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Sunday, April 21, 2024
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Blackstone Buying Spanx at $1.2B Valuation

  • Investment giant Blackstone made its latest move, buying a majority stake in apparel maker Spanx at a $1.2 billion valuation.
  • Spanx founder Sara Blakely will lead an all-female board of directors.
SPANX/Design: Alex Brooks

Investment giant Blackstone is buying a majority stake in apparel brand Spanx at a $1.2 billion valuation.

Founded in 2000, Spanx stands apart from many longstanding activewear makers through its digital presence: Two-thirds of the company’s sales are through its website. Blackstone believes that there is strong potential for sales growth through ramped-up marketing.

With $119 billion in corporate private equity assets under management and $35 billion in available capital, Blackstone has been active in sports, apparel, and gaming.

  • The company is pulling in a $4.1 billion profit off the September sale of Las Vegas casino and resort The Cosmopolitan in a $5.6 billion deal. MGM Resorts is buying the property’s operations for $1.63 billion.
  • In July, Blackstone bought a majority stake in Certified Collectibles Group at a valuation north of $500 million.
  • Blackstone considered investing in Serie A last year and was turned down in May on a $6.5 billion bid for Crown Resorts.
  • In April, it joined an $80 million funding round for startup basketball league and media company Overtime.

Spanx founder Sara Blakely will continue to run the company and become executive chairman of an all-female board of directors.

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