Global private equity firm Advent International has acquired women’s clothing retailer Charlotte Russe Holdings for US$380m in cash.
Advent’s offer is nearly double the price of a buy-out offer Charlotte Russe had received from shareholder KarpReilly Capital Partners in November when it had offered to buy it for US$198.6mn. The offer was later withdrawn after the company denied the shareholder’s request for access to due diligence material.
Moelis & Co is advising Advent International and Cowen & Company was providing financial advice to Charlotte Russe in its strategic review process. Following news of the acquisition, the retailer’s shares climbed 26%.