M&A
New CEO Named at True Religion
One day after completing its acquisition of True Religion, TowerBrook Capital Partners named David Conn as the blue jeans maker’s chief executive officer.
Most recently, Conn was president of VF Corp.’s retail licensed brand groups. Lynne Koplin, who had been interim CEO at True Religion, will become the company’s chief merchandising officer. Eric Bauer, formerly chief operating officer of Children’s Place retail stores, will become the new chief operating officer and chief financial officer. Pete Collins, True Religion’s chief financial officer for the past six years, will retire.
At a July 29 special meeting, True Religion shareholders approved the company’s acquisition by TowerBrook Capital Partners, based in New York and London.
The purchase price was set at $32 a share, or $824 million. With the acquisition, True Religion’s shares will no longer be listed for trading on the NASDAQ.
True Religion, based in Vernon, Calif., was founded as a blue-jeans company in 2002 by Jeff Lubell and his now ex-wife, Kym Lubell Gold.
In March, Lubell left the company as its chairman, chief executive officer and creative director. This was two months before the TowerBrook Capital deal was announced. In a separation agreement, Lubell received $5.1 million in severance pay, the vesting in full of certain unvested restricted stock and other benefits. He also has a deal to consult for the company for two years for $1 million a year.
True Religion has grown rapidly over the years. Most recently, the company had a $46 million profit on $467.3 million in sales in 2012.
As of June 30, the company operated 130 stores in the United States and more than 33 international stores.
