New York and Charlotte, N.C. — Sycamore Partners has completed its acquisition of Belk, Inc.
“We are excited to have completed this acquisition and to begin our partnership with Belk,” says Stefan Kaluzny, managing director of Sycamore Partners. “The company has developed a loyal base of customers over its 127-year history, and we believe Belk is positioned for continued growth and success.”
“We are very pleased to complete this transaction with Sycamore Partners, which delivers meaningful value to all our stakeholders,” says Tim Belk, chief executive officer of Belk, Inc. “Our partnership with Sycamore will contribute to Belk’s continued success, and we look forward to leveraging Sycamore’s deep knowledge of the retail market to best serve our dedicated customers and provide even greater opportunities for our valued team members.”
As previously announced, under the terms of the transaction, Tim Belk is continuing to serve as CEO of Belk, and the company continues to be headquartered in Charlotte, N.C.
Goldman, Sachs & Co. acted as financial advisor and King & Spalding LLP acted as legal advisor to Belk. BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sycamore Partners.
Charlotte, N.C.-based Belk, Inc. is the nation’s largest family owned and operated department store company with 296 Belk stores located in 16 Southern states. Founded in 1888 by William Henry Belk in Monroe, N.C., the company is in the third generation of Belk family leadership.
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm’s investment portfolio currently includes Aeropostale, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Talbots and Torrid.
SOURCE: Belk, Inc.