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TPG, Leonard Green-backed J Crew could IPO after trade sale talks stumble

19 Mar 2014

J CrewPrivate equity-backed US clothing business J Crew could be set for an IPO rather than a trade sale after Japan’s Fast Retailing reportedly pulled out of talks to buy the business.

Negotiations between the parties ended in the last few weeks according to Reuters, which cited three people with knowledge of the matter.

TPG Capital and Leonard Green & Partners bought into J Crew through a $2.8bn deal in 2011, and we hoping to pull in $5bn from an exit.

J Crew has more than 450 stores and about $2.4bn in annual sales.

Bloomberg previously suggested the public listing would take place in the US.

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