Home / Knowledge / News / Apparel/Garments / lululemon athletic founder sells 50% stake to Advent Intl
lululemon athletic founder sells 50% stake to Advent Intl
14
Aug '14
Dennis Wilson, founder and board member of NASDAQ-listed lululemon athletica Inc has sold his 13.85% stake to Advent International, a global private equity investor.

The deal has been signed for $845 million and Advent will be acquiring 50% of the stake held by Dennis Wilson in lululemon athletic.

Advent previously invested in lululemon in 2005, and helped it expand from a regionally focused retailer to a globally recognized premium apparel brand. Advent exited from the original investment in June 2009.

Advent Managing Partner David Mussafer and Managing Director Steven Collins will be appointed to lululemon's Board of Directors, which will effectively expand the it from 10 to 12 members.

David Mussafer also will be appointed Co-Chairman of the lululemon Board, serving alongside Mr. Casey, and will serve on the Board's Nominating and Corporate Governance Committee.

Steven Collins will serve on the Board's Compensation Committee. David Mussafer and Steve Collins had previously served as director on lululemon's board.

Dennis Wilson currently beneficially owns 40.2 million shares of lululemon common stock or approximately 27.7% of the outstanding shares.

Once the stock sale agreement is completed, Advent and Dennis Wilson will each beneficially own approximately 20.1 million shares of lululemon common stock, or approximately 13.85% of the outstanding shares.

The stock purchase agreement is subject to applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Sep 2016

CAI keeps 2016-17 cotton output at 336 lakh bales

The Cotton Association of India (CAI) has estimated cotton crop for...

Courtesy: Nandan Denim

Textiles | On 29th Sep 2016

Nandan Denim to raise Rs 100 crore through FPIs

Indian denim fabric producer Nandan Denim Ltd (NDL) plans to raise Rs ...

Apparel/Garments | On 29th Sep 2016

Outlook for Cambodia’s economy remains robust: ADB

Backed by 9.4 per cent growth in exports from the garment and...

Interviews View All

Anvita Mehra
Confidential Couture

Neel Sawhney
One Friday

Kamlesh Vaghela
RK Textiles

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search