[7], In 2012 the firm acquired Talbots for $391 million. 
Both the divestiture and the pending acquisition of Family Dollar remain subject to review by the FTC and satisfaction of other customary conditions. "We look forward to partnering with the leadership team to pursue these objectives.". A link has been emailed to you - check your inbox. Utilising a strategy which sees the firm partner with management teams to improve the operating profitability and strategic value of their businesses, Sycamore Partners investment portfolio currently includes Aeropostale, Coldwater Creek, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Pathlight Capital, Talbots and Torrid. Meanwhile, the travel retail channel continues to surge and M&A activity remains buoyant,reportsPierre Mallevays ofSavigny Partners. 
Consequently, all of the forward-looking statements made by Dollar Tree, in this and in other documents or statements are qualified by factors, risks and uncertainties, including, but not limited to, those set forth under the headings titled "A Warning About Forward-Looking Statements" and "Risk Factors" in Dollar Tree's Annual Report on Form 10-K for the fiscal year ended January 31, 2015 and Dollar Tree's Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, and other reports filed by Dollar Tree with the SEC, which are available at the SEC's website http://www.sec.gov. "With unmatched global brand awareness and customer loyalty, we believe there is a significant opportunity to reinvigorate growth and improve the profitability of Victoria's Secret," Sycamore Partners managing director Stefan Kaluzny said in a press release. [23], In July 2020, it was announced that Sycamore Partners had made a $1.75B offer to acquire department store chain and competitor JCPenney out of bankruptcy, and would rebrand 250 JCPenney stores to the Belk name, to help the chain compete directly with Macy's. In the fiscal year ended 31 January 2015, it generated revenue of $4.1bn, up 1.8 percent compared with the previous year. "In product terms, we expect merchandise will still be fashionable and fun, but more emphasis will be placed on comfort, functionality, materials and making consumers feel good about themselves. Merchandising, Germany-Based Multi-Channel Retailer", "Nine West Holdings to Acquire the Kasper Group", "Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources", "Staples in $6.9 billion sale to private equity firm Sycamore", "Dollar General scooping up 323 former Family Dollar stores", "Private-equity firm Sycamore poised to buy J.C. Penney, merge it with North Carolina chain Belks; Penney brand likely to vanish", "J.C. Penney's sale approved by bankruptcy court", "Royal Caribbean Group is shrinking its fleet, selling Azamara to private equity firm", "Kohl's shares jump 17% after reports say Hudson's Bay, Sycamore are preparing bids", History of private equity and venture capital, Private investment in public equity (PIPE), Taxation of private equity and hedge funds, Private equity and venture capital investors, https://en.wikipedia.org/w/index.php?title=Sycamore_Partners&oldid=1090603722, Private equity firms of the United States, Financial services companies based in New York City, Financial services companies established in 2011, Privately held companies based in New York City, Creative Commons Attribution-ShareAlike License 3.0, Premium Apparel LLC (affiliate of Sycamore Partners used to acquire, This page was last edited on 30 May 2022, at 10:39. ", "With unmatched global brand awareness and customer loyalty, we believe there is a significant opportunity to reinvigorate growth and improve the profitability of Victoria's Secret," he said. These changes could include store closings, brand spinoffs, and a shift in merchandise to focus more on comfort and functionality over sexiness, according to analysts and Sycamore's history of retail investments. The firm has approximately $10 billion in aggregate committed capital.[2]. Dollar Tree, Inc. Operating approximately 300 stores located in 16 southern states and with a rapidly growing digital presence, the company is in the third generation of Belk family leadership. Belk is exactly the kind of investment we look for: an outstanding brand with a proven success formula and the potential for further growth.. Michael Freitag, Sharon Stern or Leigh Parrish Convene, 117 West 46, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Belk is exactly the kind of investment we look for: an outstanding brand with a proven success formula and the potential for further growth.. For decades, Antonis Disios workshop was abuzz with the sound of sewing machines stitching fur coats for his wealthy Russian buyers. We are eager to better serve the needs of customers in these markets by providing an improved shopping experience.". Goldman, Sachs & Co. is acting as financial adviser and King & Spalding LLP is acting as legal adviser to Belk. Sign up for notifications from Insider! [22] Sycamore also sold over 300 Dollar Express stores to rival, Dollar General. BofA Merrill Lynch is acting as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Sycamore Partners. [20] The firm then went onto win the bid for The Limited, bidding $26.8 million. First mooted in April this year, when Belk revealed that it was exploring a possible sale, the merger agreement has been unanimously approved by the companys board of directors. 450 Lexington Ave, 4th floor The retail group wasstruggling with dated brands and declining revenue even before the coronavirus crisis. A verification email is on its way to you. The Marker Hotel, San Francisco, October 20-21
