Sycamore Partners

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]

Sycamore Partners
TypePrivate
IndustryPrivate equity
Founded2011 (2011)
FoundersStefan Kaluzny
Peter Morrow
HeadquartersSolow Building,
New York City, New York
,
U.S.
Key people
Stefan Kaluzny
Peter Morrow
ProductsLeveraged buyouts, special situations, distressed buyouts
Number of employees
11-50[1]
Websitesycamorepartners.com

History
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)

Founding

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.

Holdings

Current

Former

Recent investments

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]

References
  1. "Sycamore Partners". LinkedIn. Retrieved March 16, 2023.
  2. "Sycamore to recapitalize and retain control of retailer Belk". PE Hub. January 26, 2021.
  3. "Why the Wall Street dealmaker who bought Charlotte's Belk is betting on retail". The Charlotte Observer. May 22, 2017.
  4. "Newell Brands Completes Divestitures of Pure Fishing and Jostens". Retrieved 2018-11-25.
  5. "Investments". Sycamore Partners. Retrieved May 15, 2018.
  6. "Done Deal: Ascena Retail sells Ann Taylor, other brands to Sycamore". chainstoreage.com. Retrieved 2021-03-04.
  7. "OUR COMPANY – MGF Sourcing". www.mgfsourcing.com. Retrieved 2017-06-29.
  8. Partners, Sycamore. "Sycamore Partners Completes Acquisition Of Talbots". www.prnewswire.com. Retrieved 2017-06-29.
  9. Merced, Michael J. de la (March 7, 2013). "Sycamore Partners to Buy Hot Topic for $600 Million". DealBook. Retrieved 2017-06-29.
  10. Partners, Sycamore. "Sycamore Partners Acquires Coldwater Creek Intellectual Property". www.prnewswire.com. Retrieved 2017-06-29.
  11. Partners, Sycamore. "Sycamore Partners Completes Acquisition Of The Jones Group". www.prnewswire.com. Retrieved 2017-06-29.
  12. Collings, Richard (2015-04-24). "Authentic Brands Acquires Jones New York Apparel Brand From Sycamore Partners". TheStreet. Retrieved 2017-06-29.
  13. Torrid, Sycamore Partners, Private equity, Sycamore private equity, Retail investment, Retail private equity, Consumer investment, Consumer private equity, Sycamore investment, Retail capital, Consumer capital, Stefan Kaluzny, Peter Morrow, Belk, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, Kasper, MGF Sourcing, Nine West, Talbots. "Private Equity | Retail | Sycamore Partners". www.sycamorepartners.com. Retrieved 2017-06-29.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. Bray, Chad (2015-12-14). "Kurt Geiger, British Footwear Maker, in Another Private Equity Deal". The New York Times. ISSN 0362-4331. Retrieved 2017-06-29.
  15. Kell, John. "Coach to pay $574 million for shoemaker Stuart Weitzman". Fortune. Retrieved 2017-06-29.
  16. "Sycamore Partners completes purchase of Belk". charlotteobserver. Retrieved 2017-06-29.
  17. Partners, Sycamore. "Sycamore Partners Acquires E.M.P. Merchandising, Germany-Based Multi-Channel Retailer". www.prnewswire.com. Retrieved 2017-06-29.
  18. Torrid, Sycamore Partners, Private equity, Sycamore private equity, Retail investment, Retail private equity, Consumer investment, Consumer private equity, Sycamore investment, Retail capital, Consumer capital, Stefan Kaluzny, Peter Morrow, Belk, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, Kasper, MGF Sourcing, Nine West, Talbots. "Private Equity | Retail | Sycamore Partners". sycamorepartners.com. Retrieved 2017-06-29.{{cite web}}: CS1 maint: multiple names: authors list (link)
  19. Inc., Nine West Holdings. "Nine West Holdings to Acquire the Kasper Group". www.prnewswire.com. Retrieved 2017-06-29. {{cite web}}: |last= has generic name (help)
  20. Partners, Sycamore. "Sycamore Partners Acquires NBG Home". www.prnewswire.com. Retrieved 2017-06-29.
  21. "Exclusive: Sycamore Partners wins bankruptcy auction for The Limited - sources". Reuters. February 21, 2017. Retrieved 2017-06-29.
  22. Hirsch, Lauren (29 June 2017). "Staples in $6.9 billion sale to private equity firm Sycamore". Uk.reuters.com. Retrieved 7 June 2018.
  23. "Dollar General scooping up 323 former Family Dollar stores". Retail Dive. Retrieved 2017-06-29.
  24. Fickenscher, Lisa. "Private-equity firm Sycamore poised to buy J.C. Penney, merge it with North Carolina chain Belks; Penney brand likely to vanish". MarketWatch. Retrieved 2020-11-25.
  25. "J.C. Penney's sale approved by bankruptcy court". MarketWatch. Associated Press. Retrieved 2020-11-25.
  26. "Royal Caribbean Group is shrinking its fleet, selling Azamara to private equity firm". Miami Herald. January 19, 2021.
  27. Thomas, Lauren (2022-03-16). "Kohl's shares jump 17% after reports say Hudson's Bay, Sycamore are preparing bids". CNBC. Retrieved 2022-05-10.
  28. Partners, Sycamore (2022-11-02). "Lowe's Announces Sale of Canadian Retail Business to Sycamore Partners". www.prnewswire.com. Retrieved 2022-11-02.
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