Private equity firm Sycamore Partners has announced the completion of its acquisition of Chico’s FAS in an all-cash transaction valued at approximately US $ 1 billion.
After the acquisition, the clothing group is now a privately held business and a member of KnitWell Group, a holding company the private equity fund established last year and which also owns clothing brands like Loft, Ann Taylor, and Talbots.
“Joining the Sycamore portfolio of leading retail brands marks an important milestone for Chico’s FAS and continues our journey as a customer-led, product-obsessed, digital-first, and operationally excellent company,” said Chico’s FAS CEO and president Molly Langenstein in a statement on the acquisition.
The apparel business, which comprises Chico’s, White House Black Market, and Soma, has now been fully acquired. In September of last year, it was revealed that Sycamore Partners had attempted to buy the garment group for US $ 1 billion.
“Completing this transaction represents the beginning of an exciting new chapter for the company’s three iconic brands — Chico’s, White House Black Market, and Soma,” said Stefan Kaluzny, managing director of Sycamore Partners, in a statement.
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