Gimv together with founding partner Emile Kuenen and his business partner Stan Vermeulen sell their stake in the fast-growing Dutch high-quality stroller brand Joolz to Bugaboo, the global market-leader in strollers and high-quality juvenile consumer products. Both strong and complementary Dutch brands Joolz and Bugaboo have agreed to join forces to accelerate their international growth in the fragmented worldwide stroller market.

Gimv Consumer invested in Joolz in 2016, alongside founding partner Emile Kuenen and his business partner Stan Vermeulen, to support its further geographical expansion in Europe and beyond. The joint ambition was to develop Joolz into a true next-gen high-quality stroller brand: a brand that stands for beautiful design and top-quality products developed for kids, parents and the planet. The conscious strollers are designed for real life and made to last. Today, Joolz sells premium strollers in more than 60 countries with well-established presence across Europe, APAC and the United States.

Both Joolz (www.joolz.com) and Bugaboo (www.bugaboo.com) are pioneers in the market for high-quality baby strollers and innovative juvenile consumer durables with leading performances in quality, sustainability and design. Founded by Dutch entrepreneurs, both companies have excelled at realizing international growth with Bugaboo being one of the leading brands, while Joolz has quickly scaled and holds a strong position in Europe and other international markets. Their combined portfolios will span everything from award-winning strollers to innovative parenting accessories.

The brands Bugaboo and Joolz will continue to operate separately in the market, as both will further benefit from existing and new market opportunities in the global stroller market. The combined company will have a total of 1,200 employees, with its headquarters located in Amsterdam, the Netherlands.

Patrick Franken, Partner and Jelle Assink, Principal at Gimv Consumer, declare: “At Gimv Consumer, we are very proud of Joolz’s strong growth and the journey we have realized together. By building on their core philosophy of design, innovation, and sustainability, Joolz has developed into a truly recognized global high-quality stroller brand. The Joolz and Bugaboo brands are highly complementary and together will create an unrivalled platform in the juvenile category, allowing both companies to accelerate growth and unlock their full potential.”

Richard den Hollander, CEO Joolz, declares: “By joining forces with Bugaboo, we will be able to accelerate the exciting growth journey we have been on for the last five years, as Bugaboo is the strongest strategic partner who can and is willing to make smart and healthy investments in our brand. Our combined commercial strength, together with our mutual strong belief in consumer-centric innovation, superior design, engineering and ESG, will enable us to build a global house of brands and drive strong growth in the high-quality stroller market across the globe. While we both consider ourselves international companies, our mutual Dutch roots and our commitment to quality, sustainability and our brands offer a solid foundation for our continued journey together.”

Adriaan Thierry, CEO Bugaboo, declares: “The global stroller market is highly fragmented and offers enormous opportunities for high-quality brands. Us teaming up with Joolz is exemplary for our strategy of organic growth and growth by acquisition. Bugaboo and Joolz are distinct, yet complementary brands. But the quality of both brands is exceptional. Together, we will be able to innovate even better and faster. And we will be able to offer more choice in high-quality strollers to our customers in Europe, as well as the Americas, Asia and the Middle East, through our current and new distribution channels in those markets.”

Exit follows transformational partnership that established the Company as the global glass packaging market leader to the luxury beauty industry

France, 26^th May 2025 – Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces the completion of the sale of Verescence, the market leader in luxury glass packaging for the perfumery and cosmetics industry, to a consortium comprised of Movendo Capital, an investment holding company and family office, and Draycott, an asset manager.

Verescence is a specialist manufacturer of glass bottles for the perfumery and cosmetics industry and the partner of choice to the world’s largest luxury beauty market players, including Hermès, LVMH and L’Oréal. Founded in 1896, Verescence has 2,500 employees across three continents and brings 130 years of glassmaking expertise globally. It operates seven glass manufacturing factories around the world in France, Spain, North America, and South Korea with an annual production capacity of 600 million bottles.

Stirling Square acquired Verescence in 2019 as the first investment of its Fourth Fund. Over the past six years, it has worked alongside the Company’s leadership team to transform it into the market-leading sustainable glassmaker for the global luxury beauty industry. Stirling Square spearheaded transformational M&A, most notably through the strategic acquisition of a manufacturing facility in South Korea in 2021 that enabled the business to expand into the high-growth, premium beauty segment in Asia. Under Stirling Square stewardship, the Company invested €100 million into additional capacity and automation to increase productivity, through the development of proprietary IP underpinned by AI and machine learning. Stirling Square also supported significant sustainability initiatives – today, bottles can be made from 100% recycled glass, compared with a 2% rate when it assumed ownership. The Company also now upholds industry-leading ESG ratings, notably EcoVadis Platinum and CDP AA- for climate and water action.

As a result of Stirling Square’s investment and strategic transformation, during the ownership period, Verescence’s revenues increased by 40% to €421m and EBITDA trebled to more than €80 million.

