HAYWARD, Calif., Sept. 2 /PRNewswire/ -- The completion of the acquisition
of Mervyn's from Target Corporation by an investor group consisting of Sun
Capital Partners, Inc., Cerberus Capital Management, L.P., and Lubert-Adler
and Klaff Partners, L.P. was announced today. Additionally, Mervyn's credit
card receivables, totaling approximately $475 million, have been acquired by
GE Consumer Finance, a unit of General Electric Company.
Mervyn's, a leading promotional neighborhood department store, will
continue to operate 257 stores and four distribution centers in 13 states,
primarily in the western and southwestern regions of the United States. Based
in the San Francisco Bay Area, Mervyn's will function as an independent
"Mervyn's has an opportunity to differentiate itself within the mid-level
retail market," said Michael Kalb, a principal with Sun Capital. "We want
customers to leave the stores not only completely satisfied, but with money
left in their pockets to take care of the other needs their families may
"Mervyn's has made significant strides to elevate its brand by offering
its guests an enhanced in-store experience, new merchandise, and exclusive
celebrity partnerships," said Diane Neal, president of Mervyn's. "Our
investors bring an expertise and additional resources that will allow us to
build on existing successes and take advantage of new opportunities."
Mervyn's LLC, headquartered in the San Francisco Bay Area, is a
family-friendly promotional neighborhood department store offering trend-right
fashions and home decor for the entire family at affordable prices. With 257
locations in 13 states, Mervyn's has a well-earned reputation for its
extensive selection of national and private-label fashions and housewares.
Community giving has been a cornerstone of the company's business since 1949,
with a focus on improving the lives of children and families by giving back to
educational programs in its communities. For a list of store locations, or
for additional information, visit Mervyn's website at http://www.mervyns.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on
investments in market leading companies. Sun Capital has invested in
approximately 70 companies with combined sales in excess of $9.0 billion. In
addition, Sun Capital has more than $1 billion of capital under management.
Sun Capital has extensive retail investments including Sam Goody, SunCoast,
Media Play, Anchor Blue, MOST, Wickes Furniture, Bruegger's Bagels, Nationwide
Mattress and Furniture Warehouse and The Mattress Firm. For more information
about Sun Capital, visit http://www.SunCapPart.com.
About Cerberus Capital Management, L.P.
Headquartered in New York City, Cerberus Capital Management, L.P. and its
affiliated entities manage funds and accounts with capital in excess of $14
billion. Recent acquisitions by Cerberus and its affiliated companies include
Teleglobe, Alamo and National Car Rental, Fila Sportswear and Aozora Bank in
About Lubert-Adler and Klaff Partners, L.P.
Lubert-Adler manages four real estate funds with $2.5 billion in equity
capital and $7.0 billion in total assets under management. Investors in the
fund include leading endowments and pension funds. Through its joint venture
with Klaff, Lubert-Adler seeks to make real estate investments in retail
businesses, as well as other value added situations. Lubert-Adler is
headquartered in Philadelphia, with an office in Los Angeles; Klaff is
headquartered in Chicago. Acadia Realty Trust, through its affiliates, has
joined as an investor through Lubert Adler and Klaff Partners, L.P.
SOURCE Mervyn's LLC
/CONTACT: Greg Terk of Mervyn's LLC, +1-510-727-2634/
/Web site: http://www.SunCapPart.com
CO: Mervyn's LLC; Sun Capital Partners, Inc.; Cerberus Capital Management,
L.P.; Lubert-Adler and Klaff Partners, L.P.; Target Corporation
-0- Sep/02/2004 18:10 GMT
Press spacebar to pause and continue. Press esc to stop.