LA denim and lifestyle brand True Religion has been acquired by Acon Investments with the deal seeing it taking a majority stake in the business for an undisclosed amount. Farmstead Capital Management put it up for sale last year.

The company will continue to operate independently, with its HQ remaining in Gardena, California.

The 23-year-old brand is a favourite of athletes, musicians, artists, as well as consumers and currently has over 50 branded stores, a raft of wholesale partners, and “a large and rapidly growing e-commerce platform”.

Its new owner said the acquisitions represents Acon’s “ability to strategically invest in established brands at an inflection point in their evolution. [It] has consistently and successfully implemented a multi-pronged strategy in order to drive growth and value in such brands”.

It added that the transaction is supported by both its new and continuing limited partners, including its strategic partner, American Eagle-linked SB360 Capital Partners.

Together, they will use their their “combined resources and sector expertise to accelerate True Religion’s further growth, broaden its geographic reach and continue the diversification of its product offerings”.

We’re told that the company will be “exploring opportunities for collaboration and innovation within Acon’s and SB360’s diverse portfolios”.

The jeans company has had an up and down history including a tough time as stock exchange-listed business and two bankruptcy filings. But under CEO Michael Buckley it seems to have been bouncing back. In 2023, sales grew 20% to $280 million and it saw $80 million in EBITDA.

Buckley said the deal is “an exciting new chapter for [it]. With [the new owners’] expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering”.

And Aaron Miller, president of SB360, added that it “seek[s] out brands with a strong core identity and a passion for leading a market segment. The growth since 2020 is unprecedented and by leveraging our expertise in retail, we are confident we can help the company to continue to thrive. Our investment reflects our belief in the company’s growth potential and continued innovation in the fashion industry”.