TowerBrook Capital Partners Completes Acquisition of True Religion

True Religion Apparel, Inc. (Nasdaq: TRLG) today announced the completion of the acquisition of the Company by TowerBrook Capital Partners L.P. (“TowerBrook”), the New York and London-based investment management firm. As previously announced, TowerBrook acquired True Religion for $32 per share in a transaction valued at approximately $824 million.

The transaction was approved by the Company’s shareholders at a special meeting of True Religion shareholders held yesterday.

As a result of the completion of the transaction, True Religion common stock will no longer be listed for trading on the NASDAQ Stock Exchange, effective as of the close of trading today. For additional information, shareholders can contact Deborah Greaves, General Counsel and Corporate Secretary at True Religion.

Guggenheim Securities, LLC served as financial advisor and Greenberg Traurig, LLP served as legal advisor to True Religion and the Special Committee of the Board. Akin Gump Strauss Hauer & Feld is legal advisor to the Company. Deutsche Bank, Jefferies and UBS Investment Bank acted as financial advisors to TowerBrook, and Wachtell, Lipton, Rosen & Katz served as legal advisor.

About True Religion Apparel, Inc.

True Religion Apparel, Inc. is a growing, design-based denim and denim-related sportswear brand. The Company designs, manufactures and distributes True Religion Apparel products, including its premium True Religion Brand jeans, sportswear and licensed accessories. True Religion products may be found in the Company's branded retail and outlet stores as well as contemporary department stores and boutiques in 50 countries on six continents. As of June 30, 2013, the Company operated 130 stores in the U.S. and over 33 international stores. For more information, please visit www.truereligionbrandjeans.com.

About TowerBrook Capital Partners

TowerBrook Capital Partners L.P. is an investment management firm with in excess of US$8 billion under management. The firm is based in London and New York and focuses on making investments in European and North American companies. TowerBrook primarily pursues control-oriented investments in large and middle market companies, partnering with highly capable management teams and seeking situations characterized by complexity.