J.Crew Bought by L.A.-Based Investment Group
New York–based J.Crew inked an acquisition deal with TPG Capital and Leonard Green & Partners L.P. valued at $3 billion.
Based in Los Angeles, private-investment firm Leonard Green & Partners has retail investments in several companies, including Neiman Marcus Group and David’s Bridal. TPG Capital, which also counts Neiman Marcus in its investment portfolio, has offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. The company has been a J.Crew investor since 1997.
J.Crew Chairman and Chief Executive Officer Millard “Mickey” Drexler will remain in his position, as will President Jenna Lyons.
“J.Crew’s strong brand equity and proven multichannel strategy position the company extremely well to expand its business, both in the U.S. and internationally,” said Jonathan Sokoloff, managing partner of Leonard Green & Partners, in a statement about the deal.—Alison A. Nieder
