A group composed of mostly Philippine-based investors and former consumer brand executives recently acquired 2XU from L Capital Ironman Pte Ltd. 2XU (Pronounced “Two Times You”) is a global leader in high-performance sports compression athleticwear.
The transaction officially closed on April 2, 2024, and the terms of the transaction were not disclosed.
Founded in Australia in 2005, 2XU is a market leader in premium performance-focused activewear with a specialized emphasis on compression garments.
2XU has its roots in endurance sports, and the product range extends across the full life cycle of athletic performance, focusing on solutions for preparation, performance, and recovery.
2XU’s products are regularly worn by elite athletes globally across multiple disciplines, and the brand is recognized as a trendsetter in the global high-performance sportswear market.
“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,” added Boelen.
2XU was acquired by TriVantage Holdings Pte Ltd., a Singapore-registered special-purpose vehicle jointly owned by John Alonte, Eric Manlunas, Angelica Suiza, Willy Au and Harry Markl. TriVantage’s principals are composed of seasoned investors and operators from various industries ranging from venture capital to sports apparel to ecommerce.
Harry originated and brought this opportunity to TriVantage while advising on the acquisition. Harry, a co-founder of Zalora, will represent the new ownership group and work closely with 2XU’s management team going forward.
“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,” Alonte added.
“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.
2XU is headquartered in Melbourne, Australia and its products are sold in over 50 countries globally with more than 2,000 points of sale.