Blackstone is the new owner of shapewear giant Spanx. Spanx founder Sarah Blakely retains a significant equity stake and will become the company’s executive chairwoman in the deal. Prior to the private equity firm’s majority stake, Spanx had been weighing options, and even mulled putting itself up for sale, with Goldman Sachs’ investment banking arm on the case since June.

While Spanx has made a name for itself in silhouette-smoothing shape wear worn by Katy Perry, Rebel Wilson, Khloe Kardashian, and Karlie Kloss, it has since branched into products like shaping denim and a full array of lifestyle apparel from loungewear, leggings, bras and underwear to skirts, arm tights and maternity wear. A selection of ultra-compression sculpting tees and tanks, shape-enhancing boxer briefs and socks is also available for men.

The opportunities to expand deeper into these categories caught the attention of Blackstone, which has been investing in female-led businesses including online dating app Bumble, Reese Witherspoon’s mission-driven media company Hello Sunshine, telecommunications firm Hotwire Communications and geolocation compliance technology firm GeoComply.

Blackstone is the world’s largest private equity firm. Blackstone also runs one of the largest real-estate focused funds in the world and is the largest owner of office space in India.