Bluefly Announces Clearlake Capital Purchases 90% of Outstanding Shares
May 23 2013 - 2:18PM
Business Wire
Bluefly, Inc. (NASDAQ Capital Market: BFLY), a leading online
retailer of fashion forward designer brands at superior value,
today announced that an affiliate of Clearlake Capital Group
(“Clearlake”) has purchased approximately 89% of the outstanding
shares of Bluefly Inc. (“Bluefly” or the “Company”) directly from
the Company’s principal stockholders. Clearlake also entered into
an agreement with the Company under which it purchased additional
shares from the Company that, together with the shares acquired
from the Company’s principal stockholders, represent in excess of
90% of the outstanding shares of Bluefly. Pursuant to the same
agreement, Clearlake agreed to acquire the remaining outstanding
shares of common stock of the Company through a short form merger
at a price of $0.10 per share. The Company expects to consummate
the merger as soon as possible following the issuance of the
shares, and in any event within one business day. The Company also
expects that its shares will cease trading on the NASDAQ Capital
Market effective prior to the open of market on May 24, 2013.
Joseph Park, CEO of Bluefly, said, “Clearlake brings an
outstanding team with eCommerce and financial expertise, and they
are dedicated to re-energizing this business and brand at a pivotal
time in our sector. With this transaction, Bluefly will be
well-capitalized and well-positioned for growth, building on its
loyal following and continued strong traffic.”
“Bluefly is a pioneer in offering the best in designer brands
and fashion trends at a value that customers love in an online
environment that is fun to visit and easy to navigate. With a new
operating structure and capital, and Clearlake’s leadership, we
look forward to building on this legacy as we seek to reinvigorate
the Company during a dynamic period in the eCommerce industry,”
said Scott A. Erdman, Bluefly's Chief Merchandising Officer.
About Bluefly, Inc.
Founded in 1998, Bluefly, Inc. is a leading online retailer of
designer brands, fashion trends and superior value. Bluefly is
headquartered in the heart of the Fashion District. In 2011,
Bluefly expanded its portfolio, launching Belle & Clive, a
members-only shopping destination that presents highly-curated
selections of important brands via limited time sale events. For
more information, please visit www.bluefly.com and
belleandclive.com.
About Clearlake Capital
Group
Clearlake Capital Group, L.P. is a private investment firm
focused on special situations and private equity investments such
as corporate divestitures, recapitalizations, buyouts,
reorganizations, turnarounds and other equity investments.
Clearlake seeks to partner with world-class management teams by
providing patient, long-term capital and operational expertise to
invest in dynamic businesses. Clearlake currently manages
approximately $1.4 billion of equity capital, and Clearlake’s
founding principals have led over 50 investments totaling more than
$2.7 billion of capital in sectors including business services,
communication, consumer products/retail, defense/public safety,
energy/power, healthcare, industrials, media, and technology. For
more information, please visit www.clearlakecapital.com.
Forward Looking
Statements
This press release contains forward-looking statements,
including with respect to the acquisition of Bluefly by Clearlake,
the timing of completion of the merger, the timing of cessation of
trading of Bluefly shares on the NASDAQ Capital Market, and the
future business operations of Bluefly. Statements including words
such as "expects," "intends," "will," or similar expressions are
forward-looking statements. Because these statements reflect
Bluefly's current views, expectations and beliefs concerning future
events, these forward-looking statements are not guarantees of
future events and involve risks and uncertainties. Actual results
may be materially different than the results implied or predicted
by the forward looking statements. Forward-looking statements speak
only as of the date they were made. Bluefly assumes no obligation
to publicly update any forward-looking statements, to reflect
events, circumstances or changes in expectations after the date of
this press release.
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