Story3 Capital Partners has acquired a minority stake in Manchester-based athleisure label Adanola, valuing the fast-growing brand at approximately $530m.

Founded in 2015, Adanola has become a celebrity-endorsed name in women’s activewear, with backing from the likes of Kendall Jenner and Molly-Mae Hague. The investment from Los Angeles-based private equity firm Story3 marks a strategic move to support the brand’s continued international expansion.

In the financial year ending 31 March 2024, Adanola more than doubled its turnover to £57.1m and increased pre-tax profit to £18.9m, up from £8.3m. Unit sales rose by 110%, driven by strong demand across its online and wholesale channels, including Selfridges, David Jones, Equinox, and Soho House.

Adanola CEO Niran Chana, who took over leadership from founder Hyrum Cook in 2023, said: “We’re thrilled to announce the investment from Story3 which values Adanola at approximately $530m. Story3’s deep experience for building consumer brands will be crucial as we continue to build sustainable, profitable growth across key markets.”

Peter Comisar, founder and managing partner of Story3, added: “Adanola has garnered uniquely strong and authentic relationships with consumers, and we believe the business is in the early stages of powerful global growth.”

Story3’s consumer portfolio includes Coco Republic, Mammoth Brands, and HD Buttercup, with previous investments in Lands’ End and John Elliot. The firm sees Adanola’s blend of fashion and function as a key differentiator in the global activewear space.

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