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Antelope Acquires Bocce’s Bakery

Alpine

SAN FRANCISCO–(BUSINESS WIRE)–Antelope, an omni-channel, pet consumer platform focused on delivering high-quality, natural pet products, announced its acquisition of Bocce’s Bakery (“Bocce’s”), an all-natural, limited-ingredient pet treats company. Bocce’s will continue to operate under its brand name within Antelope.

Bocce’s Bakery was founded in 2010 by Andrea Tovar after Andrea had a difficult time finding simple, natural treats for her dog, Bocce. Andrea started baking treats in her NYC apartment with the belief that dogs deserve real food. Natalia Tovar, Andrea’s sister joined the business in the first year. Eleven years later, Bocce’s has grown into one of the fastest growing brands in pet treats, with a full line of treats of over 75 SKUs of all-natural, innovative recipes for dogs (and soon cats) of all ages. Bocce’s treats are carried in thousands of retail stores across the nation and can be found in local independent pet stores, natural grocery chains, and national retailers such as Target, Petsmart, Petco, and Shake Shack. Andrea and Natalia will continue as Senior Advisors to the company.

Antelope was launched by Alpine Investors (“Alpine”) and Founder and CEO, Wendy Wen, with the mission to build a next-generation conglomerate of high-quality natural pet brands. Wendy was previously the Co-Founder and COO of SENREVE, a digitally-native, omni-channel luxury handbag brand, where she’d built the business from the ground up to a globally recognized name.

“We started Bocce’s in a small oven and could not be more proud of how our customers have stood behind our mission over the past decade. In considering the next step in Bocce’s growth trajectory, we have found Alpine to be unique in their energy, enthusiasm, and care for our brand,” said Andrea. “We are confident that Alpine and Wendy will continue to build on Bocce’s strong foundation while maintaining Bocce’s quality promise and our commitment to making a positive change in the pet aisle. We are excited about the opportunities that partnering with Alpine will unlock for Bocce’s and look forward to this next chapter in the Bocce’s story.”

“The company that Andrea and Natalia have built is unmatched in its product, branding, and values,” said Wendy, CEO of Antelope. “I am thrilled to partner with Bocce’s and am committed to preserving the unique DNA that has made Bocce’s so successful while investing in the infrastructure to help the brand scale to the next level.”

About Bocce’s Bakery

Bocce’s was founded in 2010 in a West Village kitchen with a mixer, an oven, and a scruffy mutt named Bocce with the belief that dogs deserve better. Better food with fresher, simpler, all-natural ingredients, and lots of treats! Bocce’s treats can now be found nationally – stocked in independent pet stores across the US, retailers such as Target, Petco, Chewy, and specialty locations such as Shake Shack. To learn more, visit: www.boccesbakery.com

About Antelope

Antelope was founded in August 2021 with the mission to elevate the lives of all pets by delivering the highest quality products across all consumable categories. Antelope aims to buy, build and grow the best pet consumable brands across all verticals. Business owners interested in learning more about partnerships with Antelope should contact Tyler Frances at tyler@alpineinvestors.com. To learn more, visit: www.antelopepets.com.

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a CEO program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $2.25 billion eighth fund. For more information, visit www.alpineinvestors.com.

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EQT Infrastructure and GEH to sell GETEC to IIF

eqt

EQT and GEH to sell GETEC, one of Europe’s leading sustainable energy service companies for real estate and industrial customers, to IIF

GETEC operates more than 11,500 energy generation assets across nine European countries with more than 5.2 GWth cumulative installed capacity, saving more than 610,000 tons of CO2 annually

Since EQT acquired control in 2017, GETEC has embarked on a transformative journey, from a German and founder-focused business to a leading sustainable energy contracting solutions specialist of pan-European scale, by investing in sales and operational excellence, digital capabilities, and sustainability initiatives, as well as value accretive bolt-on acquisitions

EQT and GETEC Energie Holding (GEH, the family holding of Dr. Karl Gerhold) are pleased to announce that EQT Infrastructure III fund (“EQT Infrastructure”) and GEH have agreed to sell their respective stakes in G+E GETEC Holding GmbH (“GETEC” or the “Company”) to the Infrastructure Investments Fund (“IIF”), an investment vehicle advised by J.P. Morgan Investment Management. The agreement is subject to customary regulatory approvals and the transaction is expected to close by the end of Q1 2022.

