Sycamore Partners

{{history of private equity and venture capital}}

Sycamore Partners was founded in 2011 by Stefan Kaluzny and Peter Morrow.{{cite web|url=https://www.charlotteobserver.com/news/business/article151949697.html |website=The Charlotte Observer |title=Why the Wall Street dealmaker who bought Charlotte's Belk is betting on retail|date=May 22, 2017}} 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.

• CommerceHub
• Staples and Staples Canada (Acquired 2017){{Cite news |date=Apr 12, 2019 |title=Sycamore Partners under scrutiny after pocketing $1 billion from Staples deal |url=https://www.livemint.com/companies/news/sycamore-partners-under-scrutiny-after-pocketing-1-billion-from-staples-deal-1555019614458.html |work=Mint}}
• Pure Fishing (Acquired January 2019){{Cite web| title = Newell Brands Completes Divestitures of Pure Fishing and Jostens| access-date = 2018-11-25| url = https://www.businesswire.com/news/home/20181221005371/en/}}
• 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){{Cite news |date=August 24, 2015 |title=Belk agrees to sell the company for $3 billion to Sycamore Partners |url=https://www.charlotteobserver.com/news/business/article32006829.html |work=The Charlotte Observer}}
• Hot Topic (Acquired 2013){{Cite web |date=2013-03-07 |title=Hot Topic acquired by private equity firm Sycamore for $600 million |url=https://www.latimes.com/business/la-fi-mo-hot-topic-sycamore-sale-20130307-story.html |access-date=2024-10-23 |website=Los Angeles Times |language=en-US}}
• MGF Sourcing, formerly known as Mast Global Fashions (Acquired 2011){{Cite web |last=Fickenscher |first=Lisa |date=2024-01-25 |title=Macy’s could get takeover bid from buyout firm Sycamore Partners |url=https://nypost.com/2024/01/25/business/macys-could-get-takeover-bid-from-buyout-firm-sycamore-partners/ |access-date=2024-10-23 |language=en-US}}{{Cite web |last=Hirsch |first=Lauren |date=2020-02-10 |title=L Brands nears sale of Victoria's Secret to Sycamore Partners |url=https://www.cnbc.com/2020/02/09/l-brands-nears-sale-of-victorias-secret-to-sycamore.html |access-date=2024-10-23 |website=CNBC |language=en}}
• NBG Home (Acquired 2017){{Cite news |date=April 27, 2017 |title=Sycamore Buys NBG Home From Kohlberg & Co. |url=https://www.wsj.com/articles/sycamore-buys-nbg-home-from-kohlberg-co-1493310641 |work=The Wall Street Journal}}
• Talbots (Acquired 2012){{Cite web |last=Kantor |first=Ira |date=2012-05-31 |title=Sycamore Partners acquires Talbots in $369M deal |url=https://www.bostonherald.com/2012/05/31/sycamore-partners-acquires-talbots-in-369m-deal/ |access-date=2024-10-23 |website=Boston Herald |language=en-US}}
• The Limited (Acquired 2017){{Cite news |date=February 22, 2017 |title=Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources |url=https://www.reuters.com/article/business/exclusive-sycamore-partners-wins-bankruptcy-auction-for-the-limited-sources-idUSKBN1602DG/ |work=reuters.com}}
• Torrid (Acquired 2013){{Cite news |title=Investments |url=http://www.sycamorepartners.com/Investment |accessdate=May 15, 2018 |publisher=Sycamore Partners}}
• 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.){{Cite web|title=Done Deal: Ascena Retail sells Ann Taylor, other brands to Sycamore|url=https://chainstoreage.com/done-deal-ascena-retail-sells-ann-taylor-other-brands-sycamore|website=chainstoreage.com|language=en|access-date=2021-03-04}}
• Ann Taylor
• Lane Bryant (Cacique)
• LOFT
• Lou & Grey
• Azamara Cruises (Acquired 2021)
• Margaritaville at Sea (Acquired 2023)
• Rona Inc. (Acquired 2023)
• Playa Bowls (Acquired 2024)
• Walgreens (Agreement entered 2025)

• EMP Merchandising sold to Warner Music Group in 2018.{{Cite web |author=Variety Staff |date=2018-09-17 |title=Warner Music to Acquire EMP Merchandising for $180 Million |url=https://variety.com/2018/biz/news/warner-music-to-acquire-emp-merchandising-for-180-million-1202944001/ |access-date=2024-10-23 |website=Variety |language=en-US}}{{Cite web |author=Billboard Staff |date=2018-09-18 |title=Warner Music Group to Acquire German Merch Specialist EMP |url=https://www.billboard.com/music/music-news/warner-music-group-to-acquire-german-merch-specialist-emp-8475722/ |access-date=2024-10-23 |website=Billboard |language=en-US}}
• 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)

In 2011, Sycamore acquired a 51% stake in MGF Sourcing, finally completing the total takeover in 2015.{{Cite web|url=http://www.mgfsourcing.com/our-company/|title=OUR COMPANY – MGF Sourcing|website=www.mgfsourcing.com|language=en-US|access-date=2017-06-29}}

In 2012, the firm acquired Talbots for $391 million.

