Sycamore Partners today announced that TLB Merger Sub Inc. (an affiliate of Sycamore Partners) has completed its acquisition of The Talbots, Inc., following the previously announced completion of its tender offer on August 3, 2012. The transaction is valued at approximately $391 million, including net debt.
"We are pleased to have completed this acquisition and are ready to deliver on the promise of executing on the significant potential inherent in Talbots, which remains a premier, storied brand," said Stefan Kaluzny, a Managing Director of Sycamore Partners. "Building on its 65 years of history, we will restore the Talbots brand and the Company's heritage as a leading retailer of traditional women's apparel, shoes and accessories. We are looking forward to what we know will be a long and successful partnership."
Sycamore Partners also announced that it has appointed a senior executive team at Talbots with considerable experience in merchandising, marketing, finance and operations. Michael Archbold, previously President and Chief Operating Officer of the Vitamin Shoppe, has been named Chief Executive Officer and Chief Financial Officer. Lizanne Kindler, previously Executive Vice President of Product Development at Kohl's Department Stores, has been named President. A former Executive Vice President of Merchandising at Talbots, she will be responsible for product development, merchandising and marketing. Michele Mandell, a 26-year veteran of Talbots and formerly the Executive Vice President of Stores at the Company, has been appointed Chief Operating Officer.
"Talbots is a classic, American fashion retail brand with a strong foundation and an iconic reputation in women's retail," said Michael Archbold, CEO and CFO of Talbots. "By restoring the Company's focus on Talbots' classic styling, we will be able to reconnect with the Company's historical customer base. Lizanne, Michele and I look forward to working closely with the other members of the Talbots' leadership team and the Company's more than 8,000 committed and hard-working associates to reestablish the brand as the category leader."
He continued, "We could not have a better partner than the team at Sycamore. Their knowledge of the retail sector is unparalleled."
Mr. Kaluzny said, "We are excited that Mike, Lizanne and Michele are joining Talbots. They are all veteran retailers and together have extensive financial, merchandising, product development, marketing and operational skills that will be invaluable as we move to better position Talbots for long-term, positive growth. I appreciate the contributions made by Trudy Sullivan and her colleagues, and look forward to working with the entire Talbots team to continue serving Talbots' loyal customers."
Talbots' headquarters will remain in Hingham, Massachusetts, and the Company expects to maintain all of its other offices. As a result of the completion of the merger, the common stock of the Company is no longer listed for trading on the New York Stock Exchange.
Perella Weinberg Partners LP acted as financial advisor to Talbots and White & Case LLP acted as its legal counsel. Bank of America Merrill Lynch acted as financial advisor to Sycamore Partners and Winston & Strawn LLP and the Law Offices of Gary M. Holihan, P.C. acted as its legal counsel.
The Talbots transaction is the second investment by Sycamore, which has more than $1 billion in capital under management. In November 2011, Sycamore acquired a controlling interest in Mast Global Fashions from Limited Brands, Inc.
Michael G. Archbold
Mike Archbold has more than 25 years of strategic, financial, and operating experience in the retail industry. He most recently served as President and Chief Operating Officer of the Vitamin Shoppe. Previously he served as Executive Vice President and Chief Financial and Administrative officer of Saks Fifth Avenue, as well as Chief Financial Officer for AutoZone. He currently serves on the board of directors of Express, Inc.
Lizanne Kindler is an accomplished merchant with experience in both store-based and online retailing. Most recently she served as the Executive Vice President of Product Development at Kohl's Department Stores. Ms. Kindler was Executive Vice President at The Talbots, Inc. from 2008 to 2010. She previously held a variety of merchandising roles at Ann Taylor.
Over a 26-year period, Michele Mandell held a variety of positions at Talbots, including Regional Manager, Senior Vice President and Executive Vice President. She retired from the Company in 2008. Earlier in her career she held a buying and manager position at Price's of Oakland and was a women's sportswear buyer at A.E. Troutman Co.
The Talbots, Inc. is a leading specialty retailer and direct marketer of women's apparel, shoes and accessories. At the end of the second quarter 2012, the Company operated 516 Talbots stores in 46 states and Canada. Talbots brand on-line shopping site is located at www.talbots.com.
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $1 billion in capital under management. The founders of Sycamore have a long history of partnering with management teams to improve the operating profitability and strategic value of their businesses. They work with companies they believe have significant growth potential, particularly when given the capital and outside expertise they need to succeed.
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