and SB360 Capital Partners, which is chaired by American Eagle CEO Jay Schottenstein. True Religion grew sales by 20% to $280 million and brought in $80 million in EBITDA in 2023.
True Religion Brand Jeans shop entrance: The company sells what they refer to as 'premium denim' which is handmade in America. Jeans brand True Religion has been acquired by private equity firm Acon Investments and American Eagle-linked firm SB360 Capital Partners – a retail investment fund chaired by the retailer's CEO, Jay Schottenstein. The terms of the transaction weren't disclosed. Last year, the company was expected to sell at a mid-single-digit multiple of its earnings before interest, taxes, depreciation and amortization. In 2023, True Religion's sales grew 20% to $280 million and it brought in $80 million in EBITDA. 'Our partnership with ACON and SB360 represents an exciting new chapter for True Religion,' Buckley said in a statement.'With their expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering.' Acon, based in Washington, D.C., has $7.2 billion in assets under management and has previously invested in other popular consumer brands, including Applebee's, Igloo, Spirit Halloween and Borden Dairy, according to its website. SB360 is Acon's strategic partner and is part of chairman Schottenstein's network of companies, which includes American Eagle and DSW. The company is a retail investment firm that invests equity capital to support growth opportunities
TRUE RELIGION ACQUISITION PRIVATE EQUITY RETAIL FASHION
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