The Gymboree Corp. (San Francisco) has agreed to be acquired by Bain Capital Partners LLC (Boston) for $1.8 billion.
Under the terms of the deal, Gymboree shareholders will get $65.40 a share in cash, representing a premium of 57 percent to Gymboree’s share price on Sept. 30, before reports emerged that a buyout might be in the offing.
Founded in 1976, Gymboree operates 1037 retail stores under the Gymboree, Gymboree Outlet, Janie and Jack and Crazy 8 nameplates.
“We are pleased to announce this transaction as it delivers significant value to our shareholders,” says Matthew McCauley, chairman and ceo of Gymboree. “We want to thank our employees for their hard work and dedication to Gymboree. Bain Capital is a world-class asset management firm with substantial resources and investment experience in the retail industry, and we believe they will be a great partner as we go forward as a private company.”