Jones Group, parent company of Kurt Geiger, has been bought out by private equity firm Sycamore Partners for $1.2bn (£733m).
The deal for the publicly-listed footwear business totals $2.2bn (£1.34bn) including net debt, with shareholders receiving $15 per share and was unanimously agreed by Jones’ board of directors.
As well as Kurt Geiger, the businss owns Nine West, Jones New York and Carvela, as well as many others.
Jones chief executive Wesley Card said: “This transaction is a result of diligent analysis and thoughtful strategic deliberations over many months with the assistance of our advisors. This all-cash transaction delivers immediate and compelling value to our shareholders. Sycamore Partners is an experienced investor in the retail sector, and, as a private company, Jones will have the flexibility to help our brands reach their true potential. We look forward to continuing to deliver exceptional products that resonate with our customers.”
Group founder and board chairman Sidney Kimmel said: “We are pleased to have reached this agreement, which we believe is a positive development for all of our stakeholders. This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands. I am proud of our heritage and believe The Jones Group’s brands will thrive through our partnership with Sycamore.”