In 2013, Sycamore acquired Hot Topic and Torrid for $600 million.{{Cite web|url=https://dealbook.nytimes.com/2013/03/07/sycamore-partners-to-buy-hot-topic-for-600-million/|title=Sycamore Partners to Buy Hot Topic for $600 Million|last=Merced|first=Michael J. de la|date=March 7, 2013|website=DealBook|access-date=2017-06-29}}

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.{{Cite news|url=https://www.thestreet.com/story/13125575/1/authentic-brands-acquires-jones-new-york-apparel-brand-from-sycamore-partners.html|title=Authentic Brands Acquires Jones New York Apparel Brand From Sycamore Partners|last=Collings|first=Richard|date=2015-04-24|work=TheStreet|access-date=2017-06-29|language=en-US}} Kurt Geiger{{Cite web|url=http://www.sycamorepartners.com/news/article/19|title=Private Equity {{!}} Retail {{!}} Sycamore Partners|last=Torrid|first=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|website=www.sycamorepartners.com|language=en|access-date=2017-06-29}} which was then sold to Cinven in 2015.{{Cite news|url=https://www.nytimes.com/2015/12/15/business/dealbook/cinven-agrees-to-buy-kurt-geiger-from-sycamore-partners.html|title=Kurt Geiger, British Footwear Maker, in Another Private Equity Deal|last=Bray|first=Chad|date=2015-12-14|work=The New York Times|access-date=2017-06-29|language=en-US|issn=0362-4331}} Sycamore also sold the Stuart Weitzman business to Coach, Inc. in 2015 for $574 million.{{Cite web|url=http://fortune.com/2015/01/06/coach-buys-stuart-weitzman/|title=Coach to pay $574 million for shoemaker Stuart Weitzman|last=Kell|first=John|website=Fortune|access-date=2017-06-29}}

In 2015, the firm acquired Belk, Inc for $3 billion,{{Cite news|url=http://www.charlotteobserver.com/news/business/article49036005.html|title=Sycamore Partners completes purchase of Belk|work=charlotteobserver|access-date=2017-06-29|language=en}} and EMP Merchandising, whilst divesting from Pathlight Capital.{{Cite web |title=Private Equity {{!}} Retail {{!}} Sycamore Partners |url=http://sycamorepartners.com/Investment |access-date=2017-06-29 |website=sycamorepartners.com |language=en}}

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.{{Cite news|url=https://www.reuters.com/article/us-thelimited-m-a-sycamorepartners-exclu-idUSKBN1602DH|title=Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources|date=February 21, 2017|work=Reuters|accessdate=2017-06-29}} In June 2017, Reuters reported that Staples Inc. had agreed to sell itself for $6.9 billion.{{cite news|url=http://uk.reuters.com/article/us-staples-m-a-sycamorepartners-idUKKBN19J2QH|archive-url=https://web.archive.org/web/20170629000925/http://uk.reuters.com/article/us-staples-m-a-sycamorepartners-idUKKBN19J2QH|url-status=dead|archive-date=June 29, 2017|title=Staples in $6.9 billion sale to private equity firm Sycamore|first=Lauren|last=Hirsch|website=Uk.reuters.com|date=29 June 2017|accessdate=7 June 2018}} Sycamore also sold over 300 Dollar Express stores to rival, Dollar General.{{Cite news|url=http://www.retaildive.com/news/dollar-general-scooping-up-323-former-family-dollar-stores/439682/|title=Dollar General scooping up 323 former Family Dollar stores|work=Retail Dive|access-date=2017-06-29|language=en-US}}

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.{{Cite web|last=Fickenscher|first=Lisa|title=Private-equity firm Sycamore poised to buy J.C. Penney, merge it with North Carolina chain Belks; Penney brand likely to vanish|url=https://www.marketwatch.com/story/private-equity-firm-sycamore-poised-to-buy-jcpenney-merge-it-with-belks-2020-07-27|access-date=2020-11-25|website=MarketWatch|language=en-US}} The plan was not selected.{{Cite web|agency=Associated Press|title=J.C. Penney's sale approved by bankruptcy court|url=https://www.marketwatch.com/story/j-c-penneys-sale-approved-by-bankruptcy-court-01605058031|access-date=2020-11-25|website=MarketWatch|language=en-US}}

In January 2021, Sycamore Partners bought Azamara Cruises from the Royal Caribbean Group.{{cite web|title=Royal Caribbean Group is shrinking its fleet, selling Azamara to private equity firm|url=https://www.miamiherald.com/news/business/tourism-cruises/article248600095.html|website=Miami Herald|date=January 19, 2021}}

On March 16, 2022, it was announced the Sycamore and Hudson's Bay Company are preparing bids to buy Kohl's.{{Cite web |last=Thomas |first=Lauren |date=2022-03-16 |title=Kohl's shares jump 17% after reports say Hudson's Bay, Sycamore are preparing bids |url=https://www.cnbc.com/2022/03/16/kohls-shares-jump-after-report-says-hudsons-bay-is-considering-buyout-bid.html |access-date=2022-05-10 |website=CNBC |language=en}}

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.{{Cite news |date=2023-09-28 |title=Sycamore to take apparel retailer Chico's FAS private for nearly $1 billion |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/sycamore-take-chicos-fas-private-1-bln-deal-2023-09-28/ |access-date=2023-11-05}}

On March 7, 2025, it was announced that Sycamore Partners is acquiring Walgreens Boots Alliance for about $10 billion, or $11.45 per share.{{cite web |title=Walgreens Boots Alliance Enters into Definitive Agreement to Be Acquired by Sycamore Partners |url=https://www.walgreensbootsalliance.com/news-media/press-releases/2025/wba-definitive-agreement-acquired-by-sycamore-partners |website=Walgreens Boots Alliance |access-date=8 March 2025 |language=en |date=6 March 2025}}

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Category:Private equity firms of the United States

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Category:Financial services companies established in 2011

Category:2011 establishments in New York City

Category:Privately held companies based in New York City