Nine West Holdings (Jones Group)

bankrupt

Retail — Sycamore Partners

Deal Terms

Entry Year2014

Entry EV$2.2B

Entry Multiple8x

Leverage7x

Debt Amount$1.5B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)68%

Debt / EV0.68x

Notes

Sycamore $2.2B Jones Group LBO. Cut equity from $395M to $120M, jacked new debt to $550M atop $1B existing. Carved out profitable brands (Anne Klein, etc.), left Nine West with debt. Made $300M net while Nine West went bankrupt. $122M fraud settlement. Textbook PE asset-strip.

Sponsor

Partners Group$185B AUM