Clothing retailer J Crew Group Inc, yesterday agreed to a $3-billion takeover by two private equity firms TPG Capital and Leonard Green & Partners.
Under the terms of the deal, shareholders of New York-based J Crew will receive $ 43.50 per share in cash, or a total of $3 billion, representing a premium 6 per cent over J Crew's closing price of $37.65 on Monday.
Earlier in 1997, TPG Capital had acquired an 88-per cent stake in J Crew for nearly $500 million, and took it public in 2006.
J Crew debuted in 1983 with the mailing of its first catalog. Six years later, the company opened a flagship store at New York's South Street Seaport. Today, the business includes retail and outlet stores nationwide and an ever-growing online and catalog business.
The retailer offers an assortment of women's, men's and children's apparel and accessories, including swimwear, outerwear, loungewear, wedding, bags, hair accessories, belts, jewelry, and shoes.
J Crew has 250 retail stores in the US including 221 J Crew retail stores, 9 crewcuts and 20 Madewell stores, the J Crew catalog business, jcrew.com, madewell.com and 85 factory outlet stores.