Blackstone Closes SPANX Deal
Blackstone has completed its previously announced investment in SPANX, a womenswear brand founded by Sara Blakely in 2000. The majority stake is valued at $1.2bn; additional new investors in SPANX participating in the closing include Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd, as well as G9 Ventures, founded by Amy Griffin, and Able Partners.
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.”
Blackstone’s investment in SPANX, made through its Blackstone Growth (BXG) and Tactical Opportunities businesses, is the most recent example of a number of female-founded companies Blackstone has backed. This includes Bumble, the online dating app where women make the first move founded by Wolfe Herd; Hello Sunshine, a mission-driven media company that puts women at the centre of every story it creates, founded by Reese Witherspoon; Hotwire Communications, a provider of cutting-edge fiber-based telecommunication services co-founded by its CEO Kristin Johnson; GeoComply, a provider of geolocation compliance technology, co-founded by its Chairman Anna Sainsbury; and Medable, a cloud platform for patient-centred 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.
Blackstone’s financial advisor for the transaction was JPMorgan and legal advisor was Simpson Thacher & Bartlett.
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