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Bain, Blackstone nearing long-delayed Michaels Stores IPO

13 Jun 2014

michaels storesPrivate equity-backed Michaels Stores is set to finally achieve its IPO after two years of postponements. The company, which is North America’s largest arts, crafts and DIY chain, was bought by Bain Capital and Blackstone in a $6bn deal in 2006. The pair attempted a public listing of the business in 2012, but scrapped plans to raise $500m after then-CEO John Menzer stepped down following a stroke. Michaels Stores owns more than 1,200 shops across 49 states and Canada, as well as over 120 Aaron Brothers stores. It had sales of about $4.6bn in the 2013 financial year. Copyright © 2014 AltAssets

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