Thomas Riou, CEO of Verescence, said: “Stirling Square have been a phenomenal partner, providing investment and expertise that enabled our global expansion, strategic shift to expand our skincare offering to meet the growing needs of our customers. They have also encouraged us to embed innovation across our industrial processes and accelerated our digital transformation that has resulted in us adopting a more data-driven approach across the organisation.”

Julien Horreard, Partner at Stirling Square, added: “We are delighted to have had the privilege of collaborating with Thomas and the brilliant Verescence team over the last six years, during a transformational period linked to our strategic investment in digitalisation, innovation, sustainability and international expansion into the Asian market. We are incredibly proud of what Thomas and the management team achieved during this time as today, Verescence is the market leading specialty glass packaging player with a strong global footprint across France, Spain, the US and South Korea. We wish the team all the best in its next chapter.”

João Coelho Borges, Draycott’s Founding Partner, and Pedro Pereira Gonçalves, Movendo’s CEO, concluded: “We are excited about the opportunity to acquire a global leader with a strong and experienced management team fully aligned with our value creation strategy. Verescence’s leadership position in the industry aligns with our investment criteria across multiple key dimensions. By combining management’s expertise with our own, we aim to drive sustainable growth and maximize value for all stakeholders.”

Stirling Square has a strong track record in France, having been investing locally for over 15 years, with its current and prior portfolio comprising Médisup, Vernet, Siblu, AD Industries, Citec Environnement (ESE) and Permaswage (GDT).

Paris, France, 15 May 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has acted as sole lender in providing a financing package of €280 million to Fitness Park, the largest “Full Service Best Price” operator and franchisor of fitness clubs in France. The investment will be used to accelerate Fitness Park’s long-term growth, through M&A in France and internationally, and invest in its customer proposition. Fitness Park will continue to be majority owned by the company’s founders, alongside minority shareholders Future French Champions and Momentum Invest.

Present in France for more than 40 years, Fitness Park has developed into a leading gym chain. Today, the group counts in France, Spain, Portugal and Morocco more than 350 clubs and 1.3 million members across both affiliate and franchised gyms. Fitness Park operates a proven “full service best price” model and has established a strong reputation through a customer offering underpinned by high-quality facilities and best-in-class fitness equipment, extended opening hours, and affordable and flexible membership options. The business is supported by strong market tailwinds, with increasing gym membership rates in France fueled by growing health consciousness and resilient demand for affordable and quality gyms.

Otto Alaoui, Managing Director in Carlyle Global Credit, said: “We are delighted to support Fitness Park in strengthening and expanding on its leading position in fitness club services across France. The transaction demonstrates our ability to provide flexible capital solutions to accelerate the growth trajectory of founder-owned businesses in Europe.”

Gaëtan Dubuisson, Group CEO of Fitness Park, said: “Fitness Park is grateful for the support of Carlyle, which enables the business to continue to pursue its growth ambitions through its high-quality customer offering, and via strategic acquisitions. We strongly believe Carlyle’s expertise and capital will help us further capitalize on the fragmented French fitness market as we look to expand on our strong positioning.”

Carlyle’s Global Credit platform manages $199 billion in assets under management, as of March 31, 2025. It regularly pursues investments in privately negotiated capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies. The Fitness Park transaction follows an active last few months for Carlyle’s European credit platform, recently announcing investments including Suntera Global, Argon, Sanoptis, Your.World and Bianalisi.

—

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Fitness Park

Founded in 2009, Fitness Park is a next-generation fitness brand offering premium facilities at affordable prices. As the #1 fitness franchisor in Europe and recently named Brand of the Year 2025*, the company operates over 350 clubs in France and abroad, through both corporate-owned and franchised locations. With more than 350,000 m² of training space and over 1.3 million members, Fitness Park achieved a revenue of nearly €400 million in 2024. Learn more at: www.fitnesspark-group.com and follow Fitness Park on LinkedIn

* Independent study conducted by treetz/Cint at the end of 2024 with a representative sample of French consumers – poyfrance.com.

Media contacts:

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

• Skechers will continue to be led by Chairman and Chief Executive Officer Robert Greenberg, President Michael Greenberg, and Chief Operating Officer David Weinberg
• The Company will remain focused on its successful strategy of delivering style, comfort, quality, and innovation at an affordable price
• Skechers and 3G Capital have a shared vision for the long-term future growth of the business
• 3G Capital to pay $63.00 per share in cash for Skechers, representing a premium of 30% to the Company’s 15-day volume-weighted average stock price
• 3G Capital to offer all existing Skechers stockholders an alternative mixed consideration option
• Skechers to become a privately held company upon completion of the transaction

LOS ANGELES & NEW YORK–(BUSINESS WIRE)– Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE: SKX), a Fortune 500 company and the third largest footwear company in the world, today announced that it has agreed to be acquired by 3G Capital, a global investment firm built on an owner-operator approach to long-term investing.