Risks and uncertainties related to the pending acquisition of Family Dollar, the financing thereof and the pending divestiture include, among others: the risk that regulatory approvals required for the pending acquisition of Family Dollar and pending divestiture are not obtained or are not obtained on the proposed terms and schedule anticipated; the risk that the divestiture agreement with Sycamore Partners, which is subject to various conditions, does not close; the risk that the other conditions to the closing of the pending acquisition of Family Dollar are not satisfied or that the acquisition does not close; the risk that the financing required to fund the pending transactions is not obtained, or is obtained on terms other than those previously disclosed; costs and difficulties related to the integration of Family Dollar's business and operations with Dollar Tree's business and operations and the divestiture; the inability to obtain, or delays in obtaining, the cost savings and synergies contemplated by the pending acquisition of Family Dollar; and the outcome of pending or potential litigation or governmental investigations. The British fashion brand continues to target high-single digit revenue growth and a 20 percent margin at a constant currency in the medium term, as it actively manages the impact of lockdowns in China and soaring inflation in its home UK market, the company said in a statement Friday. Sycamore Partners intends to operate the 330 stores under the Dollar Express banner. [3] Before Sycamore, Kaluzny was a Managing Partner at Golden Gate Capital and was employed since the firm's inception. The company has been accused of losing touch with consumers over its over-sexualized marketing and lingerie. The divestiture announced today enables Dollar Tree to address Federal Trade Commission ("FTC") concerns. NEW YORK, United States Jones Group Inc., owner of the Nine West and Jones New York fashion brands, said it's selling itself to private-equity firm. 1319 F St. NW, Suite 700
[27], "Sycamore Partners - Overview, Competitors, and Employees", "Sycamore to recapitalize and retain control of retailer Belk", "Why the Wall Street dealmaker who bought Charlotte's Belk is betting on retail", "Newell Brands Completes Divestitures of Pure Fishing and Jostens", "Done Deal: Ascena Retail sells Ann Taylor, other brands to Sycamore", "Sycamore Partners Completes Acquisition Of Talbots", "Sycamore Partners to Buy Hot Topic for $600 Million", "Sycamore Partners Acquires Coldwater Creek Intellectual Property", "Sycamore Partners Completes Acquisition Of The Jones Group", "Authentic Brands Acquires Jones New York Apparel Brand From Sycamore Partners", "Private Equity | Retail | Sycamore Partners", "Kurt Geiger, British Footwear Maker, in Another Private Equity Deal", "Coach to pay $574 million for shoemaker Stuart Weitzman", "Sycamore Partners completes purchase of Belk", "Sycamore Partners Acquires E.M.P. 
Wu, previously chief operating officer, replaces Jiang Qiong Er, who founded the Chinese luxury brand with Herms in 2010 and served as its chief executive for 12 years. In March, European Union sanctions against Russia over the Ukraine war shut the business overnight. "The divestiture presents Sycamore Partners with a unique opportunity to continue their track record of meaningful growth and successful retail investments," stated Bob Sasser, Dollar Tree's Chief Executive Officer. Certain statements contained herein are "forward-looking statements" that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. About Dollar Tree, Inc. The company's investment strategy has, in some cases, involved aggressive cost cuts and spinoffs. The companys current chief operating officer (COO), Johnny Belk, Tim Belks brother, said he intends to continue as Belks COO until January 201, then will leave the company to pursue other interests. "We expect this to be more authentic, less sexualized, and more attuned to the way most consumers now think," Saunders said. Global brands are increasingly concerned about the future of the countrys apparel export industry amid a crippled economy and political instability. Bankrupt U.S. teen retailer Aeropostale Inc received bids this week for its business from private equity firm Sycamore Partners, as well as liquidators. Prior to joining Golden Gate, he co-founded Delray Farms, Inc. and also served as its Chief Executive Officer. This transaction is an across-the-board win for our stakeholders., Stefan Kaluzny, Managing Director of Sycamore Partners, said, We have great respect for Belks management team and associates, its deeply rooted brand, its footprint of stores and its growing online presence. Tim Belk, chairman and chief executive officer of Belk, Inc., said, We are delighted to have found a financial partner that sees what we see in Belk: a 127-year-old brand that remains relevant today with exceptional customer loyalty in small, medium and large cities throughout the South. The better-than-expected results suggest resilient consumer spending despite decades-high inflation. The agreement brings an abrupt end to one of the highest-profile deals this year in the retail world and charts an uncertain path for a storied American brand. [25], In January 2021 Sycamore Partners bought Azamara Cruises from the Royal Caribbean Group. Not the case? Investors/Media Contacts:Dollar Tree: (757) 321-5284Sycamore Partners: Dollar Tree, Inc. November 2015 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL. Sycamore Partners was founded in 2011 by Stefan Kaluzny and Peter Morrow. here to register, Not for publication, email or dissemination, Eurazeo racks up over 1bn euros for French SME fund, Amid tech sector pain, ex-Vista executive hits cap on second fund, As NYS Common commitment shows, in-state programs help support local economy, San Bernardino pension starts to see pain in VC, growth portfolios, PE ranks as strongest asset class for pensions over the past decade, survey says, LPs spot private debt in hunt for inflation-oriented strategies, Opinion: NY State Teachers chose secrecy in secondaries advisory contract. "In our view, Sycamore will be keen to maximize its investment and its closer involvement with the company will bring new thinking and ultimately a new positioning for the brand," Neil Saunders, managing director of GlobalData Retail, said in a note to clients on Thursday. You should only be asked to sign in once. One analyst said he expects Sycamore to revamp Victoria's Secret's product line to emphasize comfort and functionality over sexiness. Its stock fell as much as 58 percent on Friday after the retailer posted a wider fourth-quarter loss and announced a plan to consider its strategic options.
