Apax Partners has closed a deal for Rue21 Inc. for about $1.1 billion.
The purchase price works out to $42 per share. The deal was originally announced in May. The clothing retailer’s shares closed at $34.12 on May 22, before the deal was announced.
Warrendale, Pa.-based Rue21 sells men’s and women’s clothing through more than 900 stores in the U.S.
Apax, headquartered in New York and London, has invested about $6.3 billion in retail. In October, the firm agreed to buy Rhiag-Inter Auto Parts Italia SpA. Last November, the firm picked up retailer Cole Haan from Nike Inc. (NYSE: NKE) for $570 million.
Perella Weinberg Partners was financial adviser to Rue21’s special committee, while Kirkland & Ellis LLP and Potter Anderson & Corroon LLP provided legal advice. J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Goldman Sachs & Co. (NYSE: GS) provided financial advice to Apax. BofA, J.P. Morgan and Goldman provided financing for the deal. Simpson Thacher & Bartlett LLP and Richards Layton and Finger PA provided legal advice to Apax.