Headquartered in Magdeburg, Germany, GETEC offers tailor-made, efficient, and sustainable energy solutions to industrial and real estate companies, designed and realized by a pool of highly qualified engineers. The Company was founded by Dr. Karl Gerhold in 1993 and today operates more than 11,500 energy generation assets across nine European countries with more than 5.2 GWth cumulative installed capacity and over 2,200 employees. Highly integrated into its customers’ operational processes, GETEC provides mission-critical services under long-term contracts.

Since welcoming EQT Infrastructure as new majority shareholder in 2017, GEH and EQT Infrastructure have jointly undertaken a series of initiatives to future-proof GETEC, driven by a new management team of seasoned executives led by CEO Thomas Wagner, and supported by a high-caliber industrial advisory board. Significant achievements include developing a best-in-class sales function, optimizing GETEC’s operations, digitalizing the plant portfolio and expanding its green solution offering.

In addition to delivering a strong organic growth track-record, with the support of EQT Infrastructure and GEH, GETEC has expanded from a German into a pan-European market leader through six large-scale M&A bolt-ons, establishing a strong foothold in Switzerland, Italy and the Netherlands.

GETEC has demonstrated its sustainability leadership through a comprehensive and well-substantiated net-zero roadmap through to 2045. Its achievements to date include tripling the share of revenues generated from renewable sources and saving more than 610,000 tons of CO2 annually for its customers.

EQT Infrastructure, GEH and the management of GETEC are confident that IIF is the right partner to continue this exceptional progress and further advance GETEC’s mission to support industrial and real estate customers throughout Europe on their decarbonization journey.

Matthias Fackler, Partner within EQT Infrastructure’s Advisory Team, said, “GETEC has been at the centre of the European energy transition since the company was founded in 1993, and we are proud to have accelerated this critical mission over the past five years. Sustainable impact requires setting ambitious and measurable targets, which have been achieved across the board. It has been a pleasure to partner with Thomas and the management team, each of whom have done a fantastic job implementing the value creation plan, building a leader with European scale, and executing an industry-leading sustainability agenda. Today, GETEC is exceptionally well positioned to continue leading and benefiting from the global focus on decarbonization, thereby setting it up to achieve superior long-term growth.”

Thomas Wagner, CEO of GETEC, added, “Through the cooperation with EQT Infrastructure and GEH, GETEC has taken a huge step towards becoming Europe’s leading provider of decentralized energy services. Over the past five years, we more than doubled our revenue and assets, tripled our employee base and expanded our European presence into nine countries. With IIF, we have gained a long-term oriented owner that is highly experienced in the decentralized energy generation sector. Together, we will continue our journey of growth and decarbonization.”

Matthew LeBlanc, Chief Investment Officer for IIF said, “We are delighted to invest in GETEC, a leader in sustainable energy services and a strategic platform uniquely positioned as a catalyst for the energy transition across Europe. We are excited to build upon the unparalleled track record of growth and innovation delivered by EQT Infrastructure, Dr. Karl Gerhold and the management team and look forward to the significant additional investment opportunities to support the collective growth ambitions of GETEC’s customers, employees and communities.”

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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EQT Infrastructure to acquire Icon Group, Australia’s largest integrated cancer care provider

EQT Infrastructure has agreed to acquire Icon Group from a consortium including Goldman Sachs Asset Management, QIC and Pagoda. Goldman Sachs Asset Management will remain a minority shareholder as part of the transaction

Icon Group is Australia’s largest vertically integrated cancer care provider, offering radiation oncology, medical oncology, compounding and pharmacy services through a network of facilities across Australia, New Zealand, Singapore, Hong Kong and mainland China

EQT Infrastructure will leverage its significant healthcare sector experience and global advisory network to support Icon in providing patients with high-quality cancer treatment, while supporting Icon Group’s domestic and international growth ambitions

EQT is pleased to announce that EQT Infrastructure V (“EQT Infrastructure”) has agreed to acquire Integrated Clinical Oncology Network Pty Ltd (“Icon Group”, “Icon” or the “Company”) from a consortium including Goldman Sachs Asset Management, QIC Private Capital Pty Ltd and Pagoda Investment Advisors. Current shareholder Goldman Sachs Asset Management, will retain a minority position, with Icon’s management and doctors also re-investing in Icon Group.

Icon Group is built on a strong vision to deliver the best care possible, to as many people as possible, as close to home as possible. As Australia’s largest vertically integrated cancer-care operator, Icon brings together all aspects of high-quality cancer treatment, including radiation oncology, medical oncology, compounding and pharmacy, to deliver an end-to-end seamless service for cancer patients.

