(NEW YORK) Private equity firm TowerBrook Capital Partners, L.P., is set to acquire True Religion Apparel Inc. for an estimated value of $835 million. The merger agreement states that TowerBrook will buyout the L.A.-based premium denim brand for $32 per share in cash; this number has already been approved by the True Religion board but awaits the green light from shareholders. To date, TowerBrook Capital has invested in Jimmy Choo, Phase Eight, and Odlo in the fashion realm.
True Religion was founded in 2002 by Jeffrey Lubell around the concept of timeless, Americana-inspired denim with a vintage aesthetic. After 11 years as chairman, chief executive officer, and creative director, Lubell exited the company in March with a severance package totaling $5.9 million. The brand is currently sold at over 125 standalone stores worldwide, and is distributed in over 50 countries.