Acne Studios sells 41% of the company to IDG Capital and I.T Group.
Acne Studios, a Stockholm, Sweden-based fashion company, announced that it sold a minority stake in the company.
The deal, which has financial details undisclosed, was made by existing owners, Swedish investment companies Creades, Öresund and PAN Capital, which sold their equity positions to US private equity firm IDG Capital and Hong Kong-based holding company I.T Group.
IDG Capital and I.T Group have acquired stakes of 30.1 percent and 10.9 percent of the company. Founder Jonny Johansson and executive chairman Mikael Schiller will remain majority shareholders in the business.
According to the Swedish records, Creades cashed out proceeds of SEK 372M ($41M) for 8.6% while Öresund took out SEK 369M for 8.5%. That values Acne Studios at $480M.
Earlier in 2018, the company was working with Goldman Sachs on a possible sale, at a valuation of up to €500M ($570 million).
Acne Studios, founded in 1996 by Jonny Johansson, launched as a niche denim brand as part of the creative collective ACNE, an acronym for Associated Computer Nerd Enterprises that was later changed to Ambition to Create Novel Expressions.
The company has since built a strong luxury name, specializing in men's and women's ready-to-wear fashion, footwear, accessories and denim, operating over 50 own-brand stores in 13 countries.
In 2017, Acne made $221M in revenue with an EBITDA of $35 million.