The acquisition marks a significant development in the Philippine investment community, reflecting their growing involvement in international business transactions.
TriVantage Holdings Pte Ltd., a Singapore-registered special-purpose vehicle jointly owned by mostly Philippine-based investors and former consumer brand executives, recently acquired athleticwear brand 2XU from L Capital Ironman Pte Ltd.
While the terms of the transactions were not officially disclosed, The Independent Investor discovered a company filing with the Australian Securities and Investments Commission that disclosed that 2XU was sold for USD 22 million or AUD 34.2 million.
The acquisition marks a significant development in the Philippine investment community, reflecting their growing involvement in international business transactions.
Founded in Australia in 2005, 2XU (pronounced “Two Times You”) is known for its premium performance-focused activewear, 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, Australia, 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.”
TriVantage Holdings Pte Ltd. 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 the 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.
“We’re humbled that we can acquire a well-known global Australian brand and we intend to be responsible stewards and protect what the 2XU brand stands for,” commented John Alonte. “We will continue to pursue the original vision of making 2XU Australia’s first major global sportswear 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 athleticwear market,” added Manlunas.
“We’re excited to further unlock 2XU’s brand potential by leveraging its market leadership in high-performance compression sports garments, commented Angelica Suiza. “We will grow its presence in fast-growing markets in North America, Europe, and the Asia Pacific region. With Harry Markl’s stewardship, we will catapult 2XU to new commercial highs,” Suiza added.
By: Pancho Dizon
