Angelo Gordon’s Net Lease Group has acquired the headquarters and sole North American distribution centre of Claire’s Stores, located in Hoffman Estates, Illinois, for USD18.1m.
Claire’s has been a portfolio investment of Apollo Management since 2007.
Claire’s is a mall-based retailer of value-oriented fashion accessories and jewellery with two brands: Claire’s and Icing. It offers a mix of accessories and jewellery targeted to the lifestyles of kids, tweens, teens and young women.
Teddy Kaplan (pictured), managing director and co-manager of AG Net Lease, says: "Claire’s has among the most loyal customer bases in the specialty retail space and remains an important tenant in malls across America, all of which are stores serviced solely by this facility. Their pricing and merchandise mix is well positioned for the current economic climate, and this transaction helped to prepare the company for continued growth as our economy recovers."
J. Per Brodin, Claire’s chief financial officer, says: "We were pleased to work with the AG Net Lease team, and were able to close the transaction on terms and timing as originally proposed. The sale-leaseback transaction provides Claire’s with additional capital to pursue our growth."
CB Richard Ellis represented Claire’s on the sale-leaseback.
