In 1997, Josh Weston persuaded the founder of J. Crew Group Inc. to sell the company to TPG Capital. Now, he’s heading the special board committee that approved TPG’s offer to again buy the apparel retailer.
Sears Holdings Corp. and Urban Outfitters Inc . are weighing rival bids for clothing retailer J. Crew Group Inc. in a potential challenge to TPG Capital and Leonard Green & Partners LP’s $3 billion buyout, said three people with knowledge of the matter.
Mickey Drexler put $10 million of his own money into J. Crew Group Inc. when he took over its top job in 2003. As he overhauled the New York retailer, he personally reviewed every item of clothing sold, every model in the catalog and every new employee.
J. Crew Group Inc. agreed to be acquired by TPG Capital and Leonard Green & Partners in a transaction valued at about $3 billion, giving the buyout firms the New York-based retailer’s namesake and Madewell brands.
J. Crew Group Inc. and the two private-equity firms buying the retailer agreed to pay $16 million to resolve investor lawsuits over the deal, reviving a previous settlement that had collapsed, court papers show.
J. Crew Group Inc. agreed to be purchased by funds affiliated with TPG Capital and Leonard Green & Partners LP for $43.50 per share in cash, or about $3 billion. The price represents a premium of 29 percent to J. Crew’s average closing share price over the last month.