Scoops come true: True Religion and Sauer Brands

To succeed in the private credit space, you need to get your hands on potential deals early enough to act. Read through to learn more about how Octus is delivering the early insights professionals need to act.

True Religion

On December 9, 2024, Octus broke the news that True Religion Apparel was in final talks with a potential buyer for an acquisition. The deal was expected to be backed by direct lenders, led by Second Avenue, through a private loan .

True Religion, which was being marketed with approximately $80 million of EBITDA, could potentially be valued between 4x and 8x EBITDA. The company had generated $75 million in EBITDA in 2023.

As of January 7, 2025, ACON Investments and its affiliates announced the acquisition of a controlling stake in True Religion. The transaction was supported by both new and continuing limited partners of ACON, including its strategic partner SB360 Capital Partners. Financing for the acquisition was led by the company’s incumbent lender Second Avenue Capital Partners LLC, as well as Alpha Wave Global LP and Sagard Credit Partners.

Sauer Brands

On November 11, 2024, Octus dropped the news that Falfurrias Capital was reviving the sales process for Sauer Brands, the parent company behind food brands like Spice Hunter and Duke’s Mayo. Sauer Brands was expected to potentially fetch 11x to 12x its approximately $140 million in EBITDA, implying an enterprise valuation of over $1.5 billion. The potential buyout was likely to be funded with broadly syndicated debt, potentially including a term loan in the $700 million range.

Octus continued to break news on this situation with the December 12 update the company was attracting interest from financial sponsors including Advent International and L Catterton, which was ultimately validated by Advent’s January 6, 2025 announcement that it signed a definitive agreement to acquire Sauer Brands.

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