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PE will likely be interested in Abercrombie which could get bids of $70 a share, according to a report.
The New York City Bureau of Asset Management, which manages $115 billion in assets from the city’s five municipal pension funds, committed an impressive $880 million to four private equity funds, according to recent investment reports and a spokesman at the city comptroller’s office.
The largest of the four commitments was $300 million to Leonard Green & Partners‘ Green Equity Investors VI LP, a private equity fund with a $5 billion target. The Los Angeles-based consumer retail specialist is known for making investments in such high profile companies as Neiman Marcus, J. Crew, Whole Foods, Rite-Aid, Sports Authority, Petco and BJ’s Wholesale.
The fund has been on a fundraising tear…
Jo-Ann Stores said Monday that Travis Smith was promoted to CEO effective immediately. Smith is replacing Darrell Webb, who became interim CEO of Sports Authority today after David Campisi resigned. Webb will retain his position as chairman of Jo-Ann’s board. Jo-Ann and Sports Authority are both owned by Leonard Green & Partners.
Many M&A deals include a go-shop but do such provisions actually work?
I put this question to John Pollack and David Rosewater, M&A partners with Schulte Roth & Zabel. Pollack and Rosewater recently conducted a review of 25 mergers this year involving private equity and public companies. The deals had a minimum of $500 million in enterprise value.
Pollack and Rosewater found that about half of the deals surveyed, or 14, included a “go-shop.” J. Crew’s $3 billion sale to TPG Capital and Leonard Green had a go-shop, as well as Jo-Ann Stores’ $1.6 billion sale to Leonard Green.
(Reuters) – Private equity firm Leonard Green & Partners said it has teamed up with CVC Capital Partners to submit a proposal to buy BJ’s Wholesale Club Inc, the third-largest U.S. wholesale club retailer. Leonard Green and its affiliates, which also reported a 9.3 percent stake in the retailer in a regulatory filing, however, did [...]
Buyout shops Leonard Green and CVC Capital Partners may make a move for wholesale retailer BJ’s Wholesale Club Inc., Reuters reported, citing the New York Post. The deal could be valued at roughly $2.8 billion, the Post reported, adding that rival suitors Apollo Global Management and Bain Capital had pulled out of the race.
CHICAGO, March 22 (Reuters) – Leonard Green & Partners is evaluating whether to buy BJ’s Wholesale Club Inc and has entered into a confidentiality agreement with the retailer, pushing its shares up 2.6 percent in early Tuesday trading. In February, BJ’s Wholesale said that its board had decided to explore a sale and other alternatives, [...]
Shareholders of J. Crew Group have approved the roughly $3 billion sale of the company to TPG Capital and Leonard Green. Roughly 41.1 million holders of J. Crew common stock voted for the deal, while about 13.3 million holders voted against it, a statement said.
The PE firms are paying $43 a share cash for J. Crew, which sells preppy sweaters and pants through 250 retail stores and online. The sale is expected to be completed “on or around” March 7.
On Tuesday, shares of J. Crew rose by 44 cents to $43.56 in afternoon trading.
The dividend train just keeps on rolling.
Earlier this week, Dave & Buster’s announced it planned to sell some senior notes and use the $100 million in proceeds to pay a dividend to its sponsor Oak Hill Capital Partners. The payout comes less than a year after Oak Hill acquired Dave & Buster’s from Wellspring Capital Management. The deal was valued at $570 million.
At first glance, the $100 million may not seem very spectacular. In fact, it looks kind of puny. But consider this. Oak Hill put in about $300 million equity to acquire Dave & Buster’s last year, a PE source says. This means, they’ve already made back one-third of their investment. And Oak Hill has only owned the company for about nine months.