Sycamore Partners
 | |
| 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 |
Sycamore Partners is an American private equity firm based in New York specializing in retail and consumer investments. The firm has approximately $10 billion in aggregate committed capital.[2]
History
[edit]| History of private equity and venture capital |
|---|
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| Early history |
| (origins of modern private equity) |
| The 1980s |
| (leveraged buyout boom) |
| The 1990s |
| (leveraged buyout and the venture capital bubble) |
| The 2000s |
| (dot-com bubble to the credit crunch) |
| The 2010s |
| (expansion) |
| The 2020s |
| (COVID-19 recession) |
Founding
[edit]Sycamore Partners was founded in 2011 by Stefan Kaluzny and Peter Morrow.[3] Before Sycamore, Kaluzny was a managing partner at Golden Gate Capital and 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 from Yale University and an MBA from Harvard Business School. Morrow served as a Principal at Golden Gate before co-founding Sycamore. Peter Morrow received a BA from Stanford University and an MBA from Stanford Graduate School of Business.
Holdings
[edit]Current
[edit]- CommerceHub
- Staples and Staples 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, and Ugly 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 acquire Ann Taylor, Lane Bryant and related brands from Ascena Retail Group in December 2020.)[14]
- Azamara Cruises (Acquired 2021)
- Rona Inc. (Acquired 2023)
- Playa Bowls (Acquired 2024)
Former
[edit]- EMP Merchandising sold to Warner Music Group in 2018.[15][16]
- Nine West Holdings (2013–2018)
- Jones New York sold to Authentic Brands Group in 2015.
- Nine West sold to Authentic Brands Group in 2018.
- Bandolino sold to Authentic Brands Group in 2018.
- Kurt Geiger Acquired by Jones Apparel Group in 2011. Sold to Cinven in 2015.
- Stuart Weitzman sold to Coach, Inc. (now known as Tapestry, Inc.) in 2015.
- Coldwater Creek (2014–2020) assets sold to Hong Kong procurement company Newtimes Group in 2020.
- Express, Inc. (January 2021)
Recent investments
[edit]In 2011, Sycamore acquired a 51% stake in MGF Sourcing, finally completing the total takeover in 2015.[17]
In 2012, the firm acquired Talbots for $391 million.
In 2013, Sycamore acquired Hot Topic and Torrid for $600 million.[18]
In 2014, the firm acquired Coldwater Creek. The firm also acquired Jones New York in 2014, for $2.2 billion, which was then sold to Authentic Brands Group in 2015.[19] Kurt Geiger[20] which was then sold to Cinven in 2015.[21] Sycamore also sold the Stuart Weitzman business to Coach, Inc. in 2015 for $574 million.[22]
In 2015, the firm acquired Belk, Inc for $3 billion,[23] and EMP Merchandising, whilst divesting from Pathlight Capital.[24]
In 2017, Sycamore's Nine West Holdings acquired Kasper. and Sycamore Partners purchased NBG Home. The firm then went onto win the bid for The Limited, bidding $26.8 million.[25] In June 2017, Reuters reported that Staples 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 the Royal Caribbean Group.[30]
On March 16, 2022, it was announced the Sycamore and Hudson's Bay Company are preparing bids to buy Kohl's.[31]
On November 3, 2022, Lowe's announced 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 retailer Chico's FAS for $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. Retrieved March 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". Retrieved 2018-11-25.
- ^ "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. Retrieved 2024-10-23.
- ^ Fickenscher, Lisa (2024-01-25). "Macy's could get takeover bid from buyout firm Sycamore Partners". Retrieved 2024-10-23.
- ^ Hirsch, Lauren (2020-02-10). "L Brands nears sale of Victoria's Secret to Sycamore Partners". CNBC. Retrieved 2024-10-23.
- ^ "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. Retrieved 2024-10-23.
- ^ "Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources". reuters.com. February 22, 2017.
- ^ "Investments". Sycamore Partners. Retrieved May 15, 2018.
- ^ "Done Deal: Ascena Retail sells Ann Taylor, other brands to Sycamore". chainstoreage.com. Retrieved 2021-03-04.
- ^ Variety Staff (2018-09-17). "Warner Music to Acquire EMP Merchandising for $180 Million". Variety. Retrieved 2024-10-23.
- ^ Billboard Staff (2018-09-18). "Warner Music Group to Acquire German Merch Specialist EMP". Billboard. Retrieved 2024-10-23.
- ^ "OUR COMPANY – MGF Sourcing". www.mgfsourcing.com. Retrieved 2017-06-29.
- ^ Merced, Michael J. de la (March 7, 2013). "Sycamore Partners to Buy Hot Topic for $600 Million". DealBook. Retrieved 2017-06-29.
- ^ Collings, Richard (2015-04-24). "Authentic Brands Acquires Jones New York Apparel Brand From Sycamore Partners". TheStreet. Retrieved 2017-06-29.
- ^ 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". www.sycamorepartners.com. Retrieved 2017-06-29.
{{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. ISSN 0362-4331. Retrieved 2017-06-29.
- ^ Kell, John. "Coach to pay $574 million for shoemaker Stuart Weitzman". Fortune. Retrieved 2017-06-29.
- ^ "Sycamore Partners completes purchase of Belk". charlotteobserver. Retrieved 2017-06-29.
- ^ "Private Equity | Retail | Sycamore Partners". sycamorepartners.com. Retrieved 2017-06-29.
- ^ "Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources". Reuters. February 21, 2017. Retrieved 2017-06-29.
- ^ Hirsch, Lauren (29 June 2017). "Staples in $6.9 billion sale to private equity firm Sycamore". Uk.reuters.com. Archived from the original on June 29, 2017. Retrieved 7 June 2018.
- ^ "Dollar General scooping up 323 former Family Dollar stores". Retail Dive. Retrieved 2017-06-29.
- ^ 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. Retrieved 2020-11-25.
- ^ "J.C. Penney's sale approved by bankruptcy court". MarketWatch. Associated Press. Retrieved 2020-11-25.
- ^ "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. Retrieved 2022-05-10.
- ^ "Sycamore to take apparel retailer Chico's FAS private for nearly $1 billion". Reuters. 2023-09-28. Retrieved 2023-11-05.
