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Golden Gate to sell Eddie Bauer to Jos A Bank in $825m deal

17 Feb 2014

shopping bag_lrgUS private equity firm Golden Gate Capital has agreed to sell 94-year-old clothing retailer Eddie Bauer to trade buyer Jos A Bank Clothiers in an $825m deal.

Golden Gate paid just $286m for the business in 2009 two months after Eddie Bauer filed for bankruptcy, hoping to shore up its balance sheet and debt obligations.

The company, which was established in 1920, will be sold for $564m, with Golden Gate also receiving about 4.7 million Jos A Bank shares priced at $56 each.

That will leave the buyout house with a 16.6 per cent holding in Jos A Bank and the right to name two directors, Reuters said.

Two months ago mid-market private equity firm Wynnchurch Capital agreed to sell crash test dummy maker Safety Technology Holdings to Golden Gate.

STH has been developing what it calls biofidelic anthropomorphic devices since the early 1950s.

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