Staples

active

Retail — Sycamore Partners

Deal Terms

Entry Year2017

Entry EV$6.9B

Entry Multiple6x

Leverage5.5x

Debt Amount$3.8B

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

$6.9B take-private. Sycamore split company into retail (stores) and enterprise (B2B). $3.8B+ debt. Store count shrinking. Moody's rates Caa1. Retail segment bleeding. Pivoting to enterprise/B2B but debt service eats margins.

Sponsor

Partners Group$185B AUM