Toronto | Sara Blakely founded Spanx in 2000 with $US5000 of her personal savings earned from selling fax machines door-to-door. She just struck a deal with Blackstone that values the company at $US1.2 billion ($1.6 billion).

Ms 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, US time. She will continue to oversee daily operations alongside Spanx’s existing senior management team and will become executive chairwoman once the deal closes.

Bloomberg