 | |
| Company type | Private |
|---|---|
| Industry | Private equity |
| Founded | 2011 |
| Founders | Stefan Kaluzny Peter Morrow |
| Headquarters | Solow Building, , |
Key people | Stefan Kaluzny Peter Morrow |
| Products | Leveraged buyouts, special situations, distressed buyouts |
Number of employees | 11–50 [1] |
| Website | sycamorepartners |
Sycamore Partners is a private equity firm based in New York specializing in retail and consumer investments. The firm has approximately $10 billion in aggregate committed capital. [2]
| History of private equity and venture capital |
|---|
 |
| Early history |
| (origins of modern private equity) |
| The 1980s |
| (leveraged buyout boom) |
| The 1990s |
| (leveraged buyout and the venture capital bubble) |
| The 2000s |
| (dot-com bubble to the credit crunch) |
| The 2010s |
| (expansion) |
| The 2020s |
| (COVID-19 recession) |
Sycamore Partners was founded in 2011 by Stefan Kaluzny and Peter Morrow. [3] Before Sycamore, Kaluzny was a managing partner at Golden Gate Capital and was employed since the firm's inception. Prior to joining Golden Gate, he co-founded Delray Farms, Inc. and also served as its chief executive officer. Kaluzny received a BA from Yale University and an MBA from Harvard Business School. Morrow served as a Principal at Golden Gate before co-founding Sycamore. Peter Morrow received a BA from Stanford University and an MBA from Stanford Graduate School of Business.
In 2011, Sycamore acquired a 51% stake in MGF Sourcing, finally completing the total takeover in 2015. [7]
In 2012, the firm acquired Talbots for $391 million. [8]
In 2013, Sycamore acquired Hot Topic and Torrid for $600 million. [9]
In 2014, the firm acquired Coldwater Creek. [10] The firm also acquired Jones New York in 2014, for $2.2 billion, [11] which was then sold to Authentic Brands Group in 2015. [12] Kurt Geiger [13] which was then sold to Cinven in 2015. [14] Sycamore also sold the Stuart Weitzman business to Coach, Inc. in 2015 for $574 million. [15]
In 2015, the firm acquired Belk, Inc for $3 billion, [16] and EMP Merchandising, [17] whilst divesting from Pathlight Capital. [18]
In 2017, Sycamore's Nine West Holdings acquired Kasper. [19] and Sycamore Partners purchased NBG Home. [20] The firm then went onto win the bid for The Limited, bidding $26.8 million. [21] In June 2017, Reuters reported that Staples Inc. had agreed to sell itself for $6.9 billion. [22] Sycamore also sold over 300 Dollar Express stores to rival, Dollar General. [23]
In July 2020, it was announced that Sycamore Partners had made a $1.75B offer to acquire department store chain and competitor JCPenney out of bankruptcy, and would rebrand 250 JCPenney stores to the Belk name, to help the chain compete directly with Macy's. Under the plan, the remaining JCPenney stores will be liquidated. [24] The plan was not selected. [25]
In January 2021, Sycamore Partners bought Azamara Cruises from the Royal Caribbean Group. [26]
On March 16, 2022, it was announced the Sycamore and Hudson's Bay Company are preparing bids to buy Kohl's. [27]
On November 3, 2022, Lowe's announced that it has entered into a definitive agreement to sell its Canadian retail business to Sycamore Partners. [28]
On September 28, 2023, Sycamore signed an agreement to acquire Fort Myers, FL based Women's apparel retailer Chico's FAS for $938.1 Million. As of July 29, 2023 Chico's runs 1,258 U.S. stores, and sells through 58 franchise locations in Mexico and two domestic airport franchises. [29]
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $11.9 billion in revenue in 2021, and was listed as 248 on the 2020 Fortune 500 list of largest United States companies by revenue.
Nielsen Holdings plc is an American information, data and market measurement firm. Nielsen operates in over 100 countries and employs approximately 44,000 people worldwide.
Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with nearly 300 locations in 16 states. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings, and a wedding registry.
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EMP Merchandising, also known as Large Popmerchandising, is a German-based music mail order and merchandising store. The abbreviation EMP stands for Exclusive Merchandise Products. The company distributes a quarterly catalog to customers. In a 2003 report, the Osnabrück Chamber of Commerce considered the company to be the largest mail order business for hard rock and heavy metal music in Germany. In September 2018, Warner Music Group acquired EMP from Sycamore Partners.
The Limited is an American clothing brand sold exclusively through Belk. The Limited began with operating retail stores between the early 1960s and the late 2010s. In 2017, it became a brand owned by the private equity firm Sycamore Partners.
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Kurt Geiger is a luxury British footwear and accessories brand. Kurt Geiger has around 70 stores, and multiple concessions within department stores, including Harrods and Selfridges. Kurt Geiger owns three brands Kurt Geiger London, KG Kurt Geiger and Carvela, created by its in-house team.
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Azamara is a cruise line based in Miami, Florida, that operates four cruise ships on worldwide itineraries.
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