Jo Ann's buyout?
12-24-2010, 04:12 PM
#51
Senior Member
Join Date: Oct 2010
Location: Western Slope, Colorado
Posts: 354
Originally Posted by katier825
Companies: Jo-Ann Stores (JAS) said Thursday it was being acquired by private-equity firm Leonard Green & Partners for $1.6 billion, or $61 per share in cash. The stock surged by 33% in early trading.
12-24-2010, 04:16 PM
#52
Super Member
Join Date: May 2010
Location: Somewhere neat!
Posts: 1,146
Originally Posted by C.Cal Quilt Girl
Wow that's very interesting... may have some good results.
Hopefully will help with the whole, so much on sale can't use the coupon. Are generally profitable retailers, all we can do is watch and see.
Hopefully will help with the whole, so much on sale can't use the coupon. Are generally profitable retailers, all we can do is watch and see.
I think the buy-out might be a good/stimulating thing - will have to wait and see. Happy Holidays everyone.
Marysewfun
12-24-2010, 04:34 PM
#53
Member
Join Date: Sep 2010
Location: Nebraska
Posts: 72
I looked it up. LGP investments own the following: Whole Foods, Petco, Tourneau watches, Sports Authority, Rite Aid, Neman Marcus, Equinox, DelTaco, David's Bridal and The Container Store. Good Grief. They have $9 billion in equity capital.
12-24-2010, 06:01 PM
#55
Super Member
Join Date: Mar 2010
Location: Texas
Posts: 2,281
Leonard Green & Partners is a private equity firm specializing in leveraged buyout transactions, particularly of middle market companies. As of 2010, the firm had with approximately $9 billion in assets under management.
The firm, which was founded in 1989 has approximately 22 employees based in its Los Angeles, California offices.
As of 2010, Leonard Green had completed investments in 52 companies with aggregate value of $44 billion, since its founding in 1989. Among the firm's historical investments are the following:
Rite Aid, 1999[4]
Big 5 Sporting Goods, 1992
Petco, (2000, 2006) Leonard Green and TPG Capital invested $200 million to acquire the pet supplies retailer as part of a $600 million buyout. Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco’s market value more than doubled by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion.[5][6]
Sports Authority, February 2003[7][8]
Varsity Brands Inc., April 2003.[9]
FTD Group, Inc., October 2003. Leonard Green announced a $445.4 million going private acquisition of FTD in which the firm invested $179.0 million. On February 8, 2005, FTD completed an initial public offering.[10]
David's Bridal, November 2006[11]
Priscilla of Boston, April 2007[12]
The Container Store, July 2007[13]
Whole Foods Market, November 2008[14]
In Dec 2010, besides JoAnn's, Green also bought J. Crew. This seems to be a trend in the last decade - with Wilbur Ross and other equity firms, domestic and foreign, buying up every automotive supplier they can put their hands on. Now, spread that over into every other industry, and you can see why some people are so alarmed. But that's probably more than you wanted to know. I suspect JoAnn's will keep right on running, with less emphasis on quality than ever before.
The firm, which was founded in 1989 has approximately 22 employees based in its Los Angeles, California offices.
As of 2010, Leonard Green had completed investments in 52 companies with aggregate value of $44 billion, since its founding in 1989. Among the firm's historical investments are the following:
Rite Aid, 1999[4]
Big 5 Sporting Goods, 1992
Petco, (2000, 2006) Leonard Green and TPG Capital invested $200 million to acquire the pet supplies retailer as part of a $600 million buyout. Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco’s market value more than doubled by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion.[5][6]
Sports Authority, February 2003[7][8]
Varsity Brands Inc., April 2003.[9]
FTD Group, Inc., October 2003. Leonard Green announced a $445.4 million going private acquisition of FTD in which the firm invested $179.0 million. On February 8, 2005, FTD completed an initial public offering.[10]
David's Bridal, November 2006[11]
Priscilla of Boston, April 2007[12]
The Container Store, July 2007[13]
Whole Foods Market, November 2008[14]
In Dec 2010, besides JoAnn's, Green also bought J. Crew. This seems to be a trend in the last decade - with Wilbur Ross and other equity firms, domestic and foreign, buying up every automotive supplier they can put their hands on. Now, spread that over into every other industry, and you can see why some people are so alarmed. But that's probably more than you wanted to know. I suspect JoAnn's will keep right on running, with less emphasis on quality than ever before.
12-24-2010, 07:16 PM
#59
Super Member
Join Date: Feb 2010
Location: Lake Orion, Mich
Posts: 1,630
I did hear this on the news, but other than that... don't know. It will be interesting to see how much the prices go up now.
When I was in my local JoAnn's last week, I was getting some fabric cut and asked the gal if I could get a remnant that was laying on the counter (hadn't been wrapped in their paper yet)
She says, I can't sell it to you until my manager checks it to see if it's measured right. They did end up calling the manager to get the okay to let me buy it, but I thought that was a bit extreme - now it makes sense - they were going to take the buy out.
When I was in my local JoAnn's last week, I was getting some fabric cut and asked the gal if I could get a remnant that was laying on the counter (hadn't been wrapped in their paper yet)
She says, I can't sell it to you until my manager checks it to see if it's measured right. They did end up calling the manager to get the okay to let me buy it, but I thought that was a bit extreme - now it makes sense - they were going to take the buy out.
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