Sweaty Betty, the upmarket British sportswear brand, has been snapped up by a US-based company for around £300 million.

The brand, which is known for its figure-hugging leggings, confirmed on Tuesday that it has struck a deal to be acquired by footwear and lifestyle group Wolverine Worldwide.

Sweaty Betty was founded in Notting Hill in 1998 by Tamara Hill-Norton and husband Simon Hill-Norton.

The group has rapidly expanded to operate its own chain of stores across the UK and Asia, while it also operates concessions in the likes of Selfridges and 99 Nordstrom stores in the US.

“We founded Sweaty Betty in 1998 with the purpose to empower women through fitness, and today we are delighted to have found the right partner in Wolverine Worldwide, a company that is perfectly positioned to support the acceleration of our mission,” said Tamara and Simon Hill-Norton.

“We’re so proud to have built an incredible community of active women who inspire us daily and are excited to see this powerful and supportive community grow worldwide.”

Blake Krueger, Wolverine’s chairman and chief executive officer, said: “The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company.

“It also gives us a leadership position in the growing women’s activewear category.”

Sweaty Betty’s chief executive officer, Julia Straus, will continue to lead the brand and will report to Wolverine president Hoffman.

Ms Strauss said: “From the moment I met the team at Wolverine Worldwide, I knew they were the right partner to support us in the next chapter of Sweaty Betty.

“Their portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution and supply chain expertise provides a strong platform to expand Sweaty Betty and further our mission to empower more women through fitness all over the world.”