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Sard Verbinnen & Co. is handling Gap's decision to spin off its fast-growing Old Navy brand, which accounts for about half of its $16.6B revenues, as a separate company.
Richard Fisher, Gap chairman, said Old Navy's business model and customers "have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward."
The Gap has struggled with higher prices than Old Navy, changing consumer preferences and competition from chains such as Zara and H&M.
It will be core of a yet-to-be-named $9B company with sister brands Banana Republic, Athletica, Intermix and Hill City. More than 230 Gap stores will be closed.
The split-up is expected to be complete in 2020. Both companies will maintain HQ in San Francisco.
SVB's John Christiansen, Meghan Gavigan and Devis Broda handle media for Gap's split-up strategy.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
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