News Column

Private equity sell Michaels

June 17, 2014

AMRUTHA GAYATHRI



ARTS and crafts retailer Michaels Companies, owned by Blackstone Group and Bain Capital, said it expected to raise up to $528m (311m) in its initial public offering yesterday.


Michaels, which was taken private by Blackstone and Bain Capital LP for $6bn in 2006, filed for an IPO of up to $500m in March 2012. That, however, was postponed after thenchief executive John Menzer had a stroke and stepped down. Bain and Blackstone will each own 40.1 per cent of Michaels shares after the sale.


JP Morgan and Goldman Sachs are the lead underwriters of the offering.


Reuters


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Source: City A.M. (UK)


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