Publicly traded TJX Companies has paid roughly $200 million to buy Internet retailer Sierra Trading Post Inc. Harris Williams & Co. was the exclusive financial advisor to Sierra Trading Post. The deal closed on December 21.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Sierra Trading Post Inc., a top 100 Internet retailer, to The TJX Companies, Inc. (NYSE:TJX) for approximately $200 million. Harris Williams & Co. was the exclusive financial advisor to Sierra Trading Post. The transaction closed on December 21, 2012 and was led by Jeff Bistrong, Derek Swaim and Priyanka Naithani, with assistance from other members of Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group, including Thierry Monjauze and Eric Reimers.
“The owners and management team of Sierra Trading Post built the company from scratch into one of the most successful e-commerce and multi-channel retail operations in the world. It was a unique opportunity to work with a small team of entrepreneurs who eschewed off-the-shelf solutions to develop a scalable and profitable business with a compelling user experience,” said Jeff Bistrong, managing director at Harris Williams & Co. and Sierra Trading Post customer.
“Sierra Trading Post has built and maintains a sophisticated e-commerce engine on a .NET framework that powers the enterprise from initial customer contact and acquisition through inventory management and order fulfillment,” said Derek Swaim, a director at Harris Williams & Co. “Sierra Trading Post’s e-commerce capabilities are an excellent complement to TJX’s leading global off-price retail platform.”
Sierra Trading Post is the leading e-commerce platform focused on name-brand closeout and overstock merchandise, and one of the five largest entrepreneur-owned internet retailers in North America. Founded in 1986, Sierra Trading Post offers over 2,000 high quality brands and has saved customers more than $3.5 billion off retail prices in the outdoor gear, shoes, clothing, accessories and home furnishings categories. Headquartered in Cheyenne, WY, Sierra Trading Post has four retail stores in Boise, ID; Reno, NV; Cheyenne and Cody, WY as well as a Technology Campus in Fort Collins, CO.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 1,039 T.J. Maxx, 912 Marshalls, and 417 HomeGoods stores in the United States; 222 Winners, 88 HomeSense, and 14 Marshalls stores in Canada; and 344 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s press releases and financial information are also available at www.tjx.com.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
The firm’s TMT Group focuses on software, digital media, IT services and communications. Within these segments, the TMT Group focuses on targeted sectors, including e-commerce. For more information on Harris Williams & Co.’s efforts in TMT, contact Jeff Bistrong at +1 (617) 654-2102, Michael Wilkins at +1 (415) 288-4260 or Thierry Monjauze at +44 207 518 8900.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.