Sycamore Partners

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Sycamore Partners
Private
Industry Private equity
Founded 2011; 14 years ago (2011)
Founders Stefan Kaluzny
Peter Morrow
Headquarters Solow Building, New York City, New York, U.S.
Key people
 Stefan Kaluzny
Peter Morrow
Products Leveraged buyouts, special situations, distressed buyouts
Number of employees
 11–50[1]
Website sycamorepartners.com

Sycamore Partners is a 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

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Founding

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

Current

Former

Recent investments

In 2011, Sycamore acquired a 51% stake in MGF Sourcing, finally completing the total takeover in 2015.[7]

In 2012, the firm acquired Talbots for $391 million.[8]

In 2013, Sycamore acquired Hot Topic and Torrid for $600 million.[9]

In 2014, the firm acquired Coldwater Creek.[10] The firm also acquired Jones New York in 2014, for $2.2 billion,[11] which was then sold to Authentic Brands Group in 2015.[12] Kurt Geiger[13] which was then sold to Cinven in 2015.[14] Sycamore also sold the Stuart Weitzman business to Coach, Inc. in 2015 for $574 million.[15]

In 2015, the firm acquired Belk, Inc for $3 billion,[16] and EMP Merchandising,[17] whilst divesting from Pathlight Capital.[18]

In 2017, Sycamore's Nine West Holdings acquired Kasper.[19] and Sycamore Partners purchased NBG Home.[20] The firm then went onto win the bid for The Limited, bidding $26.8 million.[21] In June 2017, Reuters reported that Staples Inc. had agreed to sell itself for $6.9 billion.[22] Sycamore also sold over 300 Dollar Express stores to rival, Dollar General.[23]

In July 2020, it was announced that Sycamore Partners had made a $1.75B 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.[24] The plan was not selected.[25]

In January 2021, Sycamore Partners bought Azamara Cruises from the Royal Caribbean Group.[26]

On March 16, 2022, it was announced the Sycamore and Hudson's Bay Company are preparing bids to buy Kohl's.[27]

On November 3, 2022, Lowe's announced that it has entered into a definitive agreement to sell its Canadian retail business to Sycamore Partners.[28]

On September 28, 2023, Sycamore signed an agreement to acquire Fort Myers, FL 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. [29]

References

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