Hygiene and health company Essity has completed its $400 million-acquisition deal of TZP-backed intimate wear apparel brand Knix Wear. Essity has acquired 80% of Knix’s shares from TZP Group for $320 million with company founder Joanna Griffiths holding the remaining 20% stake.
The deal’s closing comes as Knix surpasses the two million customer mark.
Founded in 2013, Knix aims to combine performance, technology and design to make intimate apparels for customers at every stage of life.
TZP led a series B round funding in Knix last year which reportedly amounted to $53 million. Existing investor Acton Capital also participated in the round.
TZP Group, which has $2 billion under management, focuses on control, growth equity and structured capital investments in technology, business services and consumer companies.
