Daily Record Staff//June 1, 2023
//June 1, 2023
Baltimore-based athletic apparel manufacturer Under Armour Inc. Thursday announced that funds managed by BDT Capital Partners purchased approximately 16 million class C shares of Under Armour stock from Executive Chair and Brand Chief Kevin Plank.
BDT Capital Partners is an affiliate of BDT & MSD Partners, a merchant bank built to serve business owners and strategic, long-term investors. The shares have a current value of approximately $100 million. Before this transaction, BDT Capital Partners had an existing position in the class C shares of Under Armour.
Following this sale, Plank remains Under Armour’s largest shareholder, retaining approximately 51 million combined shares across the company’s three classes (A, B and C), representing about 12% of the company’s stock and 65% of the voting control. Plank confirmed there are no more current plans for additional sales of his shares.