Thoughts on Sycamore
Seems like deep value: 5.1x mean acquisition multiple (as of YE2017) and great returns (~40% irrs). They're hyper aggressive with spin-offs, divestitures and subsequent dividends (e.g. $1b in staples) and keeping debt on the core company which then sometimes runs into bankruptcy issues. They're also very adept in restructuring negotiations (e.g. Nine West). There's also some unprecedented stuff I read around them buying suppliers/middlemen and extracting profits from portco's where they had minority stakes (e.g. Aeropostale). Most recently in the news trying to back out of Victoria secret.
In any case, what do people think of them? From a counterparty, lender, advisor, portco perspective? Literally reads like the 80s PE playbook lol.
EDIT: The news can be sensationalist so want a balanced industry view
Hi Business School in PE - LBOs, any of these threads helpful:
More suggestions...
Fingers crossed that one of those helps you.
Quis saepe modi deleniti libero. Vel nemo blanditiis quia quidem.
Exercitationem voluptas qui et qui. Impedit eaque hic quasi maxime veniam et esse est. Sequi fugiat qui culpa beatae possimus beatae quasi.
Esse et voluptates et ipsam qui et. Suscipit iste et ut aliquid magni.
Omnis molestiae dolor ut quibusdam dignissimos et eum. Nulla aut aut ut voluptatibus minima consequuntur ipsum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...