Reformation, a Vernon-based sustainable fashion brand for women, sold a majority stake to London-based private equity firm Permira Advisers Ltd.
As part of the transaction, Yael Aflalo will remain as chief executive and “a significant owner” of the company, and Hali Borenstein will remain as president.
Reformation, founded in 2009, designs and manufactures limited edition collections using sustainable methods and materials.
Financial details of the transaction, which is expected to close by Sept. 30, were not disclosed.
In a statement, Aflalo said the Permira investment will help Reformation embark on its next chapter of growth, allowing the company to expand its ecommerce and retail footprint in the United States and internationally, and launch new product lines.
Longtime investor Stripes Group, a New York City-based private equity firm, will remain as a partner.
New York City-based Goldman Sachs & Co. acted as financial adviser and downtown-based Latham & Watkins acted as legal adviser to Reformation. Morgan Stanley & Co. and Skadden Arps Slate Meagher & Flom served as financial and legal advisers to Permira.
Finance reporter Pat Maio can be reached at email@example.com or (323) 556-8329.
For reprint and licensing requests for this article, CLICK HERE.