M&A · Industrials · Retail-Women's Clothing Stores
Sycamore Partners to acquire Chico's FAS, Inc.
Announced Sep 28, 2023 · Closed Jan 5, 2024
Deal value$1.00BEV $858M
Premium65.0%To unaffected price
EV / Adj. EBITDA4.5x0.4x EV / Revenue
ConsiderationAll cash$7.60 per share
Transaction
- Acquirer
- Sycamore Partners
- Target
- Chico's FAS, Inc.
- Buyer type
- Private equity
- Offer price per share
- $7.60
- Enterprise value
- $858M
- Status
- Closed Jan 5, 2024
Deal protections
- Break fee (target pays)
- $30.0M · 3.0%
- Reverse fee (buyer pays)
- $39.9M · 4.0%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- UBS
- To the target
- Solomon Partners
Sector context · Industrials
- Comparable deals
- 73 in the prior 24 months
- Premium
- 65.0% vs. 48.0% sector median
- EV / Adj. EBITDA
- 4.5x vs. 10.9x sector median
- Break fee
- 3.0% vs. 2.8% sector median
Timeline
- AnnouncedSep 28, 2023
- Proxy filedNov 16, 2023
- Definitive proxyNov 29, 2023
- Shareholder voteJan 3, 2024
- ClosedJan 5, 2024
Valuation · fairness opinions
Trading comparables$6.18$10.07
Trading comparables$5.81$7.78
Trading comparables$4.81$9.85
Trading comparables$4.75$9.40
Discounted cash flow$6.61$9.55
Offer $7.60
Implied value per Chico's FAS, Inc. share by analysis, from Solomon Partners · DCF discount rate 14%–16%.