Rhone, the men’s activewear and lifestyle brand, formed a new consortium of investors, including Blackstone executive and ex-football star Tim Tebow, to buy out the approximately 29 percent stake in the company owned by private equity firm L Catterton.
The transaction, which closed in July 2022, had not previously been reported. Speaking to Bloomberg, Rhone CEO and co-founder Nate Checketts said he delayed publicly discussing the deal until he had confidence that it was the right move.
Checketts said acquiring L Catterton’s stake gives Rhone more “control” of the business, noting the private-equity investors often require a timeline toward an exit strategy that may not align with Rhone’s growth strategy.
The new investors include David Blitzer, Blackstone Inc. executive and co-owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils; Gabe Plotkin, former hedge fund manager who led a group that bought Michael Jordan’s majority stake in the NBA’s Charlotte Hornets; the late former Utah Jazz owner Larry H. Miller’s family office, LHM; as well as institutions including Cypress Ascendant, Kaulig Capital and Sweetwater Private Equity. Former NFL players including Tim Tebow and Steve Young were also participants. Dave Checketts, the CEO’s father and the former CEO of Madison Square Garden, was also among the new investors.
Checketts told Bloomberg that Rhone, which was founded in 2014, had been profitable for three years with annual sales surpassing $100 million with the help of store openings.
Rhone has four stores in Hingham, MA ; Westport, CT; McLean, VA; and New York City. A store in Boston opens in November. Wholesale partners include Dillard’s, Nordstrom, Bloomingdale’s, Von Maur, and independent shops.
Rhone plans to launch its first women’s collection in spring 2024.
Photo courtesy Rhone