One of the largest founder-led consumer product companies in the world with $9 billion in annual sales, Skechers’ significant growth over the past 30 years has been driven by a relentless focus on delivering style, comfort, quality, and innovation at an affordable price. Known as the Comfort Technology Company^®, Skechers is a growth-oriented, product-driven brand with a diverse distribution network, and highly loyal customers and consumers.

“Over the last three decades, Skechers has experienced tremendous growth,” began Robert Greenberg, Chairman and Chief Executive Officer of Skechers. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners. With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company’s long-term growth.”

“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built, and look forward to supporting the Company’s next chapter. Our team at 3G Capital is built to partner with companies like Skechers,” said Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner, of 3G Capital.

Following the completion of the transaction, Skechers will continue to execute its ongoing strategic initiatives including designing award-winning and innovative product, international development, direct-to-consumer expansion, domestic wholesale growth, and strategic investments in global distribution, infrastructure and technology.

This transaction, which was unanimously approved by the Skechers board of directors (the “Skechers Board”) including an independent committee of independent directors, is a transformational long-term partnership opportunity for Skechers to further evolve as a global leader in both lifestyle and performance footwear. The Company’s senior management team will lead that transition alongside 3G Capital, one of the foremost growth-focused investors in the world. Further, the Company will continue to be led by Chairman and Chief Executive Officer Robert Greenberg, President Michael Greenberg, and the rest of the current management team. It will remain headquartered in its hometown of Manhattan Beach, California where it was founded over 30 years ago. 3G Capital brings decades of successful stewardship alongside market‑leading companies worldwide.

Under the terms of the definitive merger agreement (the “Merger Agreement”), 3G Capital has agreed to pay $63.00 per share in cash for all outstanding shares of Skechers, representing a premium of 30% to Skechers’ 15-day volume-weighted average stock price. The transaction includes the option for existing shareholders of Skechers to instead receive $57.00 in cash and one unlisted, non-transferable equity unit (the “LLC Unit”) in a newly-formed, privately held company that, following the closing of the transaction, will be the parent company of Skechers (the “New LLC”). The ability to make this election is subject to the restrictions described in “Election Mechanics” below.

Transaction Details

Under the terms of the Merger Agreement, subject to the conditions set forth therein and election mechanics described below, Skechers shareholders can elect to receive:

• $63.00 per share in cash (the “Cash Election Consideration”); or
• $57.00 per share in cash and one LLC Unit (such consideration, subject to the proration as described below, the “Mixed Election Consideration”).

Both the Cash Consideration and Mixed Election Consideration are available to each share of Skechers stock on the same terms, regardless of whether it is Class A or Class B shares of Skechers stock.

Election Mechanics

• No shares that are sold, transferred, assigned, or otherwise disposed of (including by derivative or hedging arrangement) between the close of trading on May 2, 2025, and the closing of the transaction will be eligible to receive the Mixed Election Consideration.
• The amount of Mixed Election Consideration available is limited. A maximum of 20% of the outstanding shares of Skechers common stock will be eligible to receive the Mixed Election Consideration. If holders of shares representing more than the 20% of the outstanding Skechers stock elect to receive the Mixed Election Consideration, these elections will be subject to proration.
• Shares for which an election has not been made will be converted into the Cash Election Consideration.

Important Information about the LLC Units

• Holders of LLC Units may not transfer their LLC Units except with 3G Capital’s consent, subject to very limited exceptions set forth in the LLC agreement.
• Transfers of LLC Units in violation of the LLC agreement will be deemed void and will be subject to forfeiture.
• The LLC Units will neither be listed on a stock exchange (unless the LLC makes an initial public offering in the future, which it is not obligated to do and may never do) nor will the LLC Units be otherwise tradable.
• Holders of LLC Units will be subject to non-disparagement and confidentiality obligations and will not have any information rights.
• 3G Capital is expected to hold approximately 80% of New LLC’s outstanding units immediately following the closing of the transaction, subject to the number of Skechers shares that convert into the Mixed Election Consideration and finalization of the closing capital structure.
• The New LLC will terminate its periodic reporting obligations under the Securities Exchange Act of 1934 as soon as practicable after the closing of the transaction.
• Further information about the LLC Units and the New LLC including the New LLC’s capital structure and pro forma financial information will be provided in the Form S-4 and related information statement when filed. We encourage you to review such information when available before making any decision with respect to your shares. Additional information on the terms of the LLC units will be included in the Current Report on Form 8-K to be filed by Skechers.

In connection with entering into the Merger Agreement, on May 4, 2025, Skechers entered into a support agreement with Robert Greenberg and other members of the Greenberg Family (each, a “Supporting Stockholder”), pursuant to which each Supporting Stockholder has agreed to, among other things, elect to receive the Mixed Election Consideration in the transaction.

