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Private Equity
sycamorepartners.com

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Investments

1

Portfolio Exits

4

Funds

3

Partners & Customers

2

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The founders of Sycamore have a long history of partnering with management teams to improve the operating profitability and strategic value of their businesses. They work with companies they believe have significant growth potential, particularly when given the capital and outside expertise they need to succeed.

Sycamore Partners Headquarter Location

9 West 57th Street 31st Floor

New York, New York, 10019,

United States

212-796-8500

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Latest Sycamore Partners News

Office Depot owner close to decision on sale of retail business as revenue falls

May 4, 2022

Published May 4, 2022 Dive Brief: Sales in ODP's retail division, which includes the Office Depot and OfficeMax banners, fell 9% to $943 million in the first quarter, which the company attributed to the closure of 114 stores since this time last year. Sales at the company's business-to-business division, which suffered during the pandemic, rose 9% as workers returned to the office. Companywide sales were flat for Q1. Executives on the company's earnings call said they anticipate ODP's board will complete a review "in the near term" of proposals to buy the company's consumer business , a decision that will have ripple effects in the office supply retail sector . Dive Insight: ODP is at a crossroads. After decades of decline in office supply retail, the company this year will likely either sell its consumer business — which includes its Office Depot and OfficeMax stores and digital business — or spin it off into its own company. Throughout last year, rival Staples and its private equity owner Sycamore Partners pursued ODP, first proposing to buy the entire business. After rebuffing Sycamore and Staples , ODP moved forward with a plan to separate the operations of its various divisions — a process that CEO Gerry Smith said is nearly complete — and spin off its consumer business. After previously signalling that the spinoff of ODP's consumer business would happen this year, the company paused as it reviewed another bid from a suitor who remains anonymous, as well as Sycamore's offer. A combination of the Staples and ODP retail businesses would leave just one dedicated brick-and-mortar office supply retailer left in the U.S. David Silverman, senior vice president with analysis and data firm Creditntell, told Retail Dive earlier this year a combination would help the banners rationalize their store footprint with more speed and efficiency to match the remaining demand. Demand at big box retailers of office supplies has been on the downswing for roughly two decades, driven by the digitization of work, the rise of Amazon and e-commerce, and the expanding power of generalists like Walmart and Target. Revenue at ODP's retail division declined during the pandemic even as overall sales in the category spiked with the boom in remote work. And on top of the sector challenges, Smith pointed to cost inflation and supply chain challenges, familiar themes across retail today. The company has been working to make the consumer business healthier, partly by closing stores — it ended Q1 with 1,032 stores — and partly by investing in its digital and omnichannel business. Sales in ODP's retail BOPIS channel, while down from last year, are still up 30% from 2019, Smith said on the call. Omnichannel sales, according to the company, also helped offset lower foot traffic in Q1. As for the possibility of a sale of the retail division, executives said on the call that they expect to provide an update before the end of the current quarter.

Sycamore Partners Investments

1 Investments

Sycamore Partners has made 1 investments. Their latest investment was in Stuart Weitzman as part of their Other Investors on .

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Sycamore Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

Other Investors

Stuart Weitzman

Yes

Date

Round

Other Investors

Company

Stuart Weitzman

Amount

New?

Yes

Co-Investors

Sources

Sycamore Partners Portfolio Exits

4 Portfolio Exits

Sycamore Partners has 4 portfolio exits. Their latest portfolio exit was Coldwater Creek on September 09, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/9/2020

Asset Sale

$99M

1

9/17/2018

Acquired

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$99M

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10

12/14/2015

Acq - Fin

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10

4/23/2015

Acquired

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10

Date

9/9/2020

9/17/2018

12/14/2015

4/23/2015

Exit

Asset Sale

Acquired

Acq - Fin

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

1

10

10

10

Sycamore Partners Acquisitions

19 Acquisitions

Sycamore Partners acquired 19 companies. Their latest acquisition was Digital Room on December 22, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/22/2021

Growth Equity

$99M

Acq - Fin

1

10/1/2021

$99M

Acq - Fin

1

1/19/2021

$99M

Acquired Unit - Fin

1

11/26/2020

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$99M

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10

1/7/2019

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$99M

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10

Date

12/22/2021

10/1/2021

1/19/2021

11/26/2020

1/7/2019

Investment Stage

Growth Equity

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

Acq - Fin

Acquired Unit - Fin

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Sources

1

1

1

10

10

Sycamore Partners Fund History

3 Fund Histories

Sycamore Partners has 3 funds, including Sycamore Partners III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/30/2018

Sycamore Partners III

Industry Focused

Closed

$4,750M

2

6/9/2014

Sycamore Partners II

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$99M

10

8/13/2012

Sycamore Partners Fund I

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$99M

10

Closing Date

7/30/2018

6/9/2014

8/13/2012

Fund

Sycamore Partners III

Sycamore Partners II

Sycamore Partners Fund I

Fund Type

Industry Focused

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Status

Closed

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Amount

$4,750M

$99M

$99M

Sources

2

10

10

Sycamore Partners Partners & Customers

2 Partners and customers

Sycamore Partners has 2 strategic partners and customers. Sycamore Partners recently partnered with Victoria's Secret on May 5, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

5/5/2020

Partner

Victoria’s Secret partnership with Sycamore Partners implodes after coronavirus

In a statement sent to Business Insider , L Brands announced that it had come to a `` mutual agreement '' with Sycamore Partners to `` terminate '' the company 's previously agreed-upon sale of Victoria .

2

5/21/2018

Partner

United States

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10

Date

5/5/2020

5/21/2018

Type

Partner

Partner

Business Partner

Country

United States

News Snippet

Victoria’s Secret partnership with Sycamore Partners implodes after coronavirus

In a statement sent to Business Insider , L Brands announced that it had come to a `` mutual agreement '' with Sycamore Partners to `` terminate '' the company 's previously agreed-upon sale of Victoria .

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Sources

2

10

Sycamore Partners Team

3 Team Members

Sycamore Partners has 3 team members, including current Founder, Managing Partner, Clay Rankin.

Name

Work History

Title

Status

Clay Rankin

Founder, Managing Partner

Current

Rob Sweeney

President

Current

Paul Fossati

Managing Director

Current

Name

Clay Rankin

Rob Sweeney

Paul Fossati

Work History

Title

Founder, Managing Partner

President

Managing Director

Status

Current

Current

Current

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