True Religion Apparel, Inc. to be acquired by TowerBrook Capital Partners L.P.
15 May. 2013
True Religion to Be Acquired by TowerBrook Capital PartnersTrue Religion Apparel, Inc. has announced that it has entered into a merger agreement with TowerBrook Capital Partners L.P. ("TowerBrook"), the New York and London-based investment management firm, in a transaction valued at approximately $835 million.
TowerBrook will acquire all of the outstanding shares of True Religion common stock for $32.00 per share in cash. Seth Johnson, Lead Director of True Religion said, "After a thorough review of strategic alternatives to enhance shareholder value, we are pleased to reach this agreement, which provides our shareholders with immediate and substantial cash value representing a significant premium. The Special Committee has engaged in a thorough review of the state of the business, its outlook and opportunities. Having considered alternatives over a seven month period, the Special Committee believes TowerBrook's $32.00 per share cash offer for the Company is in the best interest of our shareholders."
Andrew Rolfe, Managing Director of TowerBrook commented, "True Religion is an established, high-end brand with a strong retail network and a loyal following. We are excited to combine our retail and apparel expertise with Lynne and the True Religion team to help the company with brand building and international opportunities." TowerBrook has significant experience in the consumer retail and luxury space and has made control-oriented investments in companies such as Jimmy Choo, Odlo, BevMo! and Phase Eight.
The transaction is expected to close in the third quarter of 2013.
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