Jones Group Inc said on Thursday it had agreed to be bought by Sycamore Partners for $15 per share, or $1.2 billion, the latest purchase of a fashion company by the private equity firm. Jones, whose products include luxury shoe brand Stuart Weitzman and Jones New York apparel, said it expects the deal to close in the second quarter of 2014.Including the assumption of Jones' net debt, the deal is worth $2.2 billion. Sycamore, co-founded by Stefan Kaluzny, Sycamore, earlier this year took teen retailer Hot Topic Inc private for $600 million, and last year bought women's apparel chain Talbots Inc for $391 million, including debt.The $15 per share price is a 19 percent premium to share levels in April when media reports surfaced of a possible sale. That is below the 52-week high of $17.78 hit in August, and less than one-third the $47.43 all time high hit in 2001.Jones, which in recent years has shifted its focus to high-end footwear and away from mid-tier clothing, will better be able to help its brands "reach their true potential" as a private company, said Jones CEO Wesley Card.
The Jones Group Inc. (Jones) is a global designer, marketer and wholesaler of over 35 brands with products in apparel, footwear, jeanswear, jewelry and handbags. Shares of JNY fell by 2.15% or $-0.31/share to $14.13. In the past year, the shares have traded as low as $10.42 and as high as $17.78. On average, 1142130 shares of JNY exchange hands on a given day and today's volume is recorded at 1756607.
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