NEW YORK — Coles Myer Ltd. has sold its Myer business to a consortium led by Newbridge Capital, the Asian Pacific investment arm of Texas Pacific Group, for $1.02 billion, the company said on Monday.
The consortium includes the Myer family, which will retain a minority stake in the business, according to published reports. The sale of the retail business includes the flagship store in Melbourne, Australia. The deal, expected to be completed in the next few months, is subject to third-party approvals.
Newbridge Capital is one of Asia's leading private equity firms, with over $2 billion of capital under management. It was founded in 1994 by TPG and Blum Capital Partners.
TPG — founded in 1993 by David Bonderman, James Coulter and William Price — has offices in Fort Worth, Tex., San Francisco and London. TPG has extensive experience investing in consumer brands and retail firms. Past and current investments include Debenhams in the U.K., the Bally luxury brand in Switzerland, and J. Crew and Petco in the U.S. Last year, TPG and private investment firm Warburg Pincus bought luxury retailer Neiman Marcus Group, which also operates the Bergdorf Goodman nameplate.
Coles Myer, which in February acquired the Hedley Hotel Group, is the largest retailer in Australia and New Zealand. It operates more than 2,600 stores under various nameplates including Kmart, Target, Coles Express and OfficeWorks.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"