Sportswear giant Under Armour has announced that funds managed by BDT Capital Partners have purchased around 16 million class C shares from the brand’s executive chair and chief Kevin Plank.
The firm, which is an affiliate of merchant bank BDT & MSD Partners, already held an existing presence at Under Armour, with these newly purchased shares adding to this and holding a current value of approximately 100 million dollars.
In a release, Plank said: “I have maximum confidence in Under Armour, Stephanie Linnartz as CEO, and our strategy – especially our ability to drive future success and performance for shareholders.
“This transaction allows me to close out a previous personal financing commitment related to some of my earlier initiatives investing in the City of Baltimore while bringing in a long-term founder-supportive firm in BDT & MSD, which believes in Under Armour.”
Plank remains as Under Armour’s largest shareholder, retaining around 51 million combined shares across the company’s three classes, representing 12 percent of its stock.
Plank noted that he had no plans for further sales of his shares.
“We have strong conviction in Kevin’s vision for Under Armour and the refreshed, focused strategy laid out by Stephanie to position the business for attractive long-term growth,” said Byron Trott, chairman and co-CEO of BDT & MSD Partners.