Sycamore Partnersis an Americanprivate equity firmbased in New York specializing in retail and consumer investments. The firm has approximately $10 billion in aggregate committed capital.[2]
 | |
| Company type | Private |
|---|---|
| Industry | Private equity |
| Founded | 2011 |
| Founders | Stefan Kaluzny Peter Morrow |
| Headquarters | Solow Building,, U.S. |
Key people | Stefan Kaluzny Peter Morrow |
| Products | Leveraged buyouts,special situations,distressed buyouts |
Number of employees | 11–50[1] |
| Website | sycamorepartners |
History
editFounding
editSycamore Partners was founded in 2011 by Stefan Kaluzny and Peter Morrow.[3]Before Sycamore, Kaluzny was a managing partner atGolden Gate Capitaland was employed since the firm's inception. Prior to joining Golden Gate, he co-founded Delray Farms, Inc. and also served as its chief executive officer. Kaluzny received a BA fromYale Universityand an MBA fromHarvard Business School.Morrow served as a Principal at Golden Gate before co-founding Sycamore. Peter Morrow received a BA fromStanford Universityand an MBA fromStanford Graduate School of Business.
Holdings
editCurrent
edit- CommerceHub
- StaplesandStaples Canada(Acquired 2017)[4]
- Pure Fishing (Acquired January 2019)[5]
- Brands include:ABU Garcia,All Star,Berkley,Chub, Fenwick, Greys, Hardy, Hodgman, Johnson, JRC, Mitchell,Penn,Pflueger, Sebile,Shakespeare,SpiderWire, Stren, andUgly Stik.
- Belk(Acquired 2015)[6]
- Hot Topic(Acquired 2013)[7]
- MGF Sourcing, formerly known as Mast Global Fashions (Acquired 2011)[8][9]
- NBG Home (Acquired 2017)[10]
- Talbots(Acquired 2012)[11]
- The Limited(Acquired 2017)[12]
- Torrid(Acquired 2013)[13]
- In July, 2021, Sycamore Partners sold off 25.2% of the company to the public. It is currently traded on the New York Stock Exchange (NYSE) under the "CURV" symbol. Sycamore Partners currently owns 74.8% of the company.
- Premium Apparel LLC (affiliate of Sycamore Partners used to acquireAnn Taylor,Lane Bryantand related brands fromAscena Retail Groupin December 2020.)[14]
- Azamara Cruises(Acquired 2021)
- Rona Inc.(Acquired 2023)
- Playa Bowls (Acquired 2024)
Former
edit- EMP Merchandisingsold toWarner Music Groupin 2018.[15][16]
- Nine West Holdings(2013–2018)
- Jones New York sold toAuthentic Brands Groupin 2015.
- Nine Westsold toAuthentic Brands Groupin 2018.
- Bandolino sold toAuthentic Brands Groupin 2018.
- Kurt GeigerAcquired byJones Apparel Groupin 2011. Sold toCinvenin 2015.
- Stuart Weitzmansold to Coach, Inc. (now known asTapestry, Inc.) in 2015.
- Coldwater Creek(2014–2020) assets sold to Hong Kong procurement company Newtimes Group in 2020.
- Express, Inc.(January 2021)
Recent investments
editIn 2011, Sycamore acquired a 51% stake in MGF Sourcing, finally completing the total takeover in 2015.[17]
In 2012, the firm acquiredTalbotsfor $391 million.
In 2013, Sycamore acquiredHot TopicandTorridfor $600 million.[18]
In 2014, the firm acquiredColdwater Creek.The firm also acquiredJones New Yorkin 2014, for $2.2 billion, which was then sold toAuthentic Brands Groupin 2015.[19]Kurt Geiger[20]which was then sold toCinvenin 2015.[21]Sycamore also sold theStuart Weitzmanbusiness toCoach, Inc.in 2015 for $574 million.[22]
In 2015, the firm acquiredBelk, Incfor $3 billion,[23]andEMP Merchandising,whilst divesting from Pathlight Capital.[24]
In 2017, Sycamore'sNine West Holdingsacquired Kasper. and Sycamore Partners purchased NBG Home. The firm then went onto win the bid forThe Limited,bidding $26.8 million.[25]In June 2017,Reutersreported thatStaples Inc.had agreed to sell itself for $6.9 billion.[26]Sycamore also sold over 300 Dollar Express stores to rival,Dollar General.[27]
In July 2020, it was announced that Sycamore Partners had made a $1.75 billion 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. Under the plan, the remaining JCPenney stores will be liquidated.[28]The plan was not selected.[29]
In January 2021, Sycamore Partners bought Azamara Cruises from theRoyal Caribbean Group.[30]
On March 16, 2022, it was announced the Sycamore andHudson's Bay Companyare preparing bids to buyKohl's.[31]
On November 3, 2022,Lowe'sannounced that it has entered into a definitive agreement to sell its Canadian retail business to Sycamore Partners.