Icon Group currently operates 31 Radiation & Medical Oncology clinics in Australia and New Zealand, delivering more than 260,000 treatments per year across the two countries. Over the last few years, the Company has also expanded into Asia with 14 clinics across Singapore, Hong Kong, and mainland China. Icon Group also operates Australia’s largest private cancer clinical trials program with a growing reach across the global Icon network. Icon also produces more than one million cancer drug infusions per year through its compounding business and operates a network of 51 hospital pharmacies. Icon’s doctors and clinicians have enabled it to consistently deliver world-class cancer care to its patients.

The healthcare sector is aligned with EQT’s purpose-driven investment approach, with EQT having made more than 40 investments in the sector over the past two decades, with around 20 investments during the past five years. Icon is EQT’s fourth investment in radiology & radiotherapy, having also previously owned I-MED, the largest diagnostic imaging provider in Australia as well as recently acquiring both Blikk and Meine Radiologie Holding, which together operate more than 60 radiology, radiotherapy, and nuclear medicine locations across Germany. EQT will leverage its experience and demonstrated digitalization capabilities to support Icon’s drive for better and more advanced treatment of cancer patients and continued domestic and international expansion.

Ken Wong, Partner and Head of EQT Infrastructure Asia Pacific’s Advisory Team, said, “Icon Group is revolutionising the way cancer care is delivered through an integrated model that enables access for all patients through the decentralisation of care in major cities and bringing cancer care services to the patient in one location. This best practice cancer care model is well validated in Australia and South-East Asia, and EQT’s investment will enable this next phase of growth around the world. It’s an exciting time to be involved in Icon, and importantly for EQT to be a partner in bringing this model of care to all cancer patients.”

Stephanie Hui, co-head of alternatives investing at Goldman Sachs Asset Management in Asia, said, “In our four years as majority investor, the strength of the Icon Group model has been proven and there is potential for further growth in the years to come. Remaining as a shareholder, we will leverage our global network, capital and industry expertise to continue to support Icon’s management and doctors.”

Mark Middleton, Icon Group Chief Executive Officer, said, “Icon’s commitment to innovation and the delivery of cancer care is limitless. Our international network has a track record of delivering world-class cancer care to areas of unmet need. Now, we can drive the next phase of global growth and market leadership through further investment in critical infrastructure and cutting-edge technologies. We are proud to have partnered with EQT, a company that shares our values and will enable progress to deliver on this goal, and in turn provide for more patients.”

EQT Infrastructure was advised by Morgan Stanley, Herbert Smith Freehills, Deloitte, and PwC.

With this transaction, EQT Infrastructure V is expected to be 60-65 percent invested (including closed and/or sign investments, announced public offers, if applicable, and less any expected syndication), subject to approval.

Contact
Australian media inquiries: Jim Kelly jim@domestiqueconsulting.com.au, +61 412 549 083
International media inquiries: EQT Press Office press@eqtpartners.com, +46 8 506 55 334

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Espresso Capital closes $200 million credit facility led by KeyBank

espresso capital

Toronto — November 19, 2021 — Espresso Capital announced today that it has closed a $200 million credit facility from KeyBank, one of the largest bank-based financial services companies in the United States. A leading provider of innovative venture debt solutions, Espresso will use the facility to further expand its lending activities to high-growth technology and healthcare companies.

“We’re excited to welcome KeyBank as a funding partner,” said Espresso Chief Operating Officer and CFO, Enio Lazzer. “Securing this facility is an important milestone that further expands our capacity to support borrowers with innovative venture debt solutions. The KeyBank facility complements Espresso’s existing facilities with BMO Bank of Montreal and Scotiabank.”

Since it was founded in 2009, Espresso has funded more than 300 companies across the United States, Canada, and the United Kingdom. Espresso’s financing solutions help companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital.

“We’re delighted to have Espresso among our growing portfolio of high-quality growth capital lenders,” said Rian Emmett, Group Head, Executive Vice President, Specialty Finance Lending, at KeyBank. “We specialize in providing financing to firms like Espresso and are pleased to be able to help enable their continued growth.”

About Espresso Capital

Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.

 

 

Media contact

Kevin Cain
Head of Marketing, Espresso Capital
kcain@espressocapital.com

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CVC Credit supports Arrow’s ongoing M&A strategy by backing its acquisition of Circle

CVC Capital Partners

CVC Credit is pleased to announce that it has strengthened its partnership with Arrow Business Communications (“Arrow”), by providing incremental financing to support its acquisition of IT services provider Circle IT Limited (“Circle”). This is the eighth in a series of add-ons completed by Arrow and backed by CVC Credit.

CVC Credit has backed Arrow and its private equity sponsor, MML Capital Partners through its European Direct Lending Strategy since January 2020. Through this strategy CVC Credit focuses on lending to performing European medium and large companies, with a focus on the senior secured piece of the capital structure.

