BALTIMORE and CHICAGO, May 31, 2023
/PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) today
announced that funds managed by BDT Capital Partners purchased
approximately 16 million class C shares of Under Armour stock from
Executive Chair and Brand Chief Kevin
Plank. BDT Capital Partners is an affiliate of BDT & MSD
Partners, a merchant bank built to serve the distinct needs of
business owners and strategic, long-term investors. The shares have
a current value of approximately $100
million. Before this transaction, BDT Capital Partners had
an existing position in the class C shares of Under Armour.
"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," said Mr. Plank. "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."
"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-Chief
Executive Officer of BDT & MSD Partners.
Following this sale, Mr. Plank remains Under Armour's largest
shareholder, retaining approximately 51 million combined shares
across the company's three classes (A, B, and C), representing
about 12% of the company's stock and 65% of the voting control. Mr.
Plank confirmed that there are no plans for additional sales of his
shares.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer, and distributor of branded athletic performance apparel,
footwear, and accessories. Designed to empower human performance,
Under Armour's innovative products and experiences are engineered
to make athletes better. For further information, please visit
http://about.underarmour.com.
About BDT & MSD Partners
BDT & MSD Partners is a merchant bank with an advisory and
investment platform built to serve the distinct needs of business
owners and strategic, long-term investors. The firm is
distinguished by its decades of experience advising at the
intersection of founders, families, and businesses, as well as by
its differentiated capital base and culture of aligned investing.
Since 2010, the firm's affiliated funds have deployed more than
$50 billion across their investment
strategies. For more information, visit www.bdtmsd.com.
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SOURCE Under Armour, Inc.