NAQ.U Nrdc Acquisition Corp

NRDC Equity Partners has officially acquired the Fortunoff Company in a $110 million closing that included a $30 million contribution intended to cover the company�s customer obligations. NRDC CEO Richard Baker is confident that Fortunoff�s chain of four full-line flagship stores can expand to as many as 50 locations nationwide, while the company�s 16 regional outdoor furniture stores could ultimately grow to include over 300 locales. Baker has stated his intention to create Fortunoff jewelry and home shops with bridal registries in NRDC�s 47 Lord & Taylor stores as well. With NRDC�s guidance, the $439 million, 23-unit Fortunoff chain is expected to nearly double its current size over the next five years. NRDC Equity Partners, LLC is a joint venture between Robert C. Baker and Richard A. Baker, principals of National Realty & Development Corp., and William Mack and Lee Neibert, Partners of Apollo Real Estate Advisors, L.P. The principals of NRDC Equity Partners have completed transactions in excess of $50 billion. NRDC Equity Partners acquires operating companies in the retail, leisure, lodging, and commercial real estate sectors. Prior to the Fortunoff acquisition, its most recent transaction was the acquisition of Lord & Taylor from Federated Department Stores.