Blackstone completed the acquisition of a majority stake in Spanx, a brand of women's undergarments and underwire accessories, at a $1.2bn valuation. Spanx founder Sara Blakely maintained a significant stake in the company and continued to oversee operations. “This is a really important moment in time for female entrepreneurs. I started this company with no business experience and very little money, but I cared the most about the customer, and that gave me the courage to launch the company. At SPANX, we have always put the customer at the center of what we do. Now together with Blackstone, we will have even more opportunity to further our mission of making the world a better place,” Sara Blakely, SPANX Founder.