Willkie Advises on $3 Billion Acquisition of J.Crew

November 23, 2010

Willkie represents J.Crew CEO Millard Drexler as part of the buying group, which includes funds affiliated with TPG Capital and Leonard Green & Partners, L.P.

On November 23, it was announced that J.Crew Group, Inc. entered into a definitive agreement to be acquired by funds affiliated with TPG Capital and Leonard Green & Partners, L.P. for approximately $3 billion. Willkie represented J.Crew CEO Millard "Mickey" Drexler as part of the buying group. Mr. Drexler will continue as Chairman and CEO and maintain a significant equity investment in J.Crew. Under the terms of the agreement, holders of the outstanding common shares of J.Crew will receive $43.50 per share.

With 250 retail stores, J.Crew is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories. TPG Capital is the global buyout group of TPG, a leading private investment firm with more than $48 billion of assets under management. Leonard Green & Partners is a leading private equity firm with over $9 billion in equity capital under management.

The deal was handled by partners Adam Turteltaub, Jack Nusbaum, David Rubinsky and Richard Reinhold; and associates Matthew Guercio, Keith Grannis, Jason Ertel and Eric Ziff.