New York City and Hingham, MA — TLB Merger Sub Inc., an affiliate of Sycamore Partners, has completed its acquisition of The Talbots, Inc., following the previously announced completion of its tender offer on August 3, 2012. The transaction is valued at approximately $391 million, including net debt.
"We are pleased to have completed this acquisition and are ready to deliver on the promise of executing on the significant potential inherent in Talbots, which remains a premier, storied brand," says Stefan Kaluzny, a managing director of Sycamore Partners. "Building on its 65 years of history, we will restore the Talbots brand and the company's heritage as a leading retailer of traditional women's apparel, shoes and accessories. We are looking forward to what we know will be a long and successful partnership."
Sycamore Partners also has appointed a senior executive team at Talbots with considerable experience in merchandising, marketing, finance and operations. Michael Archbold, previously president and chief operating officer of the Vitamin Shoppe, has been named chief executive officer and chief financial officer. Lizanne Kindler, previously executive vice president of product development at Kohl's Department Stores, has been named president. A former executive vice president of merchandising at Talbots, she will be responsible for product development, merchandising and marketing. Michele Mandell, a 26-year veteran of Talbots and formerly the executive vice president of stores at the company, has been appointed chief operating officer.
Talbots' headquarters will remain in Hingham, Mass., and the company expects to maintain all of its other offices. As a result of the merger, the company’s common stock is no longer listed for trading on the New York Stock Exchange.
Perella Weinberg Partners LP acted as financial advisor to Talbots and White & Case LLP acted as its legal counsel. Bank of America Merrill Lynch acted as financial advisor to Sycamore Partners and Winston & Strawn LLP and the Law Offices of Gary M. Holihan, P.C. acted as its legal counsel.
The Talbots, Inc. operates 516 Talbots stores in 46 states and Canada. For more information, visit www.talbots.com.
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. For more information, visit www.sycamorepartners.com.
SOURCE: Sycamore Partners