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M&A News: Golden Gate Capital completes purchase of Eddie Bauer assets
The assets and operations of Eddie Bauer have been sold for USD286 million in cash. The assets will be transferred to a new company, which will be debt free and with a positive balance sheet.
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The deal follows a rapid decline in sales at Eddie Bauer, a speciality outdoor and winter clothing specialist which some analysts have said was fated to be a marginal business because its power base is in the warm southern states whilst demand for clothing of the type it sold is concentrated in northern, colder, states where seasons are more pronounced.
San Francisco-based private equity investment firm Golden Gate Capital purchased the assets and says that it will retain most of Bauer's existing management structure, and the majority of its stores and staff.
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