Sycamore Partners’ $540 Million Acquisition of Certain Brands From Ascena Retail Group

Davis Polk advised Sycamore Partners on the deal.

Sycamore Partners completed the $540 million acquisition by its affiliate, Premium Apparel LLC, of the Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands from Ascena Retail Group, Inc. The transaction is expected to be completed by mid-December 2020.

Sycamore Partners is a private equity firm based in New York that specializes in consumer, retail and distribution investments and partners with management teams to improve the operating profitability and strategic value of their business.

Ascena Retail Group is a national specialty retailer offering apparel, shoes and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT and Lou & Grey) and Plus Fashion segment (Lane Bryant and Cacique).

The Davis Polk corporate team advising Sycamore Partners included partners Brian Wolfe (Picture) and Darren M. Schweiger and associate Michael Gilson. The restructuring team included partners Damian S. Schaible and Angela M. Libby. Partner Pritesh P. Shah provided intellectual property advice. The finance team included partners Jason Kyrwood and J.W. Perry. Partner David H. Schnabel provided tax advice. Partner Brian D. Hirsch provided real estate advice. Partner Adam Kaminsky provided executive compensation advice.

Involved fees earner: Michael Gilson – Davis Polk & Wardwell; Brian Hirsch – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Jason Kyrwood – Davis Polk & Wardwell; Angela Libby – Davis Polk & Wardwell; John Perry – Davis Polk & Wardwell; Damian Schaible – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Darren Schweiger – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Brian Wolfe – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Sycamore Partners;

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Author: Ambrogio Visconti