True Religion has new owners after the jeans company made a comeback in the aftermath of two bankruptcy filings.
True Religion grew sales by 20% to $280 million and brought in $80 million in EBITDA in 2023, CNBC previously reported.True Religion Brand Jeans shop entrance: The company sell what they refer to as 'premium denim' which is handmade in America.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.
Acon, based in Washington, D.C., has $7.2 billion in assets under management and has previously invested in other popular consumer brands, including Applebee's, Igloo, Spirit Halloween and Borden Dairy, according to its website. SB360 is Acon's strategic partner and is part of chairman Schottenstein's network of companies, which includes American Eagle and DSW. The company is a retail investment firm that invests equity capital to support growth opportunities.