The Skechers Board formed an independent committee of independent directors to evaluate the transaction. The independent committee reviewed, negotiated, unanimously approved and recommended the transaction for approval by the Skechers Board. Following approval by the Skechers Board, the Merger Agreement was signed.

Skechers stockholders holding approximately 60% of the combined voting power of the outstanding shares of Skechers common stock have approved the transaction by written consent. As a result, no further actions by other Skechers stockholders will be required to approve the transaction. The transaction is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals. The transaction is expected to close in the third quarter of 2025.

The transaction will be financed through a combination of cash provided by 3G Capital as well as debt financing that has been committed by JPMorgan Chase Bank, N.A.

Upon completion of the transaction, the Company’s common stock will no longer be listed on the New York Stock Exchange, and Skechers will become a private company.

Advisors

Greenhill, a Mizuho affiliate, acted as exclusive financial advisor and Latham & Watkins LLP acted as lead legal counsel to Skechers.

J.P. Morgan Securities LLC acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as lead legal counsel to 3G Capital, with Kirkland & Ellis LLP serving as financing legal counsel.

About Skechers U.S.A., Inc.

Skechers, The Comfort Technology Company^® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com, and more than 5,300 Skechers retail stores. A Fortune 500^® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.

About 3G Capital

3G Capital is a global investment firm and private partnership built on an owner-operator approach to investing over a long-term horizon. For decades, 3G partners have teamed with world-class management and founding families to acquire iconic businesses, unlocking durable growth and enduring value. Founded in 2004, 3G Capital is led by Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner.

Special Note on Forward-Looking Statements

This communication includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act including but not limited to those statements related to the Transaction, such as financial estimates and statements as to the expected timing, benefits and effects of the Transaction, the likelihood of completion of the Transaction, and information regarding the businesses of the Company and Parent, including Parent’s and the Company’s objectives, plans and strategies for future operations. In most cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “indicate,” “may,” “plan,” “potential,” “project,” “outlook,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes. These forward-looking statements, including statements regarding the Transaction, are based largely on information currently available to management of the Company and/or Parent and their current expectations and assumptions, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied by such forward-looking statements. Although the Company and Parent believe their expectations are based on reasonable estimates and assumptions, such expectations are not guarantees of performance. There is no assurance that the Company’s and Parent’s expectations will occur or that their estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.

Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the completion of the Transaction on the anticipated terms and timing or at all, including obtaining regulatory clearances, and the satisfaction of other conditions to the completion of the Transaction; (ii) potential litigation relating to the Transaction, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the Transaction will harm the Company’s business, including current plans and operations during the pendency of the Transaction; (iv) the ability of the Company to retain and hire key personnel; (v) the diversion of Company and Parent management’s time and attention from ordinary course business operations to completion of the Transaction; (vi) potential business uncertainty and changes to existing business relationships, including changes to existing business relationships, during the pendency of the Transaction; (vii) the ability of Parent to cause an initial public offering or another liquidity event, or to realize the anticipated benefits of and implementing its strategy following the Transaction within the expected time period or at all, or the risk that the successful implementation of such a strategy will not result in improved operating results; (viii) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the risk that there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses, including unexpected capital expenditures; (x) certain restrictions during the pendency of the Transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xi) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics and other public health issues, as well as the response of management of the Company and/or Parent to any of these events; (xii) global economic, political, legislative, regulatory and market conditions (including competitive pressures), including the effects of tariffs, inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail market in the United States and the impact of war and other conflicts around the world; (xiii) the ability to obtain the necessary financing arrangements set forth in the commitment letter received in connection with the Transaction; (xiv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction; (xv) the risk that the Company’s stock price may decline significantly upon this announcement and while the Transaction is pending; (xvi) Parent’s ability to maintain the Company’s brand name and image with customers; (xvii) Parent’s ability to respond to changing consumer preferences, identify and interpret consumer trends, and successfully market new products; (xviii) the potential impact of the announcement or consummation of the Transaction on the Company’s relationships with suppliers, customers, employers and regulators; (xix) those risks and uncertainties set forth under the headings “Special Note on Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC from time to time, which are available via the SEC’s website at www.sec.gov; and (xx) those risks that will be described in the information statement that will be filed with the SEC in connection with the Transaction and available from the sources indicated below.

