NRDC Equity Partners

Last updated
NRDC Equity Partners, LLC
Company type Private
Industry Private equity
Founded2005;21 years ago (2005)
Founders Richard A. Baker
Robert C. Baker
William L. Mack
Lee S. Neibart
Headquarters New York City, New York, U.S.
Key people
 Richard A. Baker (Founding Partner)
Website nrdcequity.com

NRDC Equity Partners (NRDC) is an American private investment firm focused on retail, real estate, and consumer branded businesses.

Contents

History

NRDC was founded in 2005 [1] by Robert C. Baker, owner of National Realty & Development Corp; and William L. Mack and Lee S. Neibart, partners of AREA Property Partners. [2]

NRDC has completed five transactions since 2005, totaling almost $5 billion in enterprise values and has invested approximately $1.5 billion of equity for its transactions. NRDC targets transactions ranging from $250 million to $5 billion of enterprise value, requiring total equity investments of $50 million to $1.5 billion. [2] [3]

Portfolio

Current

NRDC's current portfolio includes Retail Opportunity Investments Corporation (ROIC). NRDC formed its real estate investment trust portfolio company, ROIC, through a public equity raise of $414 million completed in October 2009. ROIC focuses on acquiring and growing high quality shopping centers. It has invested over $200 million and has completed/announced 14 transactions as of September 2010. [3]

Former

HBC was a holding company that owned and managed over 57,000,000 square feet (5,300,000 m2) of retail properties located in Canada and the U.S. It operated Hudson's Bay and Zellers department stores across Canada. [4] Home Outfitters, another subsidiary, operated 69 kitchen, bath, and bed superstores across Canada until closing in 2019. [5]

Saks Global operates various department stores and outlet stores in the U.S. including Bergdorf Goodman, Neiman Marcus, Neiman Marcus Last Call, Saks Fifth Avenue and Saks Off 5th. Although a creation of Richard Baker, he is no longer with this company due to its filling of Chapter 11 bankruptcy in early 2026. [6]

NRDC owned Lord & Taylor, operating 50 department stores and four outlet centers located in the U.S. [4] NRDC directly owned the chain from 2006 to 2008, and then through Hudson's Bay Trading from 2008 to 2012 and HBC from 2012 to 2019. The sale of Lord & Taylor to Le Tote Inc. by HBC was announced in August 2019. [7]

From 2015 to 2019 NRDC owned Germany's largest department store chain, Galeria Kaufhof. [8] [9] [10] On April 9, 2024, it was announced that NRDC intends to once again acquire the department store chain which had become known as Galeria Karstadt Kaufhof from the insolvent Signa Holding company. [11]

Other companies NRDC owned in the past included Fortunoff, Gilt Groupe (through HBC) and Linens 'n Things (as a joint venture with Apollo Global Management). [12] [13]

References

  1. ↑ "About NRDC Equity Partners" . Retrieved 2 September 2023.
  2. 1 2 "Bloomberg Businessweek company profile of NRDC Equity Partners". Archived from the original on July 30, 2013. Retrieved 2 September 2012.
  3. 1 2 "NRDC Equity Partners". NRDC Equity Partners. Archived from the original on January 29, 2009.
  4. 1 2 "NRDC Equity Partners announces the acquisition of Hudson's Bay Company". Archived from the original on February 1, 2013. Retrieved 2 September 2012.
  5. ↑ Evans, Pete (Feb 21, 2019). "HBC shutting all 37 Home Outfitters stores across Canada". CBC News. Archived from the original on Oct 1, 2023.
  6. ↑ https://www.reuters.com/business/retail-consumer/saks-globals-architect-richard-baker-walks-away-checkered-legacy-2026-01-14/
  7. ↑ DiNapoli, Jessica; Dowsett, Sonya (August 28, 2019). "Hudson's Bay to sell Lord + Taylor for $100 million". Reuters. Archived from the original on Sep 25, 2020.
  8. ↑ "Galeria Kaufhof". HBC Heritage.
  9. ↑ Hummel, Tassilo; Copley, Caroline (2018-09-11). "Hudson's Bay, Signa form European retail, real estate joint venture". Reuters.
  10. ↑ Seddon Kilbinger, Sara (2019-07-03). "SIGNA takes full control of Galeria Karstadt Kaufhof from Hudson Bay Co. for $1.5bn". Refire.
  11. ↑ Reul, Maarten (9 April 2024). "Galeria Karstadt Kaufhof returns to old owner". retaildetail.eu. Retrieved 9 April 2024.
  12. ↑ https://www.reuters.com/article/world/us/fortunoff-files-for-chapter-11-bankruptcy-idUSTRE5147U5/
  13. ↑ Galang, Jessica (January 7, 2016). "Hudson's Bay to acquire Gilt for $250 million | BetaKit".
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