Advent buys half of Chip Wilson's stake in Lululemon for $845 mln
The founder of yoga gear retailer Lululemon Athletica Inc (NASDAQ: LULU), Dennis "Chip" Wilson, has sold about 50 percent of his interest in the company for US$845 million. The buyer is former Lululemon investor U.S. private equity firm Advent International. The sale, which has received the support of the company's board of directors, represents about 13.85 percent of Lululemon's shares. With the deal's closing, Lululemon will expand its board to 12 members to include Advent's David Mussafer and Steven Collins. Advent and Highland Capital Partners invested in the Vancouver's Lululemon in 2005. Advent exited after the company went public in 2007.
8 August 2014•7 mins read