There can be no assurance that the Transaction will be completed, or if it is completed, that it will close within the anticipated time period. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. The forward-looking statements relate only to events as of the date on which the statements are made. Neither Parent nor the Company undertakes to update or revise, and expressly disclaims any obligation to update or revise, any of their forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information, or otherwise, except as required by law. If one or more of these or other risks or uncertainties materialize, or if Parent or the Company’s underlying assumptions prove to be incorrect, Parent’s or the Company’s actual results may vary materially from what the parties may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of the parties’ forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company or Parent.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Important Additional Information and Where to Find It

In connection with the Transaction, Parent expects to file a registration statement on Form S-4 with the SEC containing the Company’s preliminary information statement and the Parent’s preliminary prospectus. After the registration statement is declared effective, the Company will mail to its stockholders a definitive information statement that will form part of the registration statement on Form S-4. This communication is not a substitute for the information statement/prospectus or registration statement or for any other document that the Company or Parent may file with the SEC and send to the Company’s stockholders in connection with the Transaction. STOCKHOLDERS ARE URGED TO READ THE INFORMATION STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Stockholders will be able to obtain free copies of the information statement/prospectus (when available) and other documents filed with the SEC by Parent and the Company through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will also be available free of charge on the Company’s website at https://investors.skechers.com/financial-data/all-sec-filings.

Steve Lipin / Felipe Ucrós
Gladstone Place Partners
(212) 230-5930

Jennifer Clay
Media Relations
Skechers
jennc@skechers.com

Sonia Reback / Eunice Han
Investor Relations
Skechers
investors@skechers.com

Source: Skechers U.S.A., Inc.

Released May 5, 2025 • 8:50 am EDT

• Multiply Group establishes new Retail and Apparel Vertical with Tendam as its anchor business, further deepening the Group’s presence in consumer-focused industries.
• Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel groups, operating 1,800 points of sale in more than 80 markets including Spain, Portugal, France, UAE and Latin America and brands such as Women’secret, Springfield and Cortefiel.
• This majority stake in Tendam is the latest vertical building investment activity by Multiply Group, having recently deployed approximately AED 1 billion to acquire BackLite Media, Excellence Premier Investment, and The Grooming Company Holding.

Multiply Group PJSC (ADX: MULTIPLY), the Abu Dhabi-based investment holding company that invests in and operates businesses globally through four sectors, Mobility, Media and Communications, Energy and Utilities, and Beauty and Wellness, subject to successful receipt of all regulatory approvals, has agreed to invest via a capital increase that will secure a controlling stake of 67.91% in Castellano Investments S.À R.L. (“Company”) (the owner of Tendam Brands S.A.U and other subsidiaries), becoming the majority shareholder in the Company alongside Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., the corporate investment vehicles for CVC Funds and PAI Partners respectively, who will remain minority shareholders in the Company.

Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel groups. Multiply Group will lead the next phase of growth for Tendam, geared towards further international expansion and development of the group’s omnichannel ecosystem. The transaction is subject to approval by the pertinent regulatory authorities.

With this investment, Multiply Group has established its presence in the retail and apparel sector, with Tendam serving as the anchor for the new vertical. The deal marks Multiply Group’s first major investment into Europe, representing significant geographical growth and further deepening its presence in consumer-focused businesses.

Since 2020, Tendam has delivered consistent growth quarter after quarter, consolidating its business model in key markets and growing its international footprint. At the end of January 2025, Tendam’s total sales for the last twelve months (LTM) stood at c. €1.4 billion, with EBITDA post IFRS-16 of €341 million.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “The majority stake in Tendam achieves three strategic goals for Multiply Group: It enables us to push forward with our commitment to create double-digit EBITDA growth. It marks our first entry into the retail and apparel sector we have been targeting and believe has significant growth potential. And finally, the acquisition is a tangible step in our global expansion efforts, which strategically positions the Group to continue building on its international portfolio in years to come.”

Tendam has become a pioneer in the omnichannel apparel retail sector, present at over 1,800 points of sale in nearly 80 countries on four continents. It features twelve own brands that are primarily positioned in the premium mass market segment (Women’secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, HI&BYE, Milano, and children’s clothing line Springfield Kids), as well as almost 200 third-party brands, well-established loyalty clubs, market-leading technological capabilities, an extensive network of more than 1,800 points of sale (including directly-operated stores, corners and franchises) and online.

From a strategic perspective, the acquisition presents a significant opportunity for Multiply Group to build on Tendam’s platform of brands and strong performance to propel future growth by having access to the €1.3 trillion global apparel retail market.

The move follows a series of recent acquisitions and vertical-building activities by Multiply Group where it has successfully acquired controlling stakes in Excellence Premier Investment, Media 247, BackLite Media, and The Grooming Company Holding and has overachieved its year of efficiency targets for 2024.

Jaume Miquel, Chairman and CEO of Tendam, highlighted: “Since implementing the Tendam 5.0 strategy, Tendam has demonstrated exceptional growth, underpinned by the creation of a unique, unrivalled omnichannel ecosystem. The investment by Multiply Group is an endorsement of that strategy and affords increased capacity for accelerated growth. Likewise, CVC Funds and PAI, through Llano and Arcadian, offer continuity and a strong, in-depth understanding of the company. All of our investors, in partnership with a committed management team, are the best possible guarantee of continuing growth and success.”

