• Sun. Jul 21st, 2024

Pinoy investors acquire global active wear brand

MANILA, Philippines — A group of Filipino investors has acquired an Australian active wear brand for $22 million, according to a recent news report.

On its website, business and investing news platform The Independent Investor said TriVantage Holdings Pte Ltd., a Singapore-registered special purpose vehicle jointly owned by mostly Philippine-based investors and former consumer brand executives, acquired athletic wear brand 2XU from L Capital Ironman Pte. Ltd.

It said while the terms of the transactions were not officially disclosed, a company filing with the Australian Securities and Investments Commission showed that 2XU was sold for $22 million or Aus$34.2 million.

TriVantage Holdings is jointly owned by John Alonte, Eric Manlunas, Angelica Suiza, Willy Au and Harry Markl, all of whom bring extensive experience in a variety of industries, including venture capital, sports apparel and e-commerce. Markl, a co-founder of e-commerce marketplace Zalora, originated and brought this opportunity to TriVantage while advising on the acquisition. Markl will also represent the new ownership group and work closely with 2XU’s management team.

Founded in Australia in 2005, 2XU (pronounced “Two Times You”) is known for its premium performance-focused active wear, particularly compression garments. The brand originated in endurance sports, and its product range covers various stages of athletic performance, including preparation, performance, and recovery. 2XU’s products are frequently used by elite athletes worldwide across multiple disciplines, and the brand holds a notable position in the global high-performance sportswear market.

2XU is headquartered in Melbourne and its products are available in over 50 countries worldwide, with more than 2,000 points of sale.

“We welcome 2XU’s new ownership group and are excited to work with them to further expand the reach of the  2XU brand, said Marc Boelen, CEO of 2XU. “With their support and fresh perspectives, my team and I are looking forward to exploring new growth avenues for this market-leading brand.”

“We’re grateful for this opportunity and we intend to further expand 2XU’s global reach,” said Eric Manlunas. “We have a solid foundation to build on given the brand’s track record. We’re highly confident that 2XU has no upper limits and can exponentially grow in the coming years to further solidify its leadership in the sports compression athletic wear market.”


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