Funds Advised by Apax Partners Complete Acquisition of rue21
10 Ottobre 2013 - 7:00PM
Business Wire
rue21, inc. (NASDAQ:RUE) (“rue21” or the “Company”), a leading
specialty apparel retailer of girls and guys apparel and
accessories, and Apax Partners, a global private equity firm, today
announced the completion of the acquisition of rue21 by funds
advised by Apax Partners for $42.00 per share in cash.
As previously announced, the transaction was approved at a
special meeting of stockholders held on September 19, 2013.
Pursuant to the terms of the merger agreement dated May 23, 2013,
funds advised by Apax Partners have now acquired all of the
outstanding shares of rue21. As a result, rue21 stock will cease
trading on the NASDAQ Stock Market effective today.
Stockholders will not have to take any action to receive the
merger consideration, as the exchange of their shares for the
merger consideration will be handled by the bank or broker.
Perella Weinberg Partners acted as financial advisor to the
Special Committee of the rue21 Board of Directors. Kirkland &
Ellis LLP and Potter Anderson & Corroon LLP acted as legal
advisors to the Special Committee. J.P. Morgan Securities LLC (lead
advisor), BofA Merrill Lynch and Goldman Sachs provided financial
advice to Apax. Committed debt financing for the transaction is
being provided by BofA Merrill Lynch, J.P. Morgan and Goldman
Sachs. Simpson Thacher & Bartlett LLP and Richards, Layton and
Finger, P.A. acted as legal advisors to Apax Partners. Ropes &
Gray LLP acted as legal advisor to the SKM funds.
About rue21, inc.
rue21 is a leading specialty apparel retailer offering exclusive
branded merchandise and the newest trends at a great value. rue21
currently operates 982 stores in 47 states. Learn more at
www.rue21.com.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates globally and has more than 30 years
of investing experience. Funds under the advice of Apax Partners
total over $40 billion. These Funds provide long-term equity
financing to build and strengthen world-class companies.
Over the past 10 years, funds advised by Apax have invested
approximately $6.3 billion of equity in retail and consumer
businesses. Apax has extensive experience in fashion apparel,
footwear and accessories through current and previous investments
including Tommy Hilfiger Corporation, an apparel retail company and
one of the world's leading lifestyle brands, which was acquired by
PVH Corp. Apax also partnered with PVH in the company's successful
acquisition of Calvin Klein. Other fund investments include
Advantage Sales & Marketing, the premier outsourced sales and
marketing services provider to consumer packaged goods companies
and retailers in North America, and Cole Haan, a leading designer
and retailer of premium footwear and related accessories.
Internationally, funds advised by the firm are currently invested
in New Look, a UK-based value fashion retailer and Takko, a value
apparel retailer operating in Germany, Central Europe and Russia.
Notable investments in retail and consumer businesses by Apax
include Dollar Tree, Children's Place, Bob's Discount Furniture,
Sunglass Hut, Charlotte Russe, Tommy Bahama, Hibbett Sporting
Goods, Teavana, Ollie's Bargain Outlet, Comark, CBR, Lifetime
Fitness, Spyder Active Sports, Miller’s Ale House and Café Rio.
Forward-Looking Statements
This release may include predictions, estimates and other
information that might be considered forward-looking statements,
including, without limitation, statements relating to the
completion of this transaction. These statements are based on
current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially from those
anticipated as a result of various factors, including: (1)
conditions to the closing of the transaction may not be satisfied;
(2) the transaction may involve unexpected costs, liabilities or
delays; (3) the business of rue21 may suffer as a result of
uncertainty surrounding the transaction; (4) the outcome of any
legal proceedings related to the transaction; (5) rue21 may be
adversely affected by other economic, business, and/or competitive
factors; (6) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
transaction agreement; (7) the ability to recognize benefits of the
transaction; (8) risks that the transaction disrupts current plans
and operations and the potential difficulties in employee retention
as a result of the transaction; and (9) other risks to consummation
of the transaction, including the risk that the transaction will
not be consummated within the expected time period or at all.
Additional factors that may affect the future results of rue21 are
set forth in its filings with the SEC, including its Annual Report
on Form 10-K for the year ended February 2, 2013, which is
available on the SEC's website at www.sec.gov. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date thereof. Except as
required by applicable law, rue21 undertakes no obligation to
update forward-looking statements to reflect events or
circumstances after the date thereof.
For rue21Sard Verbinnen & CoGeorge Sard/Andrew
Cole/Brooke GordonTel: 212-687-8080Email: bgordon@sardverb.comICR,
IncJoseph Teklits/Jill GaulTel: 203-682-8200Email:
jteklits@icrinc.comEmail: jill.gaul@icrinc.comFor Apax
PartnersApax PartnersSarah RajaniTel: +44 (0)20 7872 6573Email:
sarah.rajani@apax.comUS inquiriesKekst and CompanyTodd
FogartyTel: +1-212-521-4854Email: todd-fogarty@kekst.com
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