Advent steps into lululemon again

lululemon

Advent International has agreed to buy roughly half of Founder Dennis “Chip” Wilson’s stake in lululemon athletica for about $845 million.

Lululemon’s board supports the sale, according to a statement.

Wilson currently owns 40.2 million shares, or about 27.7 percent, of lululemon. Once the transaction is complete, Wilson and Advent will each own approximately 20.1 million shares or, 13.85 percent, of lululemon stock.

Vancouver-based lululemon is a yoga-inspired athletic apparel company. Wilson and his advisers were reportedly in talks with private equity firms, including Leonard Green & Partners, to gauge interest in buying the fashionable yoga gear maker. 

Advent previously invested in the yoga maker back in 2005. Lululemon went public in 2007, raising $327.6 million. Advent cashed out its remaining stake in 2009.

“Advent is a strong partner that knows lululemon and our culture and will be an incredibly helpful addition to the Board as we build an even stronger company,” Wilson said in a statement.

Goldman Sachs advised Wilson.

Photo courtesy of lululemon

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