The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
TPG Capital LP and Leonard Green will acquire the retailer’s outstanding common stock.
Specialty apparel retailer J. Crew Group Inc. has a new owner.
This morning the shareholders of J.Crew, No. 50 in the Internet Retailer Top 500 Guide, agreed to be acquired by a group of institutional investors in a deal valued at $3 billion.
The group includes TPG Capital LP affiliates Chinos Holdings Inc., Chinos Acquisition Corp. and Leonard Green & Partners. Under the terms of the deal, TPG, Chinos and Leonard Green will acquire all outstanding shares of common stock for $43.50. The transaction is expected to be finalized next week.
The deal had been in the making since November, but a completion date was delayed as some J. Crew board members requested an 85-day “go shop” period to solicit higher offers.
TPG, formerly known as Texas Pacific Group, has a long history with J. Crew. TPG was the retailer’s single biggest investor prior to going public in 2006. Millard Drexler will continue as chairman and CEO and maintain a significant equity investment in J.Crew, the retailer says.