Headlines

Nordstrom Family Exploring Buyout

The family is looking to raise $1 billion to fund a buyout

Published

7 years ago

July 28, 2017

Nordstrom family members are reportedly taking steps to try to buy out the department store, Nordstrom (Seattle), reports The New York Times. To do so, the members need to raise about $1 billion from outside sources to fund the buyout and, consequently, are talking to private equity firms about lending them money. In exchange, they will offer “preferential terms.”

Sources say potential partners include Leonard Green & Partners LP (Los Angeles), Apollo Global Management (New York) and KKR & Co. (New York).

The family is also exploring other possibilities to raise the money, including reaching out to sovereign wealth funds, public pension funds and firms that invest exclusively on behalf of rich families. They also may consider using $7 billion to $8 billion in debt to finance their bid.

The family currently owns about 31.2 percent of the company.

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