NRDC Equity Partners
{{Short description|American private investment firm}}
{{Infobox company
| name = NRDC Equity Partners, LLC
| type = Private
| industry = Private equity
| foundation = {{start date and age|2005}}
| founders = Richard A. Baker
Robert C. Baker
William L. Mack
Lee S. Neibart
| location = New York City, New York, U.S.
| key_people = Richard A. Baker (Founding Partner)
| homepage = {{URL|nrdcequity.com}}
}}
NRDC Equity Partners (NRDC) is an American private investment firm focused on retail, real estate, and consumer branded businesses.
History
NRDC was founded in 2005 by Robert C. Baker, owner of National Realty & Development Corp; and William L. Mack and Lee S. Neibart, partners of AREA Property Partners.
NRDC has completed five transactions since 2005, totaling almost $5 billion in enterprise values and has invested approximately $1.5 billion of equity for its transactions. NRDC targets transactions ranging from $250 million to $5 billion of enterprise value, requiring total equity investments of $50 million to $1.5 billion.{{Cite web|url=https://www.nrdcequity.com/|archiveurl=https://web.archive.org/web/20090129080014/http://www.nrdcequity.com/|url-status=dead|title=NRDC Equity Partners|archivedate=January 29, 2009|website=NRDC Equity Partners}}
Portfolio
NRDC's current portfolio includes two of the leading companies in their sectors, Hudson's Bay Company (HBC) and Retail Opportunity Investments Corporation (ROIC).
HBC is a holding company that owns and manages over {{convert|57000000|sqft|m2}} of retail properties located in Canada and the U.S. through its two main divisions:
- Hudson's Bay – operates over 80 department stores across Canada
- Saks Global – operates various department stores and outlet stores in the U.S., including:
- Bergdorf Goodman
- Neiman Marcus
- Neiman Marcus Last Call
- Saks Fifth Avenue
- Saks Off 5th
NRDC formed its real estate investment trust portfolio company, ROIC, through a public equity raise of $414 million completed in October 2009. ROIC focuses on acquiring and growing high quality shopping centers. It has invested over $200 million and has completed/announced 14 transactions as of September 2010.
NRDC owned Lord & Taylor from 2006 to 2019, operating 50 department stores and four outlet centers located in the U.S. The sale of the chain to Le Tote Inc. was announced in August 2019.{{Cite web |last1=DiNapoli |first1=Jessica |last2=Dowsett |first2=Sonya |date=August 28, 2019 |title=Hudson's Bay to sell Lord + Taylor for $100 million |url=https://ca.reuters.com/article/businessNews/idCAKCN1VI1LV-OCABS |url-status=dead |archive-url=https://web.archive.org/web/20200925142840/https://ca.reuters.com/article/businessNews/idCAKCN1VI1LV-OCABS |archive-date=Sep 25, 2020 |website=Reuters}} Home Outfitters, another subsidiary, operated 69 kitchen, bath, and bed superstores across Canada until closing in 2019.{{Cite web |last=Evans |first=Pete |date=Feb 21, 2019 |title=HBC shutting all 37 Home Outfitters stores across Canada |url=https://www.cbc.ca/news/business/hbc-home-outfitters-1.5028740 |url-status=live |archive-url=https://web.archive.org/web/20231001121220/https://www.cbc.ca/news/business/hbc-home-outfitters-1.5028740 |archive-date=Oct 1, 2023 |website=CBC News}}
From 2015 to 2019 NRDC owned Germany's largest department store chain, Galeria Kaufhof.{{Cite web|title=Galeria Kaufhof|url=https://www.hbcheritage.ca/history/acquisitions/galeria-kaufhof| website=HBC Heritage|language=en}}{{Cite news|last1=Hummel|first1=Tassilo|last2=Copley|first2=Caroline|date=2018-09-11|title=Hudson's Bay, Signa form European retail, real estate joint venture|language=en-US|work=Reuters|url= https://www.reuters.com/article/us-hudson-s-bay-m-a-signa-merger/hudsons-bay-signa-form-european-retail-real-estate-joint-venture-idUSKCN1LR0P3}}{{Cite news|last=Seddon Kilbinger|first=Sara|date=2019-07-03|title=SIGNA takes full control of Galeria Karstadt Kaufhof from Hudson Bay Co. for $1.5bn|language=en-US|work=Refire|url=https://www.refire-online.com/companies/signa-takes-full-control-of-galeria-karstadt-kaufhof-from-hudson-bay-co-for-1point5bn-dollar/}} On April 9, 2024, it was announced that NRDC intends to once again acquire the department store chain which had become known as Galeria Karstadt Kaufhof from the insolvent Signa Holding company.{{Cite web|last=Reul|first=Maarten| date=9 April 2024 |title=Galeria Karstadt Kaufhof returns to old owner|url= https://www.retaildetail.eu/news/fashion/galeria-karstadt-kaufhof-returns-to-old-owner/|access-date=9 April 2024 |website=retaildetail.eu |language=en }}
References
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External links
{{Commons category}}
- [https://www.nrdcequity.com/ NRDC Equity Partners]
- [https://www.nrdc.com/ National Realty & Development Corp.]
{{Hudson's Bay Trading Company, L.P.}}
{{DEFAULTSORT:Nrdc Equity Partners}}
Category:Financial services companies established in 2005
Category:Private equity firms of the United States