Lululemon Athletica (PE era)

Advent bought 48% of Lululemon for $210M (2005) from founder Chip Wilson. IPO'd 2007 at $1.4B. Advent made 4x in 2 years. One of PE's greatest consumer brand investments. But: Wilson retained control, founder-led brands outperform PE-operated ones. Advent got lucky with timing — PE rarely creates brand magic, it captured existing growth.