Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Neel Grover takes over as Bluefly gains new ownership.
Bluefly Inc. has new leadership along with its new ownership.
Former Buy.com CEO and president Neel Grover takes over as CEO and co-chairman of the web-only apparel retailer, which launched in 1998. He joins former colleague Greg Giraudi, who worked as Buy.com’s chief operating officer and now becomes Bluefly president and director.
Bluefly, No. 206 in the Internet Retailer Top 500 Guide, also said this week that Clearlake Capital Group has completed its acquisition of the e-retailer. Giraudi works as an operating advisor for Clearlake and Grover as executive operating partner.
“Bluefly is a pioneer in the fashion e-commerce space and will greatly benefit from a fresh strategy and renewed sponsorship from Clearlake,” Grover says. “With 4 million customers and 35 million unique visitors, the company has a great foundation.”
About a year has passed since Grover left Buy.com, which by then had become part of Rakuten Inc., a Japan-based operator of online retail marketplaces that acquired Buy for $250 million in 2010. Since then Grover has served on the boards of Rakuten and Coastal Contacts Inc., No. 123 in the Top 5600, according to his LinkedIn profile.
Grover joined Buy.com in 2003.
Clearlake bought Bluefly amid the retailer’s mounting financial troubles. They included a delayed financial report, a $24.9 million net loss in 2012 and a lack of profit since 2008.