Davis Polk is advising Sycamore Partners on the $540 million acquisition by its affiliate, Premium Apparel LLC, of the Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands from Ascena Retail Group, Inc. The transaction is expected to be completed by mid-December 2020.
Sycamore Partners is a private equity firm based in New York that specializes in consumer, retail and distribution investments and partners with management teams to improve the operating profitability and strategic value of their business. Ascena Retail Group is a national specialty retailer offering apparel, shoes and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT and Lou & Grey) and Plus Fashion segment (Lane Bryant and Cacique).
The Davis Polk corporate team includes partners Brian Wolfe and Darren M. Schweiger and associate Michael Gilson. The restructuring team includes partners Damian S. Schaible and Angela M. Libby. Partner Pritesh P. Shah is providing intellectual property advice. The finance team includes partners Jason Kyrwood and J.W. Perry. Partner David H. Schnabel is providing tax advice. Partner Brian D. Hirsch is providing real estate advice. Partner Adam Kaminsky is providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.