TPG Capital partnered with Leonard Green & Partners to take J.Crew private in 2011.
The transaction was announced in late 2010 and completed on March 7, 2011. TPG and Leonard Green acquired J.Crew through Chinos Holdings and Chinos Acquisition Corporation in a cash deal valued at about $3 billion, paying $43.50 per share. The purchase removed J.Crew Group from the New York Stock Exchange.
TPG Capital was the investment firm working alongside Leonard Green; it was not Carlyle Group, Blackstone, or Kohlberg Kravis Roberts. Those firms are also major private-equity names, which makes them plausible distractors, but they were not the partners in this J.Crew buyout.
The deal also involved J.Crew’s leadership, including chairman and CEO Millard “Mickey” Drexler. TPG had previously invested in J.Crew in the 1990s, making its return in the 2011 take-private a notable part of the company’s ownership history.