Brentwood’s SAXX Underwear launches sale process, Apollo’s $11bn insurance push

Brentwood Associates-backed SAXX Underwear goes on the block and Apollo is acquiring insurer Athene for $11 billion.

Good morning, readers!

We have a scoop on a specialty retail brand today. Backed by an investor group including Brentwood Associates, men’s apparel brand, SAXX Underwear has kicked off its sale process. Financo has been engaged to provide sell-side advice.

The newly launched process is still in its early phases and the sellers have yet to receive bids.

Vancouver-based SAXX was founded in 2006 by Trent Kitsch, who took out a $20,000 loan to start the company. In 2010, it was acquired by apparel maker No Limits Group, which at the time owned two other business lines.

In the same year, boutique private equity firm Krystal Growth Partners bought 70 percent of No Limits Group, becoming majority shareholders. Six years later, SAXX received a nearly $50 million minority investment from its first institutional partner, Brentwood, which has about $2.4 billion in AUM.

What started as a supportive men’s briefs business has since expanded its offerings to include swimwear, sleepwear, T-shirts and other retail segments focused on male shoppers. “It’s a vertical brand focused only on organic growth,” a source said.

Read the full story on PE Hub to get financial details on the company.

Under one umbrella: Apollo Global Management is buying shares of insurance affiliate Athene Holding it doesn’t already own in an all-stock deal, implying a total equity value of $11 billion.

Athena shareholders will own 24 percent, whereas Apollo will own the rest. The move will consolidate Apollo’s ownership of the retirement savings product provider and comes as a first move after the announcement of incoming CEO, Marc Rowan, as Leon Black’s successor.

The investment management firm also voted on Monday to convert to a single class or “one-share, one-vote” structure, which will pave the way for a public market listing.

Read the full brief here.

That’s it for today! Have a great week, everybody, and as always, hit me up with any tips or feedback at karishma.v@peimedia.com