On September 28, 2023, Sycamore signed an agreement to acquire Fort Myers, Florida–based Women's apparel retailerChico's FASfor $938.1 million. As of July 29, 2023, Chico's runs 1,258 U.S. stores, and sells through 58 franchise locations in Mexico and two domestic airport franchises.[32]
References
edit- ^"Sycamore Partners".LinkedIn.RetrievedMarch 16,2023.
- ^"Sycamore to recapitalize and retain control of retailer Belk".PE Hub.January 26, 2021.
- ^"Why the Wall Street dealmaker who bought Charlotte's Belk is betting on retail".The Charlotte Observer.May 22, 2017.
- ^"Sycamore Partners under scrutiny after pocketing $1 billion from Staples deal".Mint.Apr 12, 2019.
- ^"Newell Brands Completes Divestitures of Pure Fishing and Jostens".Retrieved2018-11-25.
- ^"Belk agrees to sell the company for $3 billion to Sycamore Partners".The Charlotte Observer.August 24, 2015.
- ^"Hot Topic acquired by private equity firm Sycamore for $600 million".Los Angeles Times.2013-03-07.Retrieved2024-10-23.
- ^Fickenscher, Lisa (2024-01-25)."Macy's could get takeover bid from buyout firm Sycamore Partners".Retrieved2024-10-23.
- ^Hirsch, Lauren (2020-02-10)."L Brands nears sale of Victoria's Secret to Sycamore Partners".CNBC.Retrieved2024-10-23.
- ^"Sycamore Buys NBG Home From Kohlberg & Co".The Wall Street Journal.April 27, 2017.
- ^Kantor, Ira (2012-05-31)."Sycamore Partners acquires Talbots in $369M deal".Boston Herald.Retrieved2024-10-23.
- ^"Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources".reuters.February 22, 2017.
- ^"Investments".Sycamore Partners.RetrievedMay 15,2018.
- ^"Done Deal: Ascena Retail sells Ann Taylor, other brands to Sycamore".chainstoreage.Retrieved2021-03-04.
- ^Variety Staff (2018-09-17)."Warner Music to Acquire EMP Merchandising for $180 Million".Variety.Retrieved2024-10-23.
- ^Billboard Staff (2018-09-18)."Warner Music Group to Acquire German Merch Specialist EMP".Billboard.Retrieved2024-10-23.
- ^"OUR COMPANY – MGF Sourcing".mgfsourcing.Retrieved2017-06-29.
- ^Merced, Michael J. de la (March 7, 2013)."Sycamore Partners to Buy Hot Topic for $600 Million".DealBook.Retrieved2017-06-29.
- ^Collings, Richard (2015-04-24)."Authentic Brands Acquires Jones New York Apparel Brand From Sycamore Partners".TheStreet.Retrieved2017-06-29.
- ^Torrid, Sycamore Partners, Private equity, Sycamore private equity, Retail investment, Retail private equity, Consumer investment, Consumer private equity, Sycamore investment, Retail capital, Consumer capital, Stefan Kaluzny, Peter Morrow, Belk, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, Kasper, MGF Sourcing, Nine West, Talbots."Private Equity | Retail | Sycamore Partners".sycamorepartners.Retrieved2017-06-29.
{{cite web}}:CS1 maint: multiple names: authors list (link) - ^Bray, Chad (2015-12-14)."Kurt Geiger, British Footwear Maker, in Another Private Equity Deal".The New York Times.ISSN0362-4331.Retrieved2017-06-29.
- ^Kell, John."Coach to pay $574 million for shoemaker Stuart Weitzman".Fortune.Retrieved2017-06-29.
- ^"Sycamore Partners completes purchase of Belk".charlotteobserver.Retrieved2017-06-29.
- ^"Private Equity | Retail | Sycamore Partners".sycamorepartners.Retrieved2017-06-29.
- ^"Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources".Reuters.February 21, 2017.Retrieved2017-06-29.
- ^Hirsch, Lauren (29 June 2017)."Staples in $6.9 billion sale to private equity firm Sycamore".Uk.reuters.Archived fromthe originalon June 29, 2017.Retrieved7 June2018.
- ^"Dollar General scooping up 323 former Family Dollar stores".Retail Dive.Retrieved2017-06-29.
- ^Fickenscher, Lisa."Private-equity firm Sycamore poised to buy J.C. Penney, merge it with North Carolina chain Belks; Penney brand likely to vanish".MarketWatch.Retrieved2020-11-25.
- ^"J.C. Penney's sale approved by bankruptcy court".MarketWatch.Associated Press.Retrieved2020-11-25.
- ^"Royal Caribbean Group is shrinking its fleet, selling Azamara to private equity firm".Miami Herald.January 19, 2021.
- ^Thomas, Lauren (2022-03-16)."Kohl's shares jump 17% after reports say Hudson's Bay, Sycamore are preparing bids".CNBC.Retrieved2022-05-10.
- ^"Sycamore to take apparel retailer Chico's FAS private for nearly $1 billion".Reuters.2023-09-28.Retrieved2023-11-05.