Sep 24, 2013
KKR, Sycamore looking to buy Jones Group this week
Sep 24, 2013
Private-equity firms KKR & Co LP and Sycamore Partners are aiming to buy retailer Jones Group as soon as this week, the New York Post reported, citing sources.
The private-equity firms want to put an end to an auction for the fashion and footwear company, which owns retail chains Nine West and Jones New York, run by Citigroup Inc. The auction has attracted bids from several buyout shops, including Leonard Green & Partners, Sun Capital and Golden Gate Capital, the Post said.
"The goal is to have it wrapped up before the deadline" for second-round bids, a source close to the process told the Post, noting that the deadline is this week.
The Post did not report the size of the offer but said investors have speculated that Jones could fetch between $17 and $18 per share. The shares closed at $15.68 on the New York Stock Exchange on Monday.
The Wall Street Journal reported this month that KKR and Sycamore are considering a joint bid for Jones Group.
KKR and Sycamore declined to comment to the Post. Jones Group, KKR and Sycamore could not immediately be reached for comment by Reuters outside regular U.S. business hours.
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