L Catterton Sells Stake in Sweaty Betty to Wolverine World Wide, Inc.
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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