On December 5, 2005, private equity funds managed by Advent International Corp. and Highland Capital Partners, both of Boston, Massachusetts, acquired a 48 per cent equity stake in Canadian athletic apparel maker and retailer, lululemon athletica Inc. for proceeds of $108 million. lululemon operates 33 company-owned stores primarily in Canada, with a presence in the US, Japan and Australia. The transaction also provided partial liquidity to lululemon's founder, Chip Wilson, who will retain a majority position in the lululemon group. The sale was preceded by a reorganization of the lululemon group, which established an enterprise value of $225 million.
Advent was represented by Pepper Hamilton LLP of Philadelphia, with a team that included Robert Friedel, Thao Le, Matt Pilcher, Stephanie Walters, David Kaplan and Ben Bigler; and, with respect to Canadian matters, by Borden Ladner Gervais LLP with a team that included Elinore Richardson, Barbara Smith and Kathleen Keilty. Highland Capital Partners was represented by Bill Schnoor and Yash Rana of Goodwin Procter LLP.
Lululemon and Mr. Wilson were represented by McCullough O'Connor Irwin LLP with a team that included Jonathan McCullough, James Beeby, Gillian Case, Mia Bacic and Lesley Hobden; and, with respect to US matters, by Brian Lenihan, Christian Atwood and Kelly Huffman of Choate Hall & Stewart LLP.
Advent was represented by Pepper Hamilton LLP of Philadelphia, with a team that included Robert Friedel, Thao Le, Matt Pilcher, Stephanie Walters, David Kaplan and Ben Bigler; and, with respect to Canadian matters, by Borden Ladner Gervais LLP with a team that included Elinore Richardson, Barbara Smith and Kathleen Keilty. Highland Capital Partners was represented by Bill Schnoor and Yash Rana of Goodwin Procter LLP.
Lululemon and Mr. Wilson were represented by McCullough O'Connor Irwin LLP with a team that included Jonathan McCullough, James Beeby, Gillian Case, Mia Bacic and Lesley Hobden; and, with respect to US matters, by Brian Lenihan, Christian Atwood and Kelly Huffman of Choate Hall & Stewart LLP.
