Sara Blakely founded Spanx Inc. in 2000 with $5,000 of her personal savings earned from selling fax machines door-to-door. She just struck a deal with Blackstone Inc. that values the company at $1.2 billion.
Blakely, 50, will retain a significant interest in the Atlanta-based maker of shapewear and pantyhose, according to a statement from the two firms on Wednesday. She will continue to oversee daily operations alongside Spanx’s existing senior management team and will become executive chairwoman once the deal closes.
