Headlines

A Bag of Goody’s

Discount retailer reaches agreement to be acquired by private investor

Published

19 years ago

October 6, 2005

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Goody’s Family Clothing Inc. (Knoxville, Tenn.) has reached an agreement to be acquired by an affiliate of Sun Capital Partners Inc. (Boca Raton, Fla.). It is anticipated that definitive agreements will be executed within the next 48 hours.

Robert Goodfriend, chairman and ceo of the 368-store apparel chain, and members of his family — who own approximately 42 percent of the company’s outstanding shares — have agreed in principle to tender their shares in the transaction, subject to the support of the Goody’s board of directors.

Sun Capital Partners, which has about $2.5 billion under management, specializes in leveraged buyouts of successful companies. Its portfolio includes Bruegger’s Bagels (Burlington, Vt.) and The Musicland Group (Minnetonka, Minn.), which operates more than 450 Sam Goody mall-based music stores, about 400 Suncoast Motion Picture Co. mall-based video stores and more than 65 Media Play superstores.

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