NRDC Equity Partners, parent of Lord & Taylor, has formed NRDC Acquisition Corp. to raise $360 million with the intention of buying one or more operating companies.
The initial public offering of 36 million units at $10 per unit began trading on the American Stock Exchange under the symbol NAQ.U on Thursday. Each unit consists of one share of common stock and one warrant to purchase an additional share of common stock at $7.50.
In addition to L&T, NRDC Equity has acquired the Peter Som designer business and is likely to seek further acquisitions in the fashion and retail industries. Reportedly, it’s among the companies that could be interested in Saks Inc., though additional financing would be required to buy Saks, which generates close to $3 billion in revenues.
Baugur Group, an Icelandic investment firm, has taken an 8.1 percent stake in Saks and is a potential suitor as well.
For more, see Friday’s WWD.