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Wednesday, May 29, 2024
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Charlotte Russe Completes Transformation Into Private Firm

Boston-based Advent International Corp. completed the acquisition of Charlotte Russe Holding Inc., the San Diego young women’s clothing retailer, the company said Oct. 14.

Advent agreed to buy Charlotte Russe in August at $17.50 per share or an aggregate $380 million.

Charlotte Russe, with 501 stores in 45 states, had revenue last year of $823 million, and was the target of a dissident director acquisition attempt earlier this year.

A 9 percent shareholder and director, Allan Karp, arranged an offer to acquire the company for a price range of $9 to $9.50 per share, or about $200 million, which the board rejected.

Karp then mounted an opposition slate of directors to gain control of the company, but pulled out of that strategy just before the annual meeting in April.

The board later agreed to put the company up for sale, a process that culminated in the sale to Advent.

The company’s shares last traded on the Nasdaq exchange under CHIC on Oct. 13, closing at $17.51. They hit a low last year at $3.98.

, Mike Allen

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