Blackstone purchases majority stake in SPANX at valuation of $1.2B 10:42 BX SPANX, which identifies itself as "the mission-driven womenswear brand founded by Sara Blakely in 2000," announced a definitive agreement for a majority investment from funds managed by Blackstone. The firm has agreed to buy a majority stake in the company at a valuation of $1.2B with Blakely maintaining a significant equity stake in the business. Blakely, along with SPANX's existing senior management team, will continue to oversee daily operations, and at closing, Blakely will become the Executive Chairwoman. "The acquisition will enable SPANX to accelerate its already rapid digital transformation and strong online presence in the e-commerce channel, expand its global footprint, and fuel its commitment to creating innovative, ground-breaking products for its customers across even more categories. The companies intend to create an all-female SPANX board of directors as they align to help empower women globally," the companies stated. Blackstone will be making its investment in SPANX through its Blackstone Growth and Blackstone Tactical Opportunities businesses. The transaction is subject to customary closing conditions.