PE-backed Lululemon invests in cycling apparel startup 7mesh

Lululemon Athletica Inc (Nasdaq: LULU) has made an undisclosed minority investment in 7mesh Industries Inc, a Squamish, British Columbia maker of high performance cycling apparel. Vancouver-based Lululemon, an athletic clothing company, said the deal forms part of a strategic partnership with 7mesh, intended to create opportunities in advanced technical apparel. 7mesh was founded in 2013 by clothing industry executives. Lululemon is backed by U.S. private equity firm Advent International. Advent acquired a minority stake in the business for US$845 million in August 2014.

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