The 12-year marriage of J. Crew Group Inc. and TPG Capital has ended.
The investment firm that brought Millard “Mickey” Drexler to the retailer and then returned it to public trading has sold what remained of its stake.
In three sales dated April 8, Fort Worth, Tex.-based TPG sold a little more than 2.8 million shares of J. Crew for $41.3 million, according to filings with the Securities and Exchange Commission. TPG claimed ownership of 2.8 million shares of the company as of Dec. 31, representing 4.5 percent of J. Crew’s 62 million shares outstanding as of Jan. 31.
TPG, which bought Neiman Marcus with Warburg Pincus in 2005, acquired a controlling stake in J. Crew in 1997 and took the company public in 2006. Immediately after the IPO, the private equity firm owned 40 percent of the firm but has slowly reduced its holdings since.