The company that transformed women’s shapewear is being acquired in what will be its first investment by an outsider.
Investment firm Blackstone Inc. has agreed to buy a majority stake in Spanx — founded with $5,000 by Sara Blakely in 2000 — in a deal that values the company at $1.2bn. Under the terms of the agreement, Blakely will maintain a significant equity stake in the business and, along with Spanx’s existing senior management team, continue to oversee daily operations.
The transaction was led by an all-female Blackstone investment team. The companies intend to create an all-female Spanx board of directors, with Blakey as Executive Chairwoman.
“Sara is an iconic businesswoman who bootstrapped Spanx into not only a category creator and household name, but also a symbol of authenticity, confidence-building and female empowerment,” said Ann Chung, global head of consumer for Blackstone Growth. “We’re honoured that Sara and her team have placed their trust in Blackstone as their partner of choice to further accelerate Spanx’s digital transformation and growth, and look forward to what the business will achieve with our full set of resources behind it. On a personal level, I am deeply proud to have led an all-female Blackstone investment team in this partnership with Sara and her accomplished female senior management team.”
