Ascena Retail signs asset purchase agreement with Sycamore
November 30, 2020 - United States Of America
Ascena Retail Group recently announced entering into an asset purchase agreement (APA) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specialising in consumer, retail and distribution investments, to sell Ascena’s Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands.
Premium Apparel will acquire the brand assets for a purchase price of $540 million, on a cash-free and debt-free basis, subject to certain adjustments, and the assumption of certain liabilities.
Under the APA, Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with these brands, according to a press release from the Ascena Retail Group.
The transaction is expected to be completed by mid-December.