TPG Capital and Leonard Green & Partners Complete Acquisition of J.Crew
March 07 2011 - 9:10AM
Business Wire
J.Crew Group, Inc. (NYSE: JCG) today announced the completion of
its acquisition by Chinos Holdings, Inc. and Chinos Acquisition
Corporation, affiliates of TPG Capital, L.P. and Leonard Green
& Partners, L.P., for $43.50 per share in cash.
The transaction was approved by J.Crew’s stockholders at a
special meeting of stockholders held on March 1, 2011. J.Crew
common stock will be delisted from the New York Stock Exchange.
Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor
to J.Crew. The Special Committee of the J.Crew Board of Directors
was advised by an independent financial advisor, Perella Weinberg
Partners LP, and an independent legal advisor, Cravath, Swaine
& Moore LLP. Willkie Farr & Gallagher LLP acted as legal
advisor to Millard Drexler. Goldman, Sachs & Co. and Bank of
America Merrill Lynch acted as financial advisors to TPG Capital
and Leonard Green & Partners. Ropes & Gray LLP acted as
legal advisor to TPG Capital and Latham & Watkins LLP acted as
legal advisor to Leonard Green & Partners.
About J.Crew Group, Inc.
J.Crew Group, Inc. is a nationally recognized multi-channel
retailer of women's, men's and children's apparel, shoes and
accessories. As of March 1, 2011, the Company operated 249 retail
stores (including 219 J.Crew retail stores, 10 crewcuts and 20
Madewell stores), the J.Crew catalog business, jcrew.com,
madewell.com and 85 factory stores. Additionally, certain product,
press release and SEC filing information concerning the Company are
available at the Company's website www.jcrew.com.
About TPG Capital, L.P.
TPG Capital is the global buyout group of TPG, a leading private
investment firm founded in 1992, with more than $48 billion of
assets under management and offices in San Francisco, Beijing, Fort
Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai,
New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has
extensive experience with global public and private investments
executed through leveraged buyouts, recapitalizations, growth
investments, joint ventures and restructurings. TPG Capital invests
in world-class franchises across a range of industries, including
past and present retail investments such as American Tire
Distributors, Burger King, China Grand Auto, Daphne, Debenhams,
Myer, Neiman Marcus Group, PETCO Animal Supplies and Republic,
among others.
About Leonard Green & Partners, L.P.
Leonard Green & Partners is a leading private investment
firm with over $9 billion in equity capital under management. Based
in Los Angeles, Leonard Green & Partners invests in market
leading companies across a range of industries. Significant current
retail investments include Whole Foods Market, Neiman Marcus Group,
PETCO Animal Supplies, Leslie’s Poolmart, The Sports Authority, The
Container Store, Tourneau, David’s Bridal, Jetro Cash & Carry
and The Tire Rack.
Forward-Looking Statements:
Certain statements herein are "forward-looking statements". Such
forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and actual results
of operations may differ materially from historical results or
current expectations. Any such forward-looking statements are
subject to various risks and uncertainties, including the strength
of the economy, changes in the overall level of consumer spending
or preferences in apparel, our ability to compete with other
retailers, the performance of the Company's products within the
prevailing retail environment, our strategy and expansion plans,
systems upgrades, reliance on key personnel, trade restrictions,
political or financial instability in countries where the Company's
goods are manufactured, postal rate increases, paper and printing
costs, availability of suitable store locations at appropriate
terms and other factors which are set forth in the Company's Form
10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to
publicly update or revise its forward-looking statements, whether
as a result of new information, future events or otherwise.
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