M&A Deal Summary

ACON Investments and Headway Capital Partners Acquire True Religion

On January 7, 2025, private equity firm ACON Investments and secondary investor Headway Capital Partners acquired apparel/textiles company True Religion

Acquisition Highlights
  • This is ACON Investments’ 2nd and Headway Capital Partners’ 1st transaction in the Apparel/Textiles sector.
  • This is ACON Investments’ 43rd and Headway Capital Partners’ 3rd transaction in the United States.
  • This is ACON Investments’ 3rd and Headway Capital Partners’ 1st transaction in California.

M&A Deal Summary

Date 2025-01-07
Target True Religion
Sector Apparel/Textiles
Buyer(s) ACON Investments
Headway Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Baird (Financial)
Akin Gump Strauss Hauer & Feld (Legal)

Target

True Religion

Vernon, California, United States
True Religion was a design-based jeans and sportswear apparel brand. True Religion designed, marketed, sold, and distributed premium fashion apparel directly to consumers through full-price retail stores, outlet stores, and its e-commerce sites, as well as through wholesale partners including department stores and specialty retail stores. True Religion was founded in 2002 and is based in Vernon, California.

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Buyer(S) 2

Buyer

ACON Investments

Washington, District of Columbia, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

ACON Investments is an international private equity firm that targets investments in the US, Europe, and Latin America. ACON's investment strategy covers 'opportunities at times of change - responding at points of inflection where value creation is possible'. Examples include businesses that serve the rapidly growing US Hispanic population, energy and energy service needs, businesses in need of operational help, and opportunities in Latin America resulting from economic deregulation and political liberalization. ACON's looks for companies where it can commit $20 to $150 million of equity capital. Target sectors include consumer products and services, distribution, business services and industrial manufacturing. ACON Investments was formed in 1996 and has offices in Washington DC; Houston, Texas; Los Angeles, California; and Madrid, Spain.


DEAL STATS #
Overall 73 of 74
Sector: Apparel/Textiles M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 23 of 23
State: California M&A 3 of 3
Country: United States M&A 43 of 43
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-04 Commando

Mexico City, Mexico

Commando is a boutique fitness studio operator in Mexico. The company offers three types of high intensity assisted classes: functional training (“Bootcamp”), spinning (“Bici”) and strength conditioning (“Taller”). Commando offers a dynamic, group-based fitness and social atmosphere that appeals to a rapidly growing customer base seeking an engaging and efficient workout experience. Commando is based in Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-24 KiSabor

São Paulo, Brazil

KiSabor is a manufacturer and distributor of branded consumer food products. KiSabor was founded in 2004 and is based in São Paulo, Brazil.

Buy -
DESCRIPTION


DEAL STATS #
Overall 6 of 6
Sector: Apparel/Textiles M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 3
State: California M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-22 Icon Parking

New York City, New York, United States

Icon Parking is a provider of parking services in New York City metro and one of the largest in the nation with almost 200 locations. Icon Parking leverages its digital and advanced analytics platform to provide parking operations, management, and related services to clients through extraordinarily engaged team members across commercial office buildings and real estate, food and beverage, municipalities, sports and entertainment, retail, and healthcare, that result in exceptional customer, resident, and tenant experiences. Icon was founded in 1947 and is based in New York City.

Sell -