Investment firm Blackstone to buy a majority stake in Spanx, valuing the shapewear maker at US$1.2 billion, the companies announced on Wednesday, October 20.
The deal will allow Spanx to further expand globally and help it strengthen its online business, they added. Spanx founder and Chief Executive Officer Sara Blakely would become the executive chairwoman of Spanx’s newly appointed all-female board of directors.
“This is a really important moment in time for female entrepreneurs,” Blakely said. “I started this company with no business experience and very little money, but I cared the most about the customer, and that gave me the courage to launch the company. At SPANX, we have always put the customer at the center of what we do. I am as excited today for the future of SPANX as I was when I started it 21 years ago. Now together with Blackstone, we will have even more opportunity to further our mission of making the world a better place… one butt at a time!”
The deal comes months after a report from New York Times claimed that Spanx had tapped Goldman Sachs to explore options including a sale and drawn interest from private equity firms like Carlyle.
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