GREENWICH, Conn., Aug. 3, 2021 /PRNewswire/ -- L Catterton,
the largest global consumer-focused private equity firm, today
announced it has sold its stake in Sweaty Betty, a global fitness
and lifestyle brand on a mission to empower women, to Wolverine
World Wide, Inc. (NYSE: WWW).
In 1998, Tamara and Simon
Hill-Norton founded Sweaty Betty with a focus on pioneering
the women's premium activewear category in the UK and since that
time have successfully created a worldwide brand designed by women
for women that has captured a global audience with its authentic,
purpose-driven ethos. In 2015, L Catterton partnered with
Sweaty Betty to accelerate growth across channels and geographies -
by driving a global digital strategy, establishing selective
wholesale partnerships in Europe
and the US, and expanding its physical and digital footprint into
Asia – all while continuing to
enhance the brand's presence, expand and refine its product line
and further the Company's core mission.
"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 Limited and Sweaty Betty; and
Pinsent Masons LLP is acting as legal advisor to Sweaty Betty.
About Sweaty Betty
Leading British activewear and lifestyle brand Sweaty Betty has
been on a mission to empower women through fitness and beyond since
1998. The brand's loyal, fast-growing and global community of
active women has female empowerment and inclusivity at its
core.
Famous for bum-sculpting leggings and innovative prints, Sweaty
Betty combines fitness and style with technical high-performance
fabrics and responsibly sourced materials. Based in London, the design team create multi-sport,
beautiful and technical clothes that flatter a woman's body, giving
her the confidence to take on the world.
In addition to its website which services customers globally,
Sweaty Betty has shops in the UK and Asia, in addition to being in Selfridges,
Harrods and shop-in-shops in over 99 Nordstrom stores across
North America. The brand's
products can also be found at leading retailers all over the
world.
For more information, please visit www.sweatybetty.com
About L Catterton
With approximately $30 billion of
equity capital across its fund strategies and 17 offices around the
world, L Catterton is the largest global
consumer-focused private equity
firm. L Catterton's team of nearly 200 investment
and operating professionals partners with management teams around
the world to implement strategic plans to foster growth, leveraging
deep category insight, operational excellence, and a broad
partnership network. Since 1989, the firm has made over 250
investments in leading consumer brands. For more information
about L Catterton, please
visit lcatterton.com.
Contacts:
L Catterton
Andi Rose / Julie Hamilton / Haley
Salas
Joele Frank, Wilkinson Brimmer
Katcher
+1 212-355-4449
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SOURCE L Catterton