Caroline Goergen, Director at Llano Holdings S.à r.l., said: “We are very excited to partner with Multiply Group and continue supporting Tendam in this new phase of growth. We are very grateful to Tendam’s management team, who have created a unique ecosystem of brands and significantly outperformed the market. We remain enthusiastic about Tendam’s growth prospects and our continued investment.”

Laura Muries, Partner & Head of Spain for PAI’s Flagship Fund, said: “Since our investment in 2017, the partnership with Tendam has been a successful transformation journey, driven by an exceptional team. Today, Tendam is a leading and highly profitable omnichannel company, with unique access to 24 million customers and consistent above-market growth. We are very happy to continue supporting the company in further developing this new strategy internationally.”

Multiply Group has been advised by Greenhill (a Mizuho affiliate), Hogan Lovells and KPMG on the transaction. Castellano and its current shareholders have been advised by Uria Menendez. Ramón Hermosilla Abogados and Latham & Watkins LLP have been also legal advisors in this transaction.

Multiply Group achieved strong performance in 2024 across key metrics, which was reinforced by its market-leading position across the mobility, media, and beauty sectors. The Group’s revenue surged 56% year-on-year, exceeding the AED 2 billion mark, and was propelled by double-digit organic growth across all verticals, resulting in Group EBITDA growth of 15% reaching AED 1.9 billion.

• Industry veteran E. Yuri Hermida appointed Chief Executive Officer, effective March 12

RICHMOND, VA, February 19, 2025 – Sauer Brands Inc. (the “Company”), a scaled platform of leading condiments and seasonings brands, today announced the completion of its previously announced transaction in which Advent International (“Advent”), a leading global private equity investor, has acquired Sauer Brands from Falfurrias Capital Partners (“Falfurrias”). Terms of the transaction were not disclosed.

“We are thrilled to welcome Sauer Brands into our portfolio and build upon the success the Company has already achieved to date,” said Tricia Glynn, a Managing Partner at Advent. “Our aspirations are to enable even more consumers to discover and fall in love with Sauer’s brands, including Duke’s Mayo, Mateo’s Gourmet Salsa and Kernel Season’s.”

In connection with the close of the transaction, Sauer Brands also announced that E. Yuri Hermida has been appointed as the Chief Executive Officer of the Company, effective March 12. Hermida brings decades of proven experience in building and scaling consumer brands, including most recently serving as EVP, Chief Growth and Strategy Officer of Constellation Brands, a leading beverage alcohol company. Hermida previously served as President of Sovos Brands, a consumer-packaged food company focused on acquiring and building disruptive growth brands, and as Executive Vice President of Reckitt, a multinational producer of consumer goods in the health, hygiene and nutrition categories, where he oversaw the company’s multibillion-dollar North American Hygiene business.

As previously announced, Todd Lachman, a seasoned consumer packaged goods executive, has joined Sauer Brands as Chair of the Board of Directors.

“Now that the transaction is officially complete, we are thrilled to welcome Yuri to drive an ambitious growth strategy in concert with an accomplished leadership team for Sauer Brands,” said Todd Lachman, Board Chair of Sauer Brands. “With Yuri’s deep expertise and proven track record in leading and growing multibillion-dollar brands across geographies, we will be well-positioned to catapult Sauer Brands into its next chapter of growth.”

“I am honored to join Sauer Brands at such a pivotal time and am excited to partner with the talented Sauer team and Advent, a proven investor in the global food space,” said E. Yuri Hermida, incoming CEO of Sauer Brands. “I admire Sauer Brands’ legacy of delivering high-quality, flavorful condiments and seasonings that consumers trust and have kept going back to throughout its nearly 140-year history. As CEO, I look forward to building on this impressive foundation and expanding our reach to even more customers and consumers.

Morgan Stanley & Co. LLC served as lead financial advisor and McGuireWoods LLP served as legal advisor to Sauer Brands. William Blair & Company, L.L.C. served as co-financial advisor to Sauer Brands. Centerview Partners LLC served as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Advent.

About Sauer Brands

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts. The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California. The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s. Sauer Brands Inc. also produces high-quality private label products for the retail and away-from-home channels. Learn more at www.sauerbrands.com.

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $93.5 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of September 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Media Contact

Leslie Shribman
Head of Communications, Advent International
lshribman@adventinternational.com

KAYALI to partner with General Atlantic to support next phase of growth as leading global fragrance innovator

United Arab Emirates, February 17 2025– Huda Beauty announces that it will sell its ownership in KAYALI, the fragrance business founded by Huda and Mona Kattan in 2018, which has since become a leading disruptive brand in the fragrance category. The separation comes after years of developing the brand in Dubai, establishing it as a globally renowned Middle Eastern brand recognized for its marketing, social media strategies, and delicious gourmand fragrances.

