M&A Deal Summary

Golden Gate Capital and Blum Capital Partners Acquire Payless Shoes

On May 1, 2012, private equity firms Golden Gate Capital and Blum Capital Partners acquired retailer Payless Shoes for 2.0B USD

Acquisition Highlights
  • This is Golden Gate Capital’s 10th and Blum Capital Partners’ 1st transaction in the Retail sector.
  • This is Golden Gate Capital’s 5th and Blum Capital Partners’ largest (disclosed) transaction.
  • This is Golden Gate Capital’s 57th and Blum Capital Partners’ 3rd transaction in the United States.
  • This is Golden Gate Capital’s 1st and Blum Capital Partners’ 1st transaction in Kansas.
Investment Fate
  • Payless Shoes went bankrupt in 2017.

M&A Deal Summary

Date 2012-05-01
Target Payless Shoes
Sector Retail
Buyer(s) Golden Gate Capital
Blum Capital Partners
Deal Type Going Private
Deal Value 2.0B USD
Advisor(s) Perella Weinberg Partners (Financial)
Sullivan & Cromwell (Legal)

Target

Payless Shoes

Topeka, Kansas, United States
website
Payless Shoesource store in the Miller Hall Mall of Duluth, Minnesota.
Payless Shoesource store in the Miller Hall Mall of Duluth, Minnesota.
Payless Shoesource, Inc. is a specialty family footwear retailer in the Western Hemisphere, is dedicated to democratizing fashion and design in footwear and accessories and inspiring fun, fashion possibilities for the family at a great value.

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Buyer(S) 2

Buyer

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.


DEAL STATS #
Overall 65 of 102
Sector (Retail) 10 of 11
Type (Going Private) 8 of 11
State (Kansas) 1 of 1
Country (United States) 57 of 92
Year (2012) 1 of 4
Size (of disclosed) 5 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-22 Norm Thompson Outfitters

Portland, Oregon, United States

Norm Thompson Outfitters, Inc. is a direct retailer specializing in online and catalog merchandising.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-07 Community Choice Financial

Dublin, Ohio, United States

Community Choice Financial focuses on serving the growing market of unbanked and underbanked consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to cash. Products include check cashing, short-term consumer loans (“payroll advance”), wire transfers and bill payment services. CCFI is headquarterd in Dublin, OH and currently operates 433 stores across 14 states.

Sell -
Buyer

Blum Capital Partners

San Francisco, California, United States

website


Category Private Equity Firm
Founded 1975
Size Large
Type Sector Agnostic
DESCRIPTION

Blum Capital Partners is an investment firm that seeks minority and control investments in public and private transactions. The firm focuses on small and mid-capitalization companies when considering opportunities. Blum looks to invest in diverse market environments, and typically concentrates on four to six investments per year. Blum Capital Partners was founded in 1975 and is based in San Francisco, California.


DEAL STATS #
Overall 3 of 3
Sector (Retail) 1 of 1
Type (Going Private) 2 of 2
State (Kansas) 1 of 1
Country (United States) 3 of 3
Year (2012) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-10 CBRE

Dallas, Texas, United States

CBRE is a commercial real estate services and investment firm. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CBRE was incorporated in 1906 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-03 Suntron

Phoenix, Arizona, United States

Suntron is a provider of high mix, vertically integrated electronics manufacturing services to electronics original equipment manufacturers. Suntron delivers complete manufacturing services and solutions to support the entire life cycle of complex products in the semiconductor capital equipment, aerospace and defense, networking and telecommunications, medical and industrial markets.

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