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Sycamore Partners holds $2.5bn Fund II final close, buys Coldwater Creek brand

10 Jun 2014

Coldwater creekUS buyout house Sycamore Partners has held a $2.5bn final close of its second fund amid picking up the brand of bankrupt clothing retailer Coldwater Creek.

The move completes a quick return to fundraising for Sycamore, which only closed its $1bn debut vehicle in 2012.

AltAssets revealed two months ago that Sycamore was nearing a final close for Fund II after gathering almost $2bn from 40 investors.

Managing director Stefan Kaluzny said, “We are grateful for the positive and enthusiastic response we have received from our existing and new limited partners.

“With this new fund we continue to focus on our historically successful investment strategy of partnering with the very best consumer and retail executives to acquire and improve the very best consumer and retail brands.”

Sycamore also announced it plans to relaunch Coldwater Creek as an independent portfolio company after picking up the brand and other intellectual property.

Managing director Peter Morrow said, “Coldwater Creek is an outstanding brand with a 30-year heritage and strong support from its loyal base of longtime customers.

“We are excited about adding Coldwater Creek to our growing portfolio of leading retail brands and look forward to reintroducing the brand to the marketplace.”

Earlier this year Sycamore bought a five per cent stake in clothing retailer Aeropostale, increasing its total ownership to 12.3 per cent.

The firm beat away competition from buyout major KKR in December to agree a $1.2bn deal for footwear and clothing maker Jones Group.

Sycamore has also been in talks to buy the discount chain store arm of Men’s Wearhouse, and last summer completed the $600m buyout of teen retailer Hot Topic.

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