Deals
Sycamore Gets $1 Billion In Deal That Amazed Street
- Stefan Kaluzny’s Sycamore Partners pulls off big dividend
- One of the largest payouts, it recovers much of the equity
On Tuesday, Sycamore pulled off a $5.4 billion refinancing of Staples Inc., which it bought in 2017, that funded a staggering $1 billion dividend to the private equity firm.
Photographer: Sean Proctor/Bloomberg
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Stefan Kaluzny has made a ton of money -- and drawn his share of critics -- buying down-on-the-heels retailers using lots of debt.
Now, Kaluzny’s Sycamore Partners is under scrutiny again, after completing a deal that left even seasoned leveraged-buyout experts agog. On Tuesday, Sycamore pulled off a $5.4 billion refinancing of Staples Inc., which it bought in 2017, that funded a staggering $1 billion dividend to the private equity firm.