Lazard-backed 2XU acquires Sports Multiplied
Australian technical sports apparel brand 2XU, which is backed by Lazard Private Equity, has acquired its US-based distributor Sports Multiplied, in a move to expand across the globe.
After the acquisition, Sports Multiplied will be operated under a new US-based entity, named 2XU North America. All former partners of Sports Multiplied will retain critical senior management roles.
"For our broad network of current 2XU retail, sales, event, marketing and other professional partners, it will be business as usual under the new 2XU North America management, with the promise of greater scope," said Todd Schoelen, founding partner of Sports Multiplied.
2XU's expansion in the US market comes after Lazard acquired a significant minority stake in the sports apparel brand last November via its Lazard's Corporate Opportunity Fund 2, which had a first close of A$120 million ($127 million) last year.
Lazard's investment is expected to help 2XU move towards its goal of becoming the largest global technical sports apparel manufacturer. John Wylie, managing director of Lazard Australia, has been a member of the company's board.
Established in Melbourne in 2005, 2XU targets professional athletes, teams and associations. Its clothing lines include Compression, Triathlon, Cycle, Run, Swim and women's Run-Fitness.
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