Sycamore Partners announced that it has completed acquisition of Belk, Inc; a US family owned and operated department store company with 296 Belk stores located in 16 US southern states.
“As previously announced, under the terms of the transaction, Tim Belk is continuing to serve as CEO of Belk, and the company continues to be headquartered in Charlotte, North Carolina,” a press release stated.
Stefan Kaluzny, managing director of Sycamore Partners, said, "We are excited to have completed this acquisition and to begin our partnership with Belk.”
“The company has developed a loyal base of customers over its 127-year history, and we believe Belk is positioned for continued growth and success,” he added.
Tim Belk, chief executive officer of Belk, Inc., said, "We are very pleased to complete this transaction with Sycamore Partners, which delivers meaningful value to all our stakeholders.”
“Our partnership with Sycamore will contribute to Belk's continued success, and we look forward to leveraging Sycamore's deep knowledge of the retail market,” Belk observed.
Goldman, Sachs & Co. acted as financial advisor and King & Spalding LLP acted as legal advisor to Belk, while BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sycamore Partners.
Charlotte, NC-based Belk, Inc. is the largest family owned and operated US department store company with 296 Belk stores located in 16 southern states and a growing digital presence.
Founded in 1888 by William Henry Belk, the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception.
In fiscal ended January 31, 2015, the company and its associates, customers and vendors donated more than $21.5 million to communities within Belk market areas.
Sycamore Partners is a private equity firm based in New York specialising in consumer and retail investments and has more than $3.5 billion in capital under management.
The firm's strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses.
The firm's investment portfolio currently includes Aeropostale, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Talbots and Torrid. (AR)
Fibre2Fashion News Desk – India