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A decline in consumer spending may have slowed down retail deals in the U.S., but private equity firms are still excited about jumping into retail deals internationally.
NRDC Equity Partners LLC, the buyout firm that owns the Lord &
Taylor and Fortunoff's department store chains in the northeastern U.S., reportedly is in discussions
to purchase a controlling stake in Canada's largest retailer Hudson
Bay Co., the National Post reported Thursday.
In 2006, the LBO firm acquired a 20% stake in the Canadian department store chain. Rumors of a potential sale began swirling in the Canadian press following the passing of owner Jerry Zucker in April. Given NRDC's recent expansion -- it bought Fortunoff's earlier this year -- and its stake in Hudson Bay, the firm seems like the leading bidder should Anita Zucker choose to sell. Meanwhile, TPG Capital may be teaming up with Wal-Mart Stores Inc. and Carrefour SA to make a play for Russian retail chain Lenta, which is planning a tender for a controlling stake in itself in two weeks. Still not every deal is a success. The Carlyle Group pulled out of
talks with Affinity Equity Partners Ltd. for a secondary buyout of
South Korean cosmetics retailer TheFaceShop, after the two firms couldn't
agree on a price. Bloomberg reports
that the Hong Kong private equity fund and its founder Jung Woon-Ho wanted
at least $400 million for TheFaceShop -- a price Carlyle declined to meet
based on its outlook for the retailer and the South Korean economy. - George
White See National Post story See Reuters story on Lenta See Bloomberg story on TheFaceShop CategoriesPrivate capital video
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