L Capital Asia Investment, a private equity fund sponsored by LVMH, has agreed to acquire a 40 percent stake in 2XU, an Australian brand of compression garments for triathletes, cyclists and runners, for 75 million Australian dollars (€49.0m-$66.9m). The acquisition will cut the combined shareholdings of the eight-year-old company's founders – Clyde Davenport, James Hunt and Aidan Clarke – from 70 to 42 percent, but Davenport will remain as executive chairman. Lazard Private Equity, which invested in the business in 2011, will partly cash out, reducing its stake from 30 to 18 percent. Sales have been growing at an average rate of 40 percent over the past five years at 2XU, and they are due to reach about A$65 million (€42.4m-$58.0m) this year. The company has a subsidiary in the U.S. and a good presence in Scandinavia and other European markets as well as in New Zealand.
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