Seattle — Starbucks Corporation has entered into a definitive agreement to acquire the remaining 50% share of its East China (East China JV) business from joint venture partners, Uni-President Enterprises Corporation (UPEC) and President Chain Store Corporation (PCSC) for approximately $1.3 billion in cash consideration in the largest single acquisition in the company’s history.
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Framingham, Mass., and New York City — On June 29, 2017, Staples, Inc. and Sycamore Partners, a leading private equity firm, entered into a merger agreement in which investment funds managed by Sycamore Partners will acquire Staples for approximately $6.9 billion.
Seattle — Online retail giant Amazon has agreed to acquire high-end grocery chain Whole Foods Market Inc. for $13.7 billion. The all-cash transaction amounts to $42 per share and includes the Austin, Texas-based grocer’s net debt. Whole Foods Market will continue to operate stores under the Whole Foods Market brand. John Mackey will remain CEO of Whole Foods Market, and the company’s headquarters will remain in Austin.
Tacoma, Wash. — Sprague Pest Solutions has acquired TMC Pest Management of Bakersfield, Calif., expanding the fifth-generation company into California and giving it the ability to serve commercial clients from Washington state to Southern California. TMC will operate under the Sprague Pest Solutions brand immediately.
Orlando, Fla. — Darden Restaurants, Inc. has agreed to acquire Cheddar’s Scratch Kitchen (Cheddar’s) for $780 million in an all-cash transaction. Cheddar’s will add to Darden’s portfolio of differentiated brands, which currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.
Boston — Gordon Brothers plans to acquire the Wet Seal retail brand. Launched in 1990, Wet Seal is known for its surf-and-sun aesthetic for fashion-focused teens. The acquisition also includes other brands within the Wet Seal portfolio such as Arden B, Blink, Chic Boutique and several others. The transaction is pending final court approval.
New York City — As expected, Sycamore Partners has acquired The Limited’s brand and other related intellectual property assets for more than $26 million. The Limited had filed for bankruptcy in January and had begun closing all 250 stores. Sycamore plans to reintroduce the brand to the marketplace at a later date.