Reaches Agreement to Sell 330 Family Dollar Stores to Sycamore Partners Contingent on Completion of Family Dollar Merger. Sycamore Partners managing director Stefan Kaluzny said in the press release Thursday that the firm has "long had great respect and admiration for L Brands and its success in building a world-class portfolio of lingerie and beauty brands. Stay up to date with what you want to know. Sycamore Partners is a private equity firm based in New York specializing in retail and consumer investments. Under the terms of the merger agreement, all Belk stockholders will receive $68.00 per share in cash for each share of Belk common stock they own. Additionally, a number of Belk stockholders have agreed to vote shares owned or controlled by them representing, in the aggregate, a majority of the voting power of Belks shares, in favour of the transaction. Dollar Tree continues to make progress with the FTC and intends to close the merger with Family Dollar in early July 2015 after securing FTC clearance. This transaction is an across-the-board win for our stakeholders.. Under the terms of the transaction, Mr Belk will remain as chief executive and the company will continue to be headquartered in Charlotte. Agenda-setting intelligence, analysis and advice for the global fashion community. As a result of these risks and others, actual results could vary significantly from those anticipated herein, and Dollar Tree's financial condition and results of operations could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The move could have an impact on the firms efforts to raise its next flagship fund, which was expected to start next year. Under the terms of the merger agreement, New York-based Sycamore Partners will acquire 100 percent of Belk in a transaction with an estimated enterprise value at closing of approximately $3bn. Emerging managers monitor: Tracking new fund formation. The firm has more than $3.5 billion in capital under management. The merger agreement was unanimously approved by Belks board of directors. Click Morrow served as a Principal at Golden Gate before co-founding Sycamore. The deal, announced Thursday, could bring huge changes to the iconic lingerie brand and its various businesses, including Victoria's Secret Lingerie, Victoria's Secret Beauty, and PINK. Randy Guiler Washington, DC 20004, NY Office Location: [14] Sycamore also sold the Stuart Weitzman business to Coach, Inc. in 2015 for $574 million. Dollar Tree undertakes no obligation to update or revise any forward-looking statements, even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized, except as may be required by law. [26], On March 16, 2022, it was announced the Sycamore and Hudson's Bay Company are preparing bids to buy Kohl's. Please check your spam or junk folder just in case.
Luxury shares fell Friday as investors responded to the impact of coronavirus lockdowns in the key market, as well as economic headwinds and surging inflation elsewhere. Wachtell, Lipton, Rosen & Katz and Williams Mullen are acting as legal counsel to Dollar Tree in connection with the transaction. The deal to acquire Belk is said to be Sycamore Partners largest transaction to date. Dollar Tree, Inc., a Fortune 500 Company, operated 5,454 stores in 48 states and five Canadian Provinces as of May 2, 2015, with total retail selling square footage of 47.2 million. The private-equity firm Sycamore Partners plans to seize control of Victoria's Secret from its current owner, L Brands, in a deal that will take the lingerie brand private. The merger is subject to certain customary conditions, including the receipt of regulatory and stockholder approval, and is expected to be completed in the fourth quarter of 2015. The company is now focusing on better-quality clothing thats more expensive than fast-fashion apparel but more sustainable, Chief Executive William Pak said in an interview with Bloomberg Television on Monday.
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