Bluefly Announces Clearlake Capital Purchases 90% of Outstanding Shares
Bluefly Shares to Cease Trading on NASDAQ Capital Market
NEW YORK -- May 23, 2013
Bluefly, Inc. (NASDAQ Capital Market: BFLY), a leading online retailer of
fashion forward designer brands at superior value, today announced that an
affiliate of Clearlake Capital Group (“Clearlake”) has purchased approximately
89% of the outstanding shares of Bluefly Inc. (“Bluefly” or the “Company”)
directly from the Company’s principal stockholders. Clearlake also entered
into an agreement with the Company under which it purchased additional shares
from the Company that, together with the shares acquired from the Company’s
principal stockholders, represent in excess of 90% of the outstanding shares
of Bluefly. Pursuant to the same agreement, Clearlake agreed to acquire the
remaining outstanding shares of common stock of the Company through a short
form merger at a price of $0.10 per share. The Company expects to consummate
the merger as soon as possible following the issuance of the shares, and in
any event within one business day. The Company also expects that its shares
will cease trading on the NASDAQ Capital Market effective prior to the open of
market on May 24, 2013.
Joseph Park, CEO of Bluefly, said, “Clearlake brings an outstanding team with
eCommerce and financial expertise, and they are dedicated to re-energizing
this business and brand at a pivotal time in our sector. With this
transaction, Bluefly will be well-capitalized and well-positioned for growth,
building on its loyal following and continued strong traffic.”
“Bluefly is a pioneer in offering the best in designer brands and fashion
trends at a value that customers love in an online environment that is fun to
visit and easy to navigate. With a new operating structure and capital, and
Clearlake’s leadership, we look forward to building on this legacy as we seek
to reinvigorate the Company during a dynamic period in the eCommerce
industry,” said Scott A. Erdman, Bluefly's Chief Merchandising Officer.
About Bluefly, Inc.
Founded in 1998, Bluefly, Inc. is a leading online retailer of designer
brands, fashion trends and superior value. Bluefly is headquartered in the
heart of the Fashion District. In 2011, Bluefly expanded its portfolio,
launching Belle & Clive, a members-only shopping destination that presents
highly-curated selections of important brands via limited time sale events.
For more information, please visit www.bluefly.com and belleandclive.com.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special
situations and private equity investments such as corporate divestitures,
recapitalizations, buyouts, reorganizations, turnarounds and other equity
investments. Clearlake seeks to partner with world-class management teams by
providing patient, long-term capital and operational expertise to invest in
dynamic businesses. Clearlake currently manages approximately $1.4 billion of
equity capital, and Clearlake’s founding principals have led over 50
investments totaling more than $2.7 billion of capital in sectors including
business services, communication, consumer products/retail, defense/public
safety, energy/power, healthcare, industrials, media, and technology. For more
information, please visit www.clearlakecapital.com.
Forward Looking Statements
This press release contains forward-looking statements, including with respect
to the acquisition of Bluefly by Clearlake, the timing of completion of the
merger, the timing of cessation of trading of Bluefly shares on the NASDAQ
Capital Market, and the future business operations of Bluefly. Statements
including words such as "expects," "intends," "will," or similar expressions
are forward-looking statements. Because these statements reflect Bluefly's
current views, expectations and beliefs concerning future events, these
forward-looking statements are not guarantees of future events and involve
risks and uncertainties. Actual results may be materially different than the
results implied or predicted by the forward looking statements.
Forward-looking statements speak only as of the date they were made. Bluefly
assumes no obligation to publicly update any forward-looking statements, to
reflect events, circumstances or changes in expectations after the date of
this press release.
Owen Blicksilver Public Relations, Inc.
Kristin Celauro, 732-264-1131
Jennifer Hurson, 845-507-0571
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