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Jones completes 55% equity interests acquisition of Stuart Weitzman
03 Jun '10
2 min read
Jones Apparel Group Inc announced it has completed its acquisition of 55% of the equity interests of Stuart Weitzman Holdings, LLC, a privately-held leading designer and manufacturer of women's salon footwear and accessories.
As previously announced on May 6, 2010, Jones entered into an agreement to acquire Stuart Weitzman Holdings, LLC in two stages. At the initial closing, completed, Jones made cash payments of approximately $180 million to the selling shareholders, including Irving Place Capital, for a 55% interest in Stuart Weitzman Holdings, LLC. Stuart Weitzman will remain the principal owner of the remaining 45% interest, and will continue as Executive Chairman of Stuart Weitzman Holdings, LLC. The selling shareholders will receive cash payments for their remaining interest at a final closing expected to take place at the end of 2012, based upon the value of Stuart Weitzman Holdings, LLC at that time in accordance with a contractually pre-determined formula.
For over 30 years, Stuart Weitzman has been designing shoes for the modern, sophisticated woman. Stuart Weitzman Holdings, LLC is a leading designer, manufacturer, wholesaler and retailer of premium women's shoes and handbags in approximately 60 countries.
Jones Apparel Group Inc is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company also markets directly to consumers through its chain of specialty retail and value-based stores and through its e-commerce web sites.
As previously announced on May 6, 2010, Jones entered into an agreement to acquire Stuart Weitzman Holdings, LLC in two stages. At the initial closing, completed, Jones made cash payments of approximately $180 million to the selling shareholders, including Irving Place Capital, for a 55% interest in Stuart Weitzman Holdings, LLC. Stuart Weitzman will remain the principal owner of the remaining 45% interest, and will continue as Executive Chairman of Stuart Weitzman Holdings, LLC. The selling shareholders will receive cash payments for their remaining interest at a final closing expected to take place at the end of 2012, based upon the value of Stuart Weitzman Holdings, LLC at that time in accordance with a contractually pre-determined formula.
For over 30 years, Stuart Weitzman has been designing shoes for the modern, sophisticated woman. Stuart Weitzman Holdings, LLC is a leading designer, manufacturer, wholesaler and retailer of premium women's shoes and handbags in approximately 60 countries.
Jones Apparel Group Inc is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company also markets directly to consumers through its chain of specialty retail and value-based stores and through its e-commerce web sites.
Jones Apparel Group Inc
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