Wolverine World Wide (NYSE: WWW). has purchased Sweaty Betty, a global fitness and lifestyle brand that sells women’s activewear, from L Catterton, a global consumer-focused private equity firm, for $410 million.
“Six years ago, we began our partnership with L Catterton, and together we have continued to evolve Sweaty Betty from our Notting Hill roots into a global brand with an omni-channel presence across three continents,” said Tamara Hill-Norton and Simon Hill-Norton, co-founders of Sweaty Betty. “With L Catterton’s support, we have not only been able to significantly expand the reach and scope of our business, but we have been able to take our passion and our mission from a neighborhood in London to women around the world. Looking ahead, we are excited that Sweaty Betty’s strong foundation will serve our team and customers well as we enter our next phase of growth and innovation.”
Julia Straus, chief executive officer of Sweaty Betty, said, “We are very proud of all that Sweaty Betty has achieved through our partnership with L Catterton, which has not only allowed us to accelerate our growth but has also advanced our mission of empowering women globally. Every step of the way, L Catterton has shared our focus of bringing a disruptive mix of performance and style to the women’s activewear market, and their unparalleled consumer expertise has enabled us to support a global community of strong active women. We look forward to building on our momentum and continuing our track record of growth as part of Wolverine Worldwide.”
“While building on its deep-rooted heritage of female empowerment through fitness, Sweaty Betty has become a trusted brand for women around the world,” said Jon Owsley, co- managing partner of L Catterton’s Growth Fund. “We are honored to have been able to partner with Tamara and Simon, with Wittington Investments Limited – which recognized the brilliance of the brand and the founders early on and has supported the Company since 2003 – and with Julia and her team, who bring a wealth of talent, expertise, and a strong cultural connection to the mission of the brand. We are proud of the success Sweaty Betty has achieved and of the talented executive team that will continue to drive the Company’s strategy forward with Wolverine Worldwide.”
Goldman Sachs International is acting as lead financial advisor to Sweaty Betty; Financo/Raymond James is acting as financial advisor to Sweaty Betty; Gibson Dunn & Crutcher LLP is acting as lead legal advisor to L Catterton, Wittington Investments Ltd. and Sweaty Betty; and Pinsent Masons LLP is acting as legal advisor to Sweaty Betty.