Private Equity Takes Claire's For $3.1B

PEMBROKE PINES, FL-Private-equity firm Apollo Management is acquiring teen female accessories chain Claire’s Stores for about $3.1 billion, or $33 per share. The deal follows an announcement late last year by Claire’s management that it was looking to sell the 3,300-store company.

New York City-based Apollo has a long track record in the retail industry. It is selling the 4,800-store General Nutrition Centers for $1.65 billion and was a buyer last year in the $1.2-billion purchase of the Lord & Taylor department-store chain.

“We believe that the increased flexibility available to a private company will enable Claire’s to capitalize on the many opportunities before it, both here and abroad,” says Peter Copses, a senior partner at Apollo, in a statement, noting that his firm is “committed to Claire’s continued growth as a highly successful global specialty retailer.”