Blackstone purchased its stake in the company at a valuation of $1.2 billion, with founder Sarah Blakely maintaining a “significant equity stake in the business,” according to a press release. Blakely and Spanx’s senior management will continue to oversee the business operations. Blakely will also become executive chairwoman of the company at closing. Of note, Spanx plans to create an all-female board of directors.
With the new investment, Spanx plans to continue its digital transformation and accelerate its online presence. Spanx will also expand its global footprint.
“This is a really important moment in time for female entrepreneurs,” Blakely said. “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. … I am as excited today for the future of Spanx as I was when I started it 21 years ago. Now together with Blackstone, we will have even more opportunity to further our mission of making the world a better place… one butt at a time!”