KAYALI’s face and the driving force behind its dramatic growth, Mona Kattan, will partner with General Atlantic, a leading global growth equity firm, to jointly own KAYALI post-sale and to support the brand’s ambitious plans of bringing the love for scent layering to the world. With General Atlantic’s investment, KAYALI will now operate as an independent company, marking a significant step forward in its journey.

Founded by Huda and Mona Kattan in 2018 under the umbrella of parent company Huda Beauty, KAYALI has rapidly become a disruptive force in the fragrance industry. Under the creative vision of Mona Kattan, the brand quickly evolved into a powerhouse, gaining global recognition for its unique approach to modern perfumery.

KAYALI’s partnership with General Atlantic will provide the necessary resources and expertise to accelerate the brand’s evolution while maintaining its authenticity, creativity, and deep connection with its community. Mona Kattan will continue her role as KAYALI’s CEO, leading the brand into its next phase of growth and transformation.

Additionally, Huda Beauty will fully redeem the ownership interest that TSG Consumer has held in it since 2017. With this move, Huda Beauty is making history as one of the few established beauty brands to return to full founder ownership. This decision reflects the brand’s commitment to growth on its own terms, while continuing to learn, evolve, and inspire within the beauty industry. Huda Kattan will continue to lead Huda Beauty, independently driving the brand to new heights as a global beauty powerhouse.

“This is such a pivotal moment for KAYALI, and we are very excited for the next chapter of Mona and KAYALI’s journey,” states Huda Kattan, founder and CEO of Huda Beauty. “It’s been such an amazing experience working so closely with Mona over the years – I have loved every minute of it, and I’m also so excited to see what the future holds as KAYALI continues to grow. I’m so unbelievably proud of Mona’s success and I’ll always be cheering her on!” 

“This is an incredibly exciting moment for KAYALI,” adds Mona Kattan. “From day one, my mission has been to create a fragrance brand that inspires confidence, creativity, and self-expression. As we transition into an independent company, our partnership with General Atlantic will unlock new opportunities, expand our global presence, and continue disrupting the fragrance industry with bold innovation.”

With both brands now charting their own independent paths, this marks the beginning of an exciting new era filled with possibilities, growth, and innovation.

Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic, commented: “Fragrance is one of the fastest growing segments in the beauty industry, and KAYALI has redefined the sector through its imagination, authenticity, and emotional connection to consumers around the world. Mona has built something truly special – a brand that resonates across generations and cultures, enabling personalization and attracting both fragrance enthusiasts and newcomers to the category alike. We see immense opportunity for KAYALI to continue its growth journey as the brand expands its global community, unveils new products, and continues to push the boundaries of scent storytelling. We couldn’t be more excited to partner with Mona and her team on this next chapter as they bring these ambitions to life.”

Goldman Sachs International served as Huda Beauty’s financial advisor, and Gibson Dunn served as its legal advisor.  Skadden, Arps, Slate, Meagher & Flom served as Mona Kattan’s legal advisor.  Raymond James served as General Atlantic’s financial advisor, and Latham & Watkins served as its legal advisor.

This transaction is subject to regulatory approval.

About Huda Kattan

Huda Kattan, recognized as one of Forbes’ Self-Made Women in the US, a TIME’s 100 Impact Awards recipient, and one of the 100 Most Powerful Businesswomen in the Middle East, is the Founder and CEO of Huda Beauty, one of the fastest-growing beauty brands in the world. As a pioneering entrepreneur, acclaimed celebrity makeup artist, and leading beauty authority, Huda has always had a lifelong passion for beauty. This motivated the launch of her beauty blog in 2010, which became a top beauty blog in the world.

In 2013, with a $6,000 loan from her sister, Alya Kattan, Huda launched a range of viral false eyelashes exclusively at Sephora in The Dubai Mall (currently the #1 Sephora globally), while launching her namesake brand, Huda Beauty.

Driven by a commitment to quality, authenticity, and innovation, Huda Beauty has evolved from an influencer brand to a beauty movement. The brand has become known for inspiring transparency within the industry and encouraging the celebration of individuality and self-expression by empowering beauty lovers worldwide.

Over the years, Huda has been on a mission to challenge industry conventions and bring the brand’s ‘Beauty is Self-Made’ vision to life. Under her leadership, the company is focusing heavily on innovation and inclusivity and has stopped the use of filters and photoshop on their social media platforms. Their focus has been towards advocating for authenticity and transparency on social media, helping to set the standard for what’s real in beauty today.

Often referred to as the internet’s “beauty big sister,” Huda’s Instagram account is the most-followed beauty brand on the platform, boasting over 54 million followers. Her YouTube channel has accumulated more than 4.1 million subscribers, while her TikTok audience has grown to 10.5 million.

