You can now read 5 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

Lululemon founder sells half his stake for $845m

Dennis J. “Chip” Wilson.


Dennis J. “Chip” Wilson.

Lululemon Athletica Inc. founder Dennis J. “Chip” Wilson has agreed to sell half his stake in the popular yoga-wear company to one of its early venture capital backers, Advent International of Boston, for $845 million.

Under the deal, Advent will acquire 13.9 percent of a company it helped finance in 2005. Lululemon, based in Vancouver, went public in 2009 and delivered a large return to Advent.

Continue reading below

Wilson had stepped down as chairman of Lululemon in May, after making controversial comments blaming overweight women for the company’s malfunctioning yoga pants. He recently tried to vote the company’s outside chairman and another director off the board but was outvoted by other shareholders.

Two Advent partners will join the Lululemon board, including managing partner David Mussafer, who will become co-chairman of the company. He was previously a director there from 2005 to 2010.

As part of the stock sale, the parties said they would “engage an independent expert to evaluate and make recommendations regarding the lululemon Board’s committees, policies and procedures.’’

Shares of Lululemon have fallen 45 percent in the past year. On Thursday they closed at $39.03, down 2.4 percent, before news of the stock sale was announced.

Beth Healy can be reached at Follow her on Twitter @HealyBeth.
Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
Please enter a valid email will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of