Sara Blakely Regains Billionaire Status After Selling A Majority Of Spanx To Blackstone
According to Forbes, Spanx founder Sara Blakely has regained her billionaire status following a deal to sell the majority of her shapewear company to private equity giant Blackstone.
On Wednesday, Blackstone announced that it has agreed to buy a majority stake in Spanx. The deal between Spanx and Blackstone values the company at $1.2 billion, with Blakely set to retain a “significant equity stake” according to Blackstone. The investment will propel her fortune back over the $1 billion mark after the pandemic and increased competition hindered Spanx’s growth.
“People have asked me for 20 years, ‘When will you sell Spanx?’ And for 20 years I would say…‘I’ll just know.’ Well that day is today,” Blakely wrote in a post to her Instagram, “I will remain a significant shareholder and continue to help the business fulfill its greatest potential, as well as continue to fulfill my greatest passion—elevating women.”
Up until this point, Blakely, now 50, has for many years declined to accept outside funding. However, after factoring in Wednesday’s deal, along with Blakely’s other assets, Forbes estimates that her net worth now stands at $1.2 billion.