Acon Investments has acquired a controlling stake in True Religion, a lifestyle, apparel and accessories brand. Financial terms of the transaction were not disclosed.

Founded in 2002, True Religion is known for its denim and apparel offerings for over two decades. Today, the brand is an omnichannel retailer with a rapidly growing ecommerce platform, a footprint of more than 51 branded retail locations and a large number of wholesale partners.

Commenting on the development, Michael Buckley, the company's CEO and a significant minority shareholder stated: "Our partnership with ACON and SB360 represents an exciting new chapter for True Religion. With their expertise and resources, we are poised to enhance our digital and retail capabilities, accelerate our international growth and continue innovating our apparel offering."

Acon said in a release that the transaction is supported by both new and continuing limited partners including its strategic partner, SB360 Capital Partners, a Schottenstein affiliate and established investor in apparel and retail. Together, ACON and SB360 will utilize their combined resources and sector expertise to accelerate True Religion's further growth, broaden its geographic reach and continue the diversification of its product offerings.

"True Religion has built a unique and powerful brand with a loyal customer base and a deep connection to its core values of authenticity, quality and self-expression. Our partnership with SB360 will provide valuable additional resources essential to unlocking the company's full potential," added Suma Kulkarni, Managing Partner of Acon.

The company added that True Religion will operate independently, with its headquarters remaining in Gardena, California. In 2023, the brand reported sales growth of 20 percent to 280 million dollars and EBITDA of 80 million dollars.