TowerBrook Capital Partners acquires True Religion
After months of speculations, TowerBrook Capital Partners has confirmed the acquisition of premium jeans and apparel brand True Religion, the transaction being estimated at 645 million euros. TowerBrook was one of the early investors in Jimmy Choo and True Religion executives hope for a similar boost of expansion globally.
True Religion reported sales of US$ 121 for the first quarter of 2013, a 13,1% increase compared to the same period 2012.. However, the operating profit was fell 82,2% to $3,1 million and the company net profit crushed from US$ 10,4 million to US$ 0,5 million.