True Religion acquired by PE firm, Jay Schottenstein firm [Video]

Jeans brand True Religion has been acquired by private equity firm Acon Investments and American Eagle-linked firm SB360 Capital Partners – a retail investment fund chaired by the retailer’s CEO, Jay Schottenstein, CNBC has learned. 

The Y2K-era jeans brand has been making a comeback under company veteran and CEO Michael Buckley and went up for sale last year after emerging from its second bankruptcy in 2020. 

The terms of the transaction weren’t disclosed. Last year, the company was expected to sell at a mid-single-digit multiple of its earnings before interest, taxes, depreciation and amortization. In 2023, True Religion’s sales grew 20% to $280 million and it brought in $80 million in EBITDA, CNBC previously reported.

“Our partnership with ACON and SB360 represents an exciting new chapter for True Religion,” Buckley said in a statement. “With their expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering.” 

Acon, based in Washington, D.C., …