Arrow provides business critical telephony, data, IT and energy solutions to the public and private sectors. The business has a loyal and diversified customer base, operating across a wide range of industry sectors. The business has grown strongly in recent years through a combination of organic and acquisition-led growth.

Circle is a fast growing, one-stop-shop providing technical IT focused design, consultancy and implementation services to public sector and education players. Its customers include large Enterprise-scale public sector clients and midmarket private sector clients, with a focus in the Higher Education, Further Education and Local Government markets. Circle is the third add-on that Arrow has completed in recent months, following the acquisitions of Pescado and Aimes.

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit, commented: “CVC is delighted to continue to support Arrow’s ambitious growth strategy. Circle’s impressive growth, strong business model and long-term customer relationships, especially in education and the public sector, are an excellent fit with Arrow’s existing businesses.”

Amar Shanghavi, Investment Director at MML, noted: “This is a transformational acquisition as Circle is a high growth business of scale that has been able to unlock an exciting customer base through having market-leading expertise, particularly on the Microsoft stack. The combined business is now well-placed to continue to deliver strong growth. Thank you to CVC Credit Partners for their unwavering support of the business.”

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Unilever to sell its Tea business, ekaterra, to CVC Capital Partners Fund VIII for €4.5bn

CVC Capital Partners

Unilever today announced that it has entered into an agreement to sell its global Tea business, ekaterra, to CVC Capital Partners Fund VIII for €4.5 billion on a cash-free, debt-free basis.

ekaterra is the world’s leading Tea business, with a portfolio of 34 brands including Lipton, PG tips, Pukka, T2 and TAZO®. The business generated revenues of around €2 billion in 2020.

Alan Jope, CEO of Unilever said: “The evolution of our portfolio into higher growth spaces is an important part of our growth strategy for Unilever. Our decision to sell ekaterra demonstrates further progress in delivering against our plans.

“We are proud of the place that our Tea business has in our company’s history. We look forward to seeing ekaterra, with its strong brands and global footprint, prosper under CVC Fund VIII’s ownership.  I would like to thank our Tea colleagues around the world for their passion and commitment to our Tea business and wish them well for the future.”

Pev Hooper, a Managing Partner at CVC Capital Partners said: “ekaterra is a great business, built on strong foundations of leading brands and a purpose-driven approach to its products, people and communities.  ekaterra is well positioned in an attractive market to accelerate its future growth, and to lead the category’s sustainable development. We look forward to working with the team to realise ekaterra’s full potential.”

John Davison, CEO of ekaterra, said: “ekaterra is a strong business with positive momentum and has an exciting future ahead under the new ownership of CVC Fund VIII. We look forward to the next stage of our journey as the world’s leading Tea business.”

Completion of the transaction is subject to completion of works council consultation processes and the receipt of certain regulatory approvals. Completion is expected in the second half of 2022. The transaction perimeter excludes Unilever’s Tea business in India, Nepal and Indonesia as well as Unilever’s interests in the Pepsi Lipton ready-to-drink Tea joint ventures and associated distribution businesses.

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3i invests in Mepal to accelerate international growth and strengthen its online business

3I

3i Group plc (“3i”) announces that it has agreed to invest in Mepal, a leading Dutch lifestyle consumer brand that is known for its innovative, high-quality and sustainable products for storing and serving food and drink.

Headquartered in Lochem, the Netherlands, Mepal offers food storage boxes, tableware and on-the-go items (e.g. lunchboxes, bottles and flasks) for adults and children which are sold through mass and specialty retail channels, e-commerce partners and Mepal’s own online channels. 3i is investing to support further growth in Mepal’s existing core markets of the Netherlands, Belgium and Germany as well as develop new markets in Europe. In addition, 3i will support Mepal in growing its online business, further benefitting from increased e-commerce opportunities.

Mepal has a strong track record in both innovation and design and has won numerous leading design awards. The company’s products are renowned for their original and premium design, functionality, convenience, quality and sustainability, resulting in market-leading levels of customer satisfaction.

Mepal has a strong focus on ESG; the majority of its products are made using 100% recyclable materials and most of its products are proudly made in Holland. Customers can re-order parts to extend the lifecycle of their products and the products themselves help reduce food waste and the usage of single-use packaging, such as plastic bags and single use cups and bottles.

