FFG Fashion Roundup 4

Mimi ON Nov 25, 2010 AT 2:37 pm

J. Crew sells

J. Crew sells

By Fashion Foie Gras

J. Crew acquired by TPG Capital and Leonard Green & Partners

The deal has been signed, sealed and delivered. J. Crew Group now has new owners – TPG Capital and Leonard Green & Partners.  The group was reportedly sold for $3 billion, or $43.50 per share (15.5% over Monday’s closing price).  Upon the rumour of a buyout, the stock soared today to $44.25 before being held by the NYSE pending the announcement. 

This is not the first time TPG Capital has held a stock in the company.  In 1997 they owned 88% of the J. Crew group and sold their stake in 2006 when J.Crew went public.  Oh what a tangled web it all is!  

The good news is that Mickey Drexler, the CEO of J Crew, will stay on in his current position and will also retain his stake in the company!

What does this mean for J. Crew overall? Well, I’m right there with you waiting to find out!

Click here to see FFG’s Daily Dream Bag…

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