DLA Piper represented lululemon athletica inc., a company that creates yoga-inspired athletic apparel, in connection with a transaction through which Advent International, a global private equity firm, acquired a 14 percent stake in lululemon from Chip Wilson, the company’s founder, for US$845 million.
Under the terms of the support agreement between lululemon, Advent and Wilson, Advent nominated two directors for lululemon’s expanded board of 12 members. In addition, Advent and Wilson agreed to certain transfer restrictions and standstill provisions for lululemon’s 2015 and 2016 annual stockholder meetings.
The DLA Piper team representing lululemon was led by corporate partner and longtime lululemon adviser Michael Hutchings (Seattle), and included partner Paolo Morante (New York), and associates Andrew Ledbetter (Seattle), Rachel Worth (Seattle), and Chris Feldman (Seattle).
Source: news.dlapiper.com
