Lynn Tilton of Patriarch Partners on Speigel, AriZona Iced Tea, Not-Bankrupt Stila Cosmetics, and a Possible New Fund
Lynn Tilton of Patriarch Partners has been all over the news lately. Her distressed buyout firm recently gave up on a battle to purchase Polaroid, bought the assets of Stila Cosmetics and became embroiled in a conflict over the shares of AriZona Iced Tea.
Today Patriarch purchased Spiegel Brands, an online and catalog retailer selling apparel under the Spiegel, Newport News and Shape fx brands. The deal’s timing is uncanny, considering the company’s former sister business, Eddie Bauer, collapsed into bankruptcy just yesterday. Tilton said Patriarch isn’t likely to place a rival stalking horse bid on Eddie Bauer, which has agreed to be acquired by CCMP Capital for $202 million, because it’s too retail-oriented for the firm’s taste.