Acon Investments, LLC and its affiliates have acquired a controlling stake in True Religion. The Y2K-era omni-channel retailer is best known as a jeans brand with over 51 branded retail stores and longstanding relationships with wholesale partners. Founded in 2002, True Religion has been a well-known staple in the global denim and apparel industry.

The company opened three new stores before Christmas 2024, bringing its total U.S. retail footprint to 51 doors. Financial terms of the transaction were not disclosed.

The transaction is reported to be supported by both new and continuing limited partners of Acon, including its strategic partner, SB360 Capital Partners, LLC, a Schottenstein affiliate and established investor in apparel and retail. Together, Acon and SB360 noted in a media release that they would “utilize 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.”

Michael Buckley, True Religion’s CEO and a significant minority shareholder, stated, “Our partnership with Acon and SB360 represents an exciting new chapter for True Religion. 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. We look forward to working together as we bring True Religion’s bold, authentic style to even more consumers around the world.”

Ken Brotman, founding partner of Acon Investments, commented, “We are thrilled to welcome Michael, his team and the True Religion family into the Acon portfolio.”

Suma Kulkarni, Managing Partner of Acon, added, “True Religion has built a unique and powerful brand with a loyal customer base and a deep connection to its core values of authenticity, quality and self-expression. Our partnership with SB360 will provide valuable additional resources essential to unlocking the Company’s full potential.”

Aaron Miller, president, SB360 further commented, “We are excited to collaborate with the talented team at True Religion, an iconic brand with a rich heritage. We seek 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.”

True Religion will operate independently, with its headquarters remaining in Gardena, CA. The company said it will continue to “deliver unique denim and lifestyle products to consumers worldwide while exploring opportunities for collaboration and innovation within Acon’s and SB360’s diverse portfolios.”

Acon also includes New Era, Igloo Coolers and Apargatas in its active lifestyle brand portfolio and Commando boutique fitness studios.

Financing for the acquisition was led by the company’s incumbent lenders, Second Avenue Capital Partners LLC, Alpha Wave Global LP, and Sagard Credit Partners. Pillsbury Winthrop Shaw Pittman LLP and Hogan Lovells served as transaction counsel and fund counsel, respectively, to Acon. Robert W. Baird & Co. and Akin Gump Strauss Hauer & Feld LLP served as financial advisor and transaction counsel, respectively, to True Religion.

Image courtesy True Religion