Talbots, a specialty women’s retailer, and Sycamore Partners today announced that they have entered into an agreement whereby Sycamore Partners will acquire all the outstanding common stock of the company for $2.75 per share in cash. The transaction is valued at approximately $369 million, including debt and other adjustments. “We believe in the Talbots brand and its more than 8,000 associates,” said Stefan Kaluzny, a Managing Director of Sycamore Partners. “We look forward to a long and successful partnership with Talbots serving its many loyal customers.”
Talbots is a specialty retailer and direct marketer of women’s apparel, shoes and accessories. The company operates 516 Talbots stores in the US and Canada. Its direct marketing operation circulated 15 Talbots brand catalogs in 2011 reaching a worldwide circulation of approximately 41 million. The company was founded in 1947 and is based in Hingham, MA (www.talbots.com).
Sycamore Partners makes equity investments in consumer and retail businesses. The firm is based in New York, NY (www.sycamorepartners.com).
Perella Weinberg Partners is acting as financial advisor to Talbots and White & Case is acting as its legal counsel. Bank of America Merrill Lynch is acting as financial advisor to Sycamore Partners and Winston & Strawn and the Law Offices of Gary M. Holihan are acting as its legal counsel.