On January 7, 2025, ACON Investments, LLC (ACON) announced the acquisition of a controlling stake in True Religion (True Religion). The transaction is supported by SB360 Capital Partners, LLC (SB360) a strategic partner of ACON. ACON and SB360 will utilize their combined experience to accelerate True Religion's growth. Financial terms of the transaction have not been disclosed. True Religion will operate independently and its headquarters will remain in Gardena, California.

ACON Investments, LLC is a private-equity investment firm managing firms and partnerships that make investments in the United States, Latin America, and Europe.

SB360 Capital Partners is a North American advisory and retail investment firm.

True Religion is a lifestyle, apparel and accessories brand based in California.

McCarthy Tetrault advised ACON with a team led by Shevaun McGrath and consisted of Ivor Selimovic (M&A), Justin Lapedus and Rebecca Scott (Financial Services), Patrick Pengelly and Andrew Weizman (Labour and Employment) and Julia Millar (Benefits).