Blackstone To Acquire Majority Stake In SPANX At Valuation Of $1.2 Bln

(RTTNews) - SPANX Inc., womenswear brand founded by Sara Blakely in 2000, announced an agreement for a majority investment from funds managed by Blackstone.

Blackstone has agreed to buy a majority stake in SPANX at a valuation of $1.2 billion - with Blakely maintaining a significant equity stake in the business.

Blakely, along with SPANX's existing senior management team, will continue to oversee daily operations, and at closing, Blakely will become the Executive Chairwoman.

Blackstone said it will make its investment in SPANX through its Blackstone Growth (BXG) and Blackstone Tactical Opportunities businesses.