Sycamore Partners


Sycamore Partners is a private equity firm based in New York specializing in investments through a variety of private equity strategies, most notably leveraged buyouts, distressed buyouts, complex corporate carveouts and debt investments. The firm has more than $15 billion in capital under management.
Some of the investments made by Sycamore Partners include Belk, Inc, Talbots, and Nine West Holdings. The purchase of Staples Inc. for $6.9 billion was announced on June 28, 2017; it was the largest leveraged buyout globally in 2017. Sycamore had an annualized gross return of 60% through end of 2017.

History

Founding

Sycamore Partners was founded in 2011 by Stefan Kaluzny and Peter Morrow. 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.

Notable holdings

In 2011, Sycamore acquired a 51% stake in MGF Sourcing, finally completing the total takeover in 2015.
In 2012 the firm acquired Talbots for $391 million.
In 2013, Sycamore acquired Hot Topic and Torrid for $600 million.
In 2014, the firm acquired Coldwater Creek, Jones New York for $2.2 billion which was then sold to Authentic Brands Group in 2015. Kurt Geiger which was then sold to Cinven in 2015. Sycamore also sold the Stuart Weitzman business to Coach, Inc. in 2015 for $574 million.
In 2015, the firm acquired Belk, Inc for $3 billion, and EMP Merchandising, whilst divesting Pathlight Capital
In 2017, Sycamore's Nine West Holdings acquired Kasper and Sycamore Partners purchased NBG Home. The firm then went onto win the bid for The Limited, bidding $26.8 million. In June 2017, Reuters reported that Staples Inc. had agreed to sell itself for $6.9 billion. Sycamore also sold over 300 Dollar Express stores to rival, Dollar General.