NEW YORK — The regulatory, antitrust waiting period for the proposed sale of Eddie Bauer to Eddie B Holding Corp., a company owned by Sun Capital Partners Inc. and Golden Gate Capital affiliates, ended Tuesday.
As previously reported, Bauer entered into an agreement on Nov. 13 to sell the company to Eddie B Holding Corp. for $9.25 per share, in a deal valued at $614 million. The transaction is still subject to the resolution of other closing conditions previously reported by the company, but is expected to be completed some time in the first quarter.
Bauer said it believed the sale would give the company resources to execute its turnaround strategy. “We look forward to partnering with Sun Capital and Golden Gate, who bring extensive experience in the retail and catalogue sectors, to take our company to the next level and to capitalize on the potential of the Eddie Bauer brand,” said Fabian Mansson, chief executive officer of Eddie Bauer, in a statement released when the sale was first announced.
The outdoor and apparel retailer had said that it mailed its definitive proxy statement to stockholders on Dec. 27. A special stockholders’ meeting will be held on Jan. 25 to consider and vote on the transaction.
Golden Gate already owns Spiegel and Newport News, which, along with Eddie Bauer, were part of the Spiegel Inc. bankruptcy in March 2003. Bauer was spun out as a standalone company in June 2005. The private equity firm also owns retail and catalogue brands Appleseed’s, Sahalie, Solutions, Drapers and Damon’s, Norm Thomson, Haband’s, Venus Swimwear Inc. and WinterSilks LLC.
Sun Capital’s holdings include Mervyns, Shopko Stores, Lillian Vernon, Anchor Blue Retail Group, Dim Branded Apparel and Most.