Following the signing of the deal in July 2022, Canadian underwear brand Knix has, reportedly, said that its acquisition by Essity is now closed.
Essity, which is a global health and hygiene brand, has bought 80 per cent of Knix’s shares for US $ 320 million.
Joanna Griffiths, Founder and CEO, will continue to remain as the President of Knix and manage the brand.
Notably, Joanna owns the remaining 20 per cent of Knix’s shares.
Reportedly, the acquisition values the Toronto-based brand at US $ 400 million. It now has over 2 million customers.
Prior to the deal with Essity, Knix used fundraising to scale the brand. In May 2021, Knix had raised US $ 40 million from private equity firm TZP Group, model and entrepreneur Ashley Graham and other investors.
Founded in 2013, Knix was recently named the 6th fastest growing company in Canada with over 3,800 per cent 3-year growth.
