TowerBrook Capital buying True Religion Apparel for about $826 million

VERNON, Calif. – True Religion Apparel has agreed to a buyout offer of about $826 million from the investment management firm TowerBrook Capital Partners LP.

True Religion is best known for its high-priced denim. It had announced in October that it was exploring strategic options.

In March, its CEO Jeff Lubell stepped down and was named chairman emeritus and a creative consultant.

TowerBrook has investments in companies including Jimmy Choo and Odlo. It said Friday that it will pay $32 per share, which is a 9 per cent premium to True Religion’s Thursday closing price of $29.44.

The companies put the deal’s total value at about $835 million.

FactSet says True Religion Apparel Inc. has approximately 25.8 million outstanding shares.

True Religion’s board unanimously approved the transaction. It still needs approval from the Vernon, Calif., company’s stockholders.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles