Under Armour, Inc. reported that company Founder, Executive Chair and Brand Chief Kevin Plank slightly reduced his stake in the company, selling shares valued at approximately $100 million to funds managed by BDT Capital Partners. Plank said the sale is related to personal financing commitments.
BDT reportedly purchased approximately 16 million Class C UA shares. BDT Capital Partners is an affiliate of BDT and MSD Partners. Before this transaction, BDT Capital Partners had an existing position in the Class C shares of Under Armour.
“I have maximum confidence in Under Armour, Stephanie Linnartz as CEO and our strategy, especially our ability to drive future success and performance for shareholders,” said Plank. “This transaction allows me to close out a previous personal financing commitment related to some of my earlier initiatives investing in the City of Baltimore while bringing in a long-term founder-supportive firm in BDT and MSD, which believes in Under Armour.”
“We have strong conviction in Kevin’s vision for Under Armour and the refreshed, focused strategy laid out by Stephanie to position the business for attractive long-term growth,” said Byron Trott, chairman and co-chief executive officer of BDT and MSD Partners.
Following the sale, Plank remains Under Armour’s largest shareholder, retaining approximately 51 million combined shares across the company’s three Classes (A, B and C), representing about 12 percent of the company’s stock and 65 percent of the voting control. Plank confirmed there are no plans for additional sales of his shares.
