Shapewear brand Spanx has bagged a $1.2bn valuation after inking a deal with investment heavyweight Blackstone.
The deal will see Blackstone snap up a majority stake in the brand, though how much the private equity firm forked out for the shapewear brand is not yet known.
After founding the company in 2000 with $5,000 in savings, founder Sara Blakely will keep a “significant” stake.
“This is a really important moment in time for female entrepreneurs,” she said in a statement yesterday.
“I started this company with no business experience and very little money, but I cared the most about the customer, and that gave me the courage to launch the company.”
It forms part of Spanx’s expansion plans, as it looks to widen its reach geographically, as well as its product line.
The deal landed just a day before the New York private equity firms third quarter results, which marked a strong investment performance.
Blackstone, which has also recently backed music investment firm Hipgnosis, has earnt itself a name for having a keen eye on fast growing business investments.