NRDC Equity Partners has entered into an agreement to acquire the 48-store Lord & Taylor retail chain from Federated Department Stores for $1.2 billion in cash. The transaction is anticipated to close in the third quarter of 2006.
NRDC Equity Partners, LLC is a partnership between the principals of Apollo Real Estate Advisors, L.P. and the principals of National Realty & Development Corp. The principals of NRDC have completed transactions in excess of $50 billion.
Richard Baker, president of NRDC Equity Partners said, "The Lord & Taylor acquisition furthers NRDC's strategy of acquiring great companies that have a strong brand and a valuable real estate platform." In February of this year, NRDC also acquired Linens 'n Things in partnership with Apollo Management, L.P.
"We are looking forward to working with NRDC and exploring new options for the Lord & Taylor brand going forward," Elfers said.
Robert Baker, NRDC principal, said NRDC's strategy going forward will be to leverage the strong Lord & Taylor brand with its existing management and store teams to continue operating Lord & Taylor as an upscale fashion retailer. "We are excited about the future operating prospects of the business," he said.
The real estate portfolio is being reviewed and no decisions have been made on any individual stores.
Tri-Artisan Partners LLC and Bear Stearns & Co., Inc. served as financial advisors for NRDC Equity Partners throughout the transaction. Stroock & Stroock & Lavan LLP served as legal counsel.
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