Advent closes US $1.21B partial sales of lululemon stock

CPE News (6/13/2018) – Advent International Corporation has completed partial exit from lululemon athletica inc. (NASDAQ: LULU), selling 10 million shares of lululemon’s common stock, 3.3 million to lululemon pursuant to a repurchase agreement and 6.7 million to a broker/dealer pursuant to Rule 144, at US $121 per share for gross proceeds of US $1.21 billion.

Weil, Gotshal & Manges LLP acted as legal counsel to Advent in connection with the transactions and DLA Piper LLP (US) acted as legal counsel to lululemon.

The sales closed on June 12, 2018.

Prior to the sales, funds affiliated with Advent International Corporation owned 20,105,279 lululemon shares.

photo credit: lulelemon

News Release


VANCOUVER, British Columbia, June 7, 2018 – (BUSINESS WIRE) – lululemon athletica inc. (NASDAQ: LULU) announced today that it has agreed to repurchase 3.3 million shares of its common stock in a private transaction with funds affiliated with Advent International Corporation (Advent). These shares will be repurchased under the company’s recently increased $600 million share repurchase authorization and funded with cash on hand and available borrowings. Advent has also informed lululemon that it has sold an additional 6.7 million shares of the company’s common stock pursuant to Rule 144.

Prior to these sales, Advent owned approximately 20.1 million shares of lululemon common stock.

“We are extremely proud of our partnership with lululemon, which spans back to our first investment in 2005,” said David Mussafer, Chairman and Managing Partner at Advent International and Lead Director of lululemon’s Board of Directors. “Our work with the company this second time, which began four years ago, has been especially gratifying as it continues to execute on its long-term goals.” Mr. Mussafer continued: “Today’s partial sale is consistent with our planned monetization of our interest in lululemon. We remain actively involved with the company as investors and board members and look forward to its continued success.”

Stuart Haselden, Chief Operating Officer of lululemon, stated: “Advent has been a great partner to lululemon during a period of growth and global expansion. We look forward to their ongoing guidance to the company. We are pleased to be in this position of strength which allows our participation in this transaction. In addition, we expect today’s share purchase will be accretive to our fiscal 2018 earnings per share by approximately $0.03.”

About lululemon athletica inc.

lululemon athletica inc. (NASDAQ:LULU) is a healthy lifestyle inspired athletic apparel company for yoga, running, training, and most other sweaty pursuits, creating transformational products and experiences which enable people to live a life they love. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit

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