2XU heads for ASX listing

2xu mosmanAustralian sportswear retail chain, 2XU is heading towards a stockmarket listing later this year, according to reports by News Limited.

2XU is a high performance sports brand known for its use of cutting edge fabrics and technology to enhance sports performance and recovery.

Its products are used by elite athletes around the world including the Australian Institute of Sport, as well as NBA and NFL stars in North America.

In December, 2013, the Melbourne-based company, founded by sportsmen Aidan Clarke, Jamie Hunt, and Clyde Davenport, received a 40 per cent investment by a partnership of two private equity firms.

Lazard Australia Private Equity teamed up with L Capital Asia, a private equity arm of LVMH, Groupe Arnault and YTL Corporation, Berhard for the 40 per cent acquisition. The brand’s founders also remained as shareholders.

At the time of L Capital’s investment, the company was reportedly valued at around $188 million with a global distribution network covering more than 50 countries, and was experiencing growth of more than 40 per cent a year.

It is reported its market capitalisation could hit close to $500 million. A raise of more then $400 million has also been flagged.

L Capital Asia has made a string of high profile Australian investments including Seafolly, RM Williams, and Jones the Grocer.

 

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