 |
Macy’s is using Joele Frank as it terminates talks with Arkhouse Management Co. and Brigade Capital Management regarding the takeover of the company.
The retailer says its board and management team “engaged in good faith with Arkhouse and Brigade for more than seven months since their initial outreach in December 2023 expressing interest in acquiring the company.”
It “expended hundreds of hours addressing Arkhouse and Brigade’s extensive diligence requests,” and provided “thousands of documents with a level of detail that went well beyond what is customarily required to obtain financing for a public company acquisition.”
Macy’s said since the suitors failed to deliver a “definitive, fully financed and actionable proposal” by the mutually agreed June 25 deadline, it decided to end the talks to focus on its “A Bold New Chapter” growth plan.
Joele Frank, Wilkinson Brimmer Katcher’s Leigh Parrish and Arielle Rothstein handle Macy’s.
Longacre Square Partners’ Scott Deveau and Joe Germani represent Arkhouse.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
Brunswick Group handles France’s Schneider Electric as it acquires Boston’s PTC, maker of engineering software, for $22.6B cash.