Pieter de Jong, co-Head Private Equity 3i, commented: “We are excited about partnering with Rutger de Korte and his team to continue Mepal’s success as a winning customer proposition. We see substantial international growth opportunity through leveraging the company’s existing online capabilities as well as continuing to build on its strong presence in retail channels in the Netherlands, Germany and Belgium. We look forward to working with the management team to achieve Mepal’s ambitions as a premium household brand.”

Rutger de Korte, CEO Mepal, said: “Mepal is a very strong brand with 70 years of heritage. I am confident that with 3i as our partner, we will be able to achieve our growth ambitions in the years to come. I am looking forward to teaming up with 3i and taking the next steps together to continue the successful growth strategy of Mepal, through delighting our customers with smart and innovative products that last a lifetime.”

The transaction is subject to customary antitrust approvals.

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Baird Capital Invests in Circonus

Baird Capital

Circonus, a full-stack infrastructure monitoring and analytics platform raised $10 million in a Series B funding round led by Baird Capital’s venture team. The funds will be used to accelerate growth, scale product innovation and build upon the company’s record-setting performance in 2021. The funding round included participation from existing investors NewSpring Capital, Osage Venture Partners and Bull City Venture Partners.

Circonus Logo

Circonus gives organizations the ability to monitor all their infrastructure, networks, applications, cloud and containers in one unified platform, giving them greater visibility, faster troubleshooting and the ability to correlate insights across systems and business units to drive better, more accurate decisions. The company is led by experts in large-scale distributed systems and data science, including CEO Bob Moul.

“The pace of technology innovation is accelerating faster than ever, which creates both opportunities and challenges for the enterprise,” said Joanna Arras, Partner at Baird Capital, who will join Circonus’ board of directors. “Circonus delivers extraordinary value to its clients through its ability to handle vast amounts of metric data and translate that information into valuable business insights and competitive advantage. We are excited to partner with Bob and the team at Circonus to support them in this next phase of growth.”

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Klingel medical metal acquires Swiss-based MedTech company Ruetschi

Klingel medical metal group (“Klingel”), owned by the IK Partners’ funds, announces that it has signed an agreement to acquire Ruetschi Technology Holding AG (“Ruetschi”). Ruetschi is a leading contract manufacturer for medical devices, with a special focus on sterile packaged single-use procedure kits for orthopedic, spinal and dental surgery. This transaction represents the fourth acquisition for Klingel since IK Partners (“IK”) acquired a majority stake in 2018.

Ruetschi was founded in 1960 and employs more than 200 people at three production sites in Muntelier (CH), Yverdon (CH) and Renquishausen (DE). Like Klingel, Ruetschi is a leading one-stop-shop with profound expertise in engineering, product innovation and development as well as regulatory requirements. It operates a state-of-the-art machine park and serves a number of top MedTech OEM customers.

Through the acquisition, Klingel further strengthens its leading position as MedTech CMO in Europe and a key partner for its global customer base highest quality requirements.

Ralf Petrawitz, CEO of Klingel, said: “Ruetschi is the perfect complement for our growing MedTech platform in Europe. The combination does not only add further manufacturing capabilities to Klingel’s offering, but also brings leading MedTech customers to the group. We look forward to continuing the journey and grow stronger and larger together with Ruetschi.”

Christoph Ruetschi, CEO of Ruetschi, said: “We are very happy to have found a good partner with Klingel to form a clear leader in our field. Klingel is the perfect home for our 200 employees and will enable the company to thrive as part of a European group. Together we will be able to serve our customers even better by offering a broader set of services.”

Press Contacts

Klingel medical metal
Ralf Petrawitz
+49 7231 6519 0

IK Partners
Maitland/AMO
James McFarlane
jmcfarlane@maitland.co.uk

Ruetschi

Ruetschi is a developer and producer of high-tech implants and instruments for the medical industry, with a special focus on sterile packaged procedure kits for spinal surgery and dental implantology. Based in Muntelier, the Swiss company operates a second location in Yverdon-les-Bains and a third in Renquishausen, Germany. It is managed jointly by Christoph Ruetschi and Christian Moser and employs more than 200 people. For more information, visit www.ruetschi.com

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Klingel medical metal

Klingel medical metal (“Klingel”) has been a leading European company in the field of precision technology for more than 30 years with a strategic focus on the medical technology sector. With 650 employees, Klingel focuses on the processing of complex metal components and instruments made of titanium and stainless steel. Klingel provides the highest possible technical quality while maintaining aesthetic precision. For more information, visit www.klingel-med.de

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IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 155 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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SPANX, Inc. and Blackstone Close Majority Sale, Secure New Investors Including Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd

ATLANTA & NEW YORK – November 18, 2021 – 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.

MEDIA CONTACTS

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

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