Melanie Teed-Murch has been with the retail chain since 1996.
Bain would acquire all outstanding shares at $65.40 per share.
Multichannel children’s apparel retailer The Gymboree Corp. is going private.
This morning investment banking firm Bain Capital Partners LLC announced plans to acquire Gymboree, Number 301 in the Internet Retailer Top 500 Guide, in a stock deal valued at $1.8 billion.
Under the specific terms of the transaction Bain will acquire all outstanding shares of Gymboree’s stock for about $65.40 per share. The deal, which has been approved by Gymboree’s board of directors, is expected to close by the end of the year.
“Gymboree is a company with incredible brand strength and a large population of extremely satisfied customers," says Bain Capital managing director Jordan Hitch. Bain has secured an unidentified amount of financing from Credit Suisse and Morgan Stanley to complete the deal, the company says.
Gymboree has employed Goldman, Sachs & Co. as financial advisor to its board. Peter J. Solomon Co. served as a financial advisor to Gymboree for the deal.
Gymboree, which sells online at Gymboree.com, Crazy8.com and JanieandJack.com, operates a network of about 953 retail stores in the U.S. and Canada.