Wolverine Worldwide, a Michigan-based company which operates a portfolio of footwear and lifestyle brands, has acquired all of the shares of a entity that owns the Sweaty Betty brand, from private equity group L Catterton and other shareholders for around $410 million (£294.4 million).

The deal comes more than two decades after the retailer was founded in 1998 in Notting Hill by Tamara Hill-Norton and Simon Hill-Norton.

The chain is known for its bum-sculpting leggings and other active wear, and today Sweaty Betty sells online and has shops in the UK and Asia. The firm’s goods are also stocked in 99 Nordstrom stores across North America.

Blake W. Krueger, the buyer’s chairman, said: “Wolverine Worldwide has a long and successful track record of acquiring and building brands, including performance brands like Sweaty Betty, and we are thrilled to welcome them to our company.”

Brendan Hoffman, president of Wolverine Worldwide, said. “Sweaty Betty’s expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination. We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”

Sweaty Betty will continue to be led by its boss Julia Straus, who will report to Hoffman.

The buyer was advised by Rothschild & Co, and Goldman Sachs was lead financial advisor to Sweaty Betty.

Jon Owsley, co-managing partner of L Catterton's growth fund, said. "We are proud of the success Sweaty Betty has achieved and of the talented executive team that will continue to drive the company's strategy forward with Wolverine Worldwide."

Simon Hill Norton, co-founder of Sweaty Betty, said: “We’ve seen phenomenal growth at Sweaty Betty in the last few years, and we’re now delighted to have found the right partner in Wolverine Worldwide to accelerate the next phase of the journey.”