Primary.com, which launched today, is working directly with manufacturers in an attempt to sell products at lower prices than traditional retail brands.
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.