LULULEMON: founder sells half stake to Advent International
FOUNDER and Board member of yoga wear distributor Lululemon, Dennis Wilson sold to private equity concern Advent International half of his 27.7 per cent stake in the business. The deal involves 20.1m shares and is valued at USD 845m. It is subject to antitrust authority and other customary approvals. Advent, that had originally invested in Lululemon in 2005 to finance its expansion into a universally recognized premium brand, exited the business in 2009.
Following the sale, two Advent key executives are to appointed to the Lululemon Board and will contribute to the evolution of the company’s strategy.