NRDC to Acquire Lord & Taylor
June 22 2006 - 12:15PM
PR Newswire (US)
PURCHASE, N.Y., June 22 /PRNewswire/ -- NRDC Equity Partners has
entered into an agreement to acquire the 48-store Lord & Taylor
retail chain from Federated Department Stores (NYSE:FD) for $1.2
billion in cash. The transaction is anticipated to close in the
third quarter of 2006. NRDC Equity Partners, LLC is a partnership
between the principals of Apollo Real Estate Advisors, L.P. and the
principals of National Realty & Development Corp. The
principals of NRDC have completed transactions in excess of $50
billion. Richard Baker, president of NRDC Equity Partners said,
"The Lord & Taylor acquisition furthers NRDC's strategy of
acquiring great companies that have a strong brand and a valuable
real estate platform." In February of this year, NRDC also acquired
Linens 'n Things in partnership with Apollo Management, L.P. Lord
& Taylor is a fashion retailer with 41 stores along the
Northeast corridor and seven stores in Illinois and Michigan. Lord
& Taylor has built a reputation for attentive customer service
and high quality merchandise with apparel and accessories products
for women, men and children. Founded in 1826, Lord & Taylor was
acquired by the May Department Stores Company in 1986. On August
30, 2005, Federated Department Stores acquired Lord & Taylor as
part of its merger with May Department Stores Company. "Lord &
Taylor has been an iconic national brand for 180 years. We believe
there is significant opportunity to continue the revitalization of
the brand begun in 2003 by Jane Elfers and her management team,"
Baker said. "Jane will remain in her current role as president and
CEO and we are extremely fortunate to benefit from her continued
leadership." "We are looking forward to working with NRDC and
exploring new options for the Lord & Taylor brand going
forward," Elfers said. Robert Baker, NRDC principal, said NRDC's
strategy going forward will be to leverage the strong Lord &
Taylor brand with its existing management and store teams to
continue operating Lord & Taylor as an upscale fashion
retailer. "We are excited about the future operating prospects of
the business," he said. The real estate portfolio is being reviewed
and no decisions have been made on any individual stores.
Tri-Artisan Partners LLC and Bear Stearns & Co., Inc. served as
financial advisors for NRDC Equity Partners throughout the
transaction. Stroock & Stroock & Lavan LLP served as legal
counsel. Goldman Sachs, JPMorgan and the law firm of Jones Day
represented Federated. About Apollo Real Estate Advisors, L.P.
Apollo Real Estate Advisors is one of the most active and prominent
opportunistic real estate investors in the U.S. and
internationally. Apollo specializes in acquiring undermanaged and
distressed properties and developing properties in major urban
areas throughout the U.S. and Europe. Since Apollo's founding in
1993, the firm has overseen the investment of eight real estate
funds totaling more than $5 billion in equity. The firm's Web site
is http://www.apollorealestate.com/. About NRDC NRDC Equity
Partners is an affiliate of National Realty & Development
Corp., the owners and developers of over 14 million square feet of
shopping centers throughout the United States. National Realty
& Development Corp. is a privately-held company that has been
in business for over 40 years and has built a reputation and
long-standing relations with the strongest retailers in the
industry today. NRDC acquires operating companies where it can
assist in real estate strategy. DATASOURCE: NRDC Equity Partners,
LLC CONTACT: Michelle Manoff of Rubenstein PR, +1-212-843-8051, ,
for NRDC Equity Partners, LLC Web site:
http://www.apollorealestate.com/
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