Sycamore Partners announced that it has completed its acquisition of The Jones Group Inc. The transaction is valued at approximately $2.2 billion.
"We are excited to have finalized the acquisition of The Jones Group and are confident this will be a long and successful partnership," said Stefan Kaluzny, a Managing Director of Sycamore Partners. "We look forward to working with The Jones Group team to continue to grow this outstanding portfolio of businesses and brands and create exceptional products for our customers."
Wesley R. Card, The Jones Group Chief Executive Officer, said, "We are very pleased to have completed this transaction, which delivers meaningful value to all of our shareholders. Sycamore Partners' extensive knowledge and expertise in the consumer and retail space will allow The Jones Group's brands to reach their full potential and continue to resonate with our loyal customers."
As a result of the completion of the merger, the common stock of The Jones Group is no longer listed for trading on the New York Stock Exchange.
Citigroup Global Markets, Inc. acted as financial advisor to The Jones Group and Peter J. Solomon Company acted as financial advisor to the Company's Board of Directors.
Cravath, Swaine & Moore LLP acted as legal advisor to The Jones Group and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to the independent directors of the Company's Board of Directors. Morgan Stanley, Jefferies, KKR Asset Management, MCS Capital Markets, Wells Fargo Capital Finance and Bank of America Merrill Lynch provided financing for the transaction.
BofA Merrill Lynch and Guggenheim Securities acted as financial advisors to Sycamore Partners. Winston & Strawn LLP, Simpson Thacher & Bartlett LLP and the Law Offices of Gary M. Holihan, P.C. acted as legal advisors to Sycamore Partners.
The Jones Group transaction is the fifth investment by Sycamore Partners, which currently has more than $1 billion in capital under management. Previous transactions include the acquisition of a controlling interest in MGF Sourcing from L Brands; the formation of Pathlight Capital, LLC; the acquisition of The Talbots, Inc.; and the acquisition of Hot Topic, Inc.