ACON Investments announces the acquisition of a controlling stake in LA-based lifestyle, apparel and accessories brand True Religion, known for its craftsmanship, unique designs and premium stitching. 

The acquisition of True Religion by ACON is supported by its strategic partner, SB360 Capital Partners, LLC. Together, ACON and SB360 will utilise their resources and sector expertise to accelerate True Religion’s further growth, broaden its geographic reach and continue the diversification of its product offerings.

“Our partnership with ACON and SB360 represents an exciting new chapter for True Religion. With their expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering,” states True Religion CEO Michael Buckley.

Ken Brotman, Founder and Managing Partner of ACON Investments comments, “We are thrilled to welcome Michael, his team and the True Religion family into the ACON portfolio.” Aaron Miller, President of SB360 adds, “We are excited to collaborate with the talented team at True Religion, an iconic brand with a rich heritage… The growth since 2020 is unprecedented and by leveraging our expertise in retail, we are confident we can help the Company to continue to thrive.”

ACON Investments acquires a controlling stake in True Religion, a staple in the global denim and apparel industry for more than two decades. Founded in 2002, its partnerships with hip-hop artists like Chief Keef, Saweetie and Moneybagg Yo have helped drive revenues and relevance in urban culture. Today, True Religion is an omnichannel retailer with a rapidly growing e-commerce platform, a footprint of more than fifty-one branded retail locations and a number of wholesale partners. 

Though the terms of the transaction weren’t disclosed, True Religion will continue to operate independently, with its headquarters remaining in Gardena, California. The company will continue to deliver unique denim and lifestyle products to consumers worldwide while exploring opportunities for collaboration and innovation within ACON’s and SB360’s diverse portfolios.

Financing for the acquisition was led by the Company’s incumbent lender Second Avenue Capital Partners LLC, as well as Alpha Wave Global LP and Sagard Credit Partners. Pillsbury Winthrop Shaw Pittman LLP and Hogan Lovells served as transaction counsel and fund counsel, respectively, to ACON. Robert W. Baird & Co. and Akin Gump Strauss Hauer & Feld LLP served as financial advisor and transaction counsel, respectively, to True Religion. 

True Religion

True Religion is a global lifestyle, apparel, and accessories brand that focuses on high-quality denim and sportswear. Born from the belief that denim is a universal fabric, its mission is to transcend boundaries of faith, class, ethnicity, and orientation. True Religion is worn by athletes, musicians, and artists globally to express their individual style.

In 2002, the brand emerged onto the Los Angeles denim scene by dismantling the construction of the five-pocket jean. The team reengineered conventional sewing machines to achieve the distinct five-needle thread at two-stitch-per-inch process, known as the iconic Super T-stitch. The brand was instantly recognised for its innovation that made it unlike any other denim brand.

The brand relentlessly commits to craftsmanship driven by a singular aspiration to stand out from the crowd. It doesn’t just design denim; the team integrates it with personality and gives the wearer a voice. True Religion speaks to the uniqueness found in all of us.

ACON Investments

ACON Investments is a middle-market private equity firm with distinct investment platforms in the United States, Latin America and Southern Europe. The firm is defined by their value orientation, thematic focus on the Consumer, Industrials and Business Services sectors and ability to identify dislocation and create value at inflection points in a company’s evolution. ACON is headquartered in Washington D.C. with offices and professionals in cities around the globe including Dallas, Los Angeles, New York, Bogota, Madrid, Mexico City and Sao Paulo. Since its founding, the firm has managed approximately $7.2 billion across eighty-six platform investments and a hundred and thirty-seven add-on acquisitions.

ACON is committed to the integration of Environmental, Social and Governance principles at every level of its business. The team believes that corporate and individual citizenship are intertwined, and seek to stand out as an industry leader in ESG practices across its platform and within its portfolio. The firm is a signatory to the United Nations Principles for Responsible Investment, guided by the six Principles which are voluntary and aim to provide a framework for integrating ESG considerations into investment decision-making and ownership practices. Further, ACON Investments is committed to investing responsibly while employing a key focus on strategic sustainability across its platform.