NRDC and Apollo pay $1.2b to buy Lord & Taylor chain.Purchase, NY-based NRDC NRDC Natural Resources Defense Council NRDC National Research and Development Centre (Institute of Education, London) NRDC National Realty & Development Corp. Equity Partners has entered into an agreement to acquire the 48-store Lord & Taylor retail chain from Federated Connected and treated as one. See federated database and federated directories. Department Stores for $1.2 billion in cash. NRDC Equity Partners, LLC is a joint venture between Robert C. Baker Robert C. Baker (December 29, 1921 - March 13, 2006), was the inventor of the chicken nugget, and a member of the American Poultry Hall of Fame. Education and Richard A. Baker For the Historian of the United States Senate, see . Richard A. "Rick" Baker (born December 8, 1950 in Binghamton, New York, U.S.) is a Hollywood special makeup effects artist known for his realistic creature effects. He is the winner of 6 Academy Awards for Best Makeup. , principals of National Realty & Development Corp. and William Mack and Lee Neibart, partners of Apollo Real Estate Advisors, L.P. The principals of NRDC have completed transactions in excess of $50 billion. Richard Baker, president of NRDC Equity Partners said, "The Lord & Taylor acquisition furthers NRDC's strategy of acquiring great companies that have a strong brand and a valuable real estate platform." In February of this year, NRDC also acquired Linens 'n Things Linens 'n Things, Inc., headquartered in Clifton, New Jersey, is the second-largest large-format retailers of home textiles, housewares and decorative home accessories in the United States, behind Bed Bath & Beyond. in partnership with Apollo Management, L.P. Founded in 1826, Lord & Taylor was acquired by the May Department Stores The May Department Stores Company was a department store chain founded in 1877 by David May in Leadville, Colorado. Its headquarters moved to St. Louis, Missouri in 1905, and the company went public in 1911. Company in 1986. On August 30, 2005, Federated Department Stores acquired Lord & Taylor as part of its merger with May Department Stores Company. "Lord & Taylor has been an iconic national brand for 180 years. We be lieve there is significant opportunity to continue the revitalization of the brand begun in 2003 by Jane Elfers and her management team," Baker said. "Jane will remain in her current role as president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and we are extremely fortunate to be able to benefit from her continued leadership." "We are looking forward to working with NRDC and exploring new options for the Lord & Taylor brand going forward," Elfers said. Robert Baker, NRDC principal, said NRDC's strategy going forward will be to leverage the strong Lord & Taylor brand with its existing management and store teams to continue operating Lord & Taylor as an upscale fashion retailer. The real estate portfolio is being reviewed and no decisions have been made on any individual stores. Tri-Artisan Partners LLC and Bear Stearns & Co., Inc. served as financial advisors for NRDC Equity Partners throughout the transaction. Stroock & Stroock & Lavan LLP served as legal counsel. Goldman Sachs, JPMorgan and the law firm of Jones Day represented Federated. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion