Manchester-based women’s activewear brand Adanola has announced a significant minority investment from STORY3 Capital Partners, the Los Angeles based private equity firm, which values Adanola at $530 million.
Adanola was founded in 2015 by Hyrum Cook. Its growth has been powered by “cultfavourite” products like the Ultimate Leggings, with over 1.5 million pairs sold, alongside high-profile supporters including Kendall Jenner, Kaia Gerber, Veneda Carter and Rosie Huntington-Whiteley.
In June 2024, Adanola appointed Niran Chana as CEO.
Previously, Chana served as Chief Commercial Officer at Gymshark, where he played a key role in scaling the business.
Chana said: “Adanola’s ascent has been fuelled by staying disciplined as a women’s product-first, active lifestyle brand.
“Across all areas of the company, we’ve curated the partners that support the vision of the brand. We’re thrilled to announce the investment from STORY3 which values Adanola at approximately $530 million.
“STORY3’s deep experience for building consumer brands will be crucial as we continue to build sustainable, profitable growth across key markets and reinforce Adanola’s position as a leader in the consumer sector.
“I’m incredibly proud of what the Adanola team has achieved to-date, and we’re poised and ready for our next chapter.”
Peter Comisar, Founder and Managing Partner of STORY3, said: “Adanola has garnered uniquely strong and authentic relationships with consumers, and we believe the business is in the early stages of powerful global growth.
“We are honoured to serve as a trusted partner to Hyrum and Niran given our long track record of supporting founders and entrepreneurial executive teams.”
Samir Shah, STORY3 Partner, said: “With decades of experience around the consumer landscape, STORY3 believes in the convergence of consumer brands, digital media, and technology to succeed in today’s disrupted world and supports its investments to excel in each of those facets to create enduring value.
“We see extraordinary opportunities to support the Adanola team as it leverages its loyal customer base and revered products to continue to expand in its home U.K. market and within key growth markets including the U.S.”