Blackstone will buy majority stake in SPANX, a womenswear brand, at a valuation of $1.2 billion – with Sara Blakely, the founder, maintaining a significant equity stake in the business.
Sara Blakely, along with SPANX’s existing senior management team, will continue to oversee operations, and at closing, Sara Blakely will become the Executive Chairwoman.
The acquisition will enable SPANX to accelerate its digital transformation and strong online presence in the e-commerce channel, expand its global footprint, and fuel its commitment to creating innovative, ground-breaking products for its customers across categories. The companies intend to create an all-female SPANX board of directors as they align to help empower women.
Blackstone investment in female-founded companies
Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd
Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon
Hotwire Communications, a provider of fiber-based telecommunication services co-founded by its CEO Kristin Johnson
GeoComply, a leader in geolocation compliance technology, co-founded by its Chairman Anna Sainsbury.
This is in addition to female-led technology businesses in which Blackstone has invested such as Ancestry.com, Articulate, and Ellucian.
