Spanx, a well-known American lingerie brand, struck a deal on Wednesday to sell 51 percent of the company's stake to private equity giant Blackstone (139.57, 1.94, 1.41%) Group. That puts the company at a valuation of $1.2 billion, and Forbes estimates that the company's female founder, Sara Blakely, also has a personal net worth of $1.2 billion, including real estate and other assets.
To celebrate this historic moment, Blakely held a party for the company's employees the next day and announced on the spot that a gift would be given to each of the 500 employees, including a first-class ticket that could go anywhere in the world, and $10,000 for the road expenses.
Blakely started Spanx in 1998 and used the $5,000 she earned as a fax machine salesman. After 12 years, her company has achieved a 20% profit margin and annual sales of nearly $250 million.
In 2012, at the age of 41, Blakely appeared on the cover of Forbes magazine as the youngest self-made rich woman.
At a celebration party last Thursday, Blakely recalled a humble beginning more than 20 years ago, when she wrote a goal on a whiteboard, "I said this company would one day..." She told employees, pausing to calm herself down, and then continuing with tears, "I said that one day this company would be worth $20 million." ”
Blakely then said to the stunned employees, "To celebrate this moment, I bought first class tickets for each of you to go anywhere in the world." If you're traveling, you might want to go out for a very good dinner, you might want to go to a very nice hotel, so... You can each get $10,000. ”
Some employees have grand plans — hunting in South Africa, honeymooning on Bora Bora, vacationing in Japan and Croatia — and these are their euphoric declarations.
Following the deal with Blackstone, Blackley will continue to hold a substantial stake in the company and will continue to oversee day-to-day operations as executive chairman. Spanx's existing senior management team will also join the Board.
Source: Sina.com