Sycamore got closest to acquiring Abercrombie & Fitch, say sources: Reuters

Private equity firm Sycamore Partners came closest to acquiring Abercrombie & Fitch Co, but could not meet the U.S. teen apparel retailer company’s valuation expectations, people familiar with the matter said on Monday.

Sycamore agreed two weeks ago to acquire U.S. office supplies chain Staples Inc for $6.9 billion, the biggest deal in the buyout firm’s history. That deal shifted its focus away from Abercrombie, the sources said.

The price Sycamore offered and the discrepancy with Abercrombie’s valuation expectations could not be learned. Abercrombie could revisit a potential deal in the future, one of the sources added.

The sources asked not to be identified because the deliberations are confidential. Abercrombie and Sycamore did not immediately respond to requests for comment.

Abercrombie said on Monday that it terminated discussions with interested parties about a potential deal following a review.