SPANX’s Sale of a Majority Stake to Blackstone
October 20, 2021
On October 20, 2021, SPANX, Inc. (“SPANX”), the mission‑driven womenswear brand founded by Sara Blakely in 2000, announced a definitive agreement for a majority investment from funds managed by Blackstone, a leading global investment business. Blackstone has agreed to buy a majority stake in the company at a valuation of $1.2 billion, with Blakely maintaining a significant equity stake in the business. Blakely, along with SPANX’s existing senior management team, will continue to oversee daily operations, and at closing, Blakely will become the Executive Chairwoman. Cravath is representing SPANX in connection with the transaction.
The Cravath team is led by partners Faiza J. Saeed and Ting S. Chen and includes associates Bethany A. Pfalzgraf, Patrick S. Taylor and Victoria M. Munoz Torres on M&A matters; partner J. Leonard Teti II and associate Rebecca L. Fine on tax matters; partner Eric W. Hilfers and practice area attorneys Sarah W. Colangelo and Aaron S. Cha on executive compensation and benefits matters; partner David J. Kappos and practice area attorney Anthony N. Magistrale on intellectual property matters; senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters; and senior attorney Annmarie M. Terraciano on environmental matters.
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