Regularly using her platforms to engage and involve her community, Huda continues to create one-of-a-kind beauty tutorials, viral tips and products, new beauty trends and spotlight other content creators, giving a voice to the broader beauty community. Under her leadership, Huda Beauty has become a global powerhouse, receiving numerous accolades and awards, including the Allure Best of Beauty Award, Glamour Beauty Award, and Cosmopolitan Beauty Award – recognizing the brand’s dedication to delivering the ultimate range of innovative products.

Today, with the rebrand and bold, yet approachable new logo, Huda’s entrepreneurial journey continues to support and inspire influencers and digital entrepreneurs. Huda has recently launched Huda Hotline, her first personal project since the launch of Huda Beauty. Huda Hotline is a raw and unfiltered podcast where Huda shares real conversations about beauty, success, and self-discovery, creating a safe space to challenge beauty standards and connect with her community on a deeper level.

Throughout her journey, Huda emphasizes the power of self-trust. With a dedication to her community and a clear vision for the future, Huda Beauty is poised to redefine the beauty landscape for years to come, driven by its mission to empower individuals with the philosophy that beauty is self-made.

About Huda Beauty

Huda Beauty’s mantra is that Beauty is Self-Made. Founded by leading beauty authority Huda Kattan in 2013, the brand has evolved to become a globally renowned beauty movement that challenges conventional standards and empowers beauty lovers worldwide. Known for inspiring transparency within the industry and creating iconic, innovative and cult-favorite products, such as the ICONIC Easy Routine – Easy Primer, Easy Blur & Easy Bake Setting Powder – the brand makes beauty accessible and fun for all. Driven by their community, Huda Beauty encourages a celebration of individuality and self-expression that goes beyond just make-up. Recognized for its commitment to quality, authenticity and innovation, the brand has also received numerous accolades and has been honored with prestigious awards, including the Allure Best of Beauty Award, Elle Beauty Award, and Cosmopolitan Beauty Award.

About Mona Kattan

Mona Kattan, an Arab American entrepreneur, is recognized as one of the most influential women in the fragrance industry and the Arab world. As the founder of KAYALI fragrances and co-founder of Huda Beauty, she has achieved remarkable success, dedicated to fostering inclusivity in beauty.​

After earning her bachelor’s degree in finance, Mona briefly worked in investment banking before embarking on her entrepreneurial journey. In 2009, she launched her first business venture, a PR and business consultancy, while simultaneously building her personal network and community.​

Mona’s ultimate passion, however, has always been fragrance. Known as the “Perfume Princess,” she has established herself as a leading figure in the fragrance world. With over 4,500 perfumes in her personal collection, she has been honored with the title of “Most Influential Social Media Personality” by The Fragrance Foundation in 2018.

Driven by her love for perfume, Mona launched KAYALI under Huda Beauty in 2018, reshaping the industry landscape through the art of layering and connecting people through fragrance.

Mona’s passion has built a global community of over 6 million followers across social media. Her expertise has been featured in leading publications such as WWD, Cosmopolitan, Vogue, POPSUGAR, Allure, Marie Claire, Elle and Harper’s Bazaar. She has also been named one of the most powerful women in the Middle East by Forbes in 2024 and 2025. Additionally, Mona has appeared on popular TV shows like Netflix’s Dubai Bling and Shark Tank.​

Beyond her role as a brand founder & CEO, Mona is an active mentor, speaker, and member of organizations like YPO, Founders Forum, and The Fragrance Foundation, continually shaping the future of the beauty industry.​

About KAYALI

Fueled by passion, KAYALI was founded in 2018 by beauty mogul and fragrance fanatic, Mona Kattan. Translating to ‘my imagination’ in Arabic, KAYALI is inspired by her rich Middle Eastern heritage and the art and rituals of layering scents to help you create your mood.  KAYALI collaborates with some of the world’s most renowned perfumers and sources the finest ingredients to create unique juices that are infinitely memorable, long-lasting, and cruelty-free. Each luxurious fragrance is an ode to true craftsmanship and tells a special story from the addictive notes to the multi-faceted jeweled bottles.

About General Atlantic

General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

About TSG Consumer Partners

Founded in 1986, TSG Consumer Partners, LP is a leading consumer-focused private equity firm with approximately $14 billion in assets under management. Leveraging the firm’s deep knowledge of the consumer, TSG partners with founders and management teams to accelerate growth and build iconic, best-in-class brands. Representative past and current partner companies include Summer Fridays, Mavis Tire, Dutch Bros Coffee, Chemical Guys, Canyon Bicycles, Revolve, Planet Fitness, IT Cosmetics, Think!, and Yard House. TSG has investment offices in San Francisco, New York, and London.

For Press/Media Enquiries please contact:

Marie-capucine Maloy
HUDA BEAUTY Global Vice President of Communications
marie@hudabeauty.com

Kara Davis
KAYALI Vice President of Global Marketing
kara.davis@hudabeauty.com

General Atlantic
media@generalatlantic.com