M&A Deal Summary

NRDC Equity Partners Acquires Lord & Taylor

On June 22, 2006, private equity firm NRDC Equity Partners acquired retailer Lord & Taylor from Macy s for 1.2B USD

Acquisition Highlights
  • This is NRDC Equity Partners’ 1st transaction in the Retail sector.
  • This is NRDC Equity Partners’ largest (disclosed) transaction.
  • This is NRDC Equity Partners’ 1st transaction in the United States.
  • This is NRDC Equity Partners’ 1st transaction in New York.
Investment Fate
  • Lord & Taylor was sold to a publicly-traded strategic buyer in 2013.
  • Lord & Taylor was divested to a consortium of strategic buyers in 2019 for 100M CAD.

M&A Deal Summary

Date 2006-06-22
Target Lord & Taylor
Sector Retail
Buyer(s) NRDC Equity Partners
Sellers(s) Macy s
Deal Type Divestiture
Deal Value 1.2B USD

Target

Lord & Taylor

New York, New York, United States
Founded in 1826, Lord & Taylor is an upscale specialty department store, with 48 stores in 9 states and the District of Columbia. Lord & Taylor has built a reputation for attentive customer service and high-quality merchandise focused on apparel and accessories products for women, men, and children.

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Buyer(S) 1

Buyer

NRDC Equity Partners

Purchase, New York, United States

Category Private Equity Firm
Founded 2006
Size Small
Type Sector Focused
DESCRIPTION

NRDC Equity Partners is a private equity firm that acquires operating companies in the retail, leisure, lodging, and commercial real estate sectors. NRDC is interested in growth or turnaround opportunities and looks to invest $50 to $750 million of equity in acquisitions that require a total investment of $100 million to $5 billion. NRDC Equity Partners is a joint venture between National Realty & Development Corp. and Apollo Real Estate Advisors and is based in Purchase, New York.


DEAL STATS #
Overall 1 of 2
Sector (Retail) 1 of 2
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-01 Hudson s Bay Company

Brampton, Ontario, Canada

Hudson’s Bay Company operates approximately 250 department stores in the U.S. and Canada. The company owns a portfolio of 77 properties located in premium urban locations, both directly and through its joint ventures, including the Saks Fifth Avenue flagship store in New York. Hudson’s Bay Company offers an assortment of apparel, accessories, shoes, beauty products, and home merchandise through its three retail banners: Hudson’s Bay, Saks Fifth Avenue, and Saks OFF 5TH. Hudson's Bay was founded in 1670 and is based in Brampton, Canada.

Buy -

Seller(S) 1

SELLER

Macy s

New York, New York, United States

Category Company
Founded 1830
Sector Retail
Employees123,000
Revenue 23.9B USD (2024)
DESCRIPTION
Macy's storefront on Michigan Avenue in downtown Chicago.
Macy's storefront on Michigan Avenue in downtown Chicago.

Macy's is a large retail company that sells a variety of clothing and home goods through department stores and online. The company operates the Macy’s and Bloomingdale’s brands with about 840 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s; the macys.com and bloomingdales.com websites, and 13 Bloomingdale’s Outlet stores. Macy's was founded in 1830 and is based in New York, New York.


DEAL STATS #
Overall 2 of 2
Sector (Retail) 1 of 1
Type (Divestiture) 2 of 2
State (New York) 2 of 2
Country (United States) 2 of 2
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-28 May Department Stores Company

St. Louis, Missouri, United States

May operated 491 department stores under the names of Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord & Taylor, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's, and The Jones Store, as well as 239 David's Bridal stores, 449 After Hours Formalwear stores, and 11 Priscilla of Boston stores. May was formed in 1910.

Buy $17.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-03 Bluemercury

Washington, DC, Washington, United States

Bluemercury is a retailer of high quality and innovative beauty and apothecary products through an integrated retail and direct service model.

Buy $210M