Goldman Sachs & Co. LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor, respectively, to Reformation. Morgan Stanley & Co. LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor, respectively, to Permira. The transaction, which is subject to customary closing conditions, is expected to close in third quarter 2019.
Permira, the global private equity firm, has entered into a definitive agreement to acquire a majority stake in Reformation. As part of the transaction, Yael Aflalo will remain Chief Executive Officer and a significant owner of the company, and Hali Borenstein will remain President.
Headquartered in Los Angeles and founded in 2009, Reformation designs and manufactures limited edition collections using sustainable methods and materials. The company puts sustainability at the core of everything it does, making effortless silhouettes that celebrate the feminine figure while catering to consumers who want to minimize their ecological footprint. From running a sustainable factory in Los Angeles to using deadstock and eco fabrics to tracking the environmental impact of every product, Reformation is committed to pushing the industry forward. Additionally, with its vertically-integrated manufacturing and distribution process, Reformation has a fast, data-driven approach to designing products and managing inventory, proving that fast fashion and sustainability can co-exist. Reformation has also established itself as a pioneer in retail innovation, developing an in-store tech concept that brings the best of its online experience to its 14 physical stores.
Skadden advised Permira with a team including M&A partners Allison Schneirov (Picture) and Christopher Barlow, and associate Lauren Kramer; Executive Compensation and Benefits partner Joseph Penko; Tax partner Gavin White; Intellectual Property and Technology partner Resa Schlossberg; Capital Markets partner Laura Kaufmann Belkhayat; and Labor and Employment partner Karen Corman (Los Angeles).
Involved fees earner: Christopher Barlow – Skadden Arps Slate Meager & Flom; Karen Corman – Skadden Arps Slate Meager & Flom; Laura Kaufmann Belkhayat – Skadden Arps Slate Meager & Flom; Lauren Kramer – Skadden Arps Slate Meager & Flom; Joseph Penko – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Allison Schneirov – Skadden Arps Slate Meager & Flom; Gavin White – Skadden Arps Slate Meager & Flom;
Law Firms: Skadden Arps Slate Meager & Flom;