Ropes & Gray LLP and Stikeman Elliott LLP served as legal advisors to HBC, while Willkie Farr & Gallagher LLP served as legal advisor to Insight Partners in the transaction.
HBC and leading growth capital investor, Insight Partners, have entered into a partnership to establish Saks OFF 5TH’s ecommerce business as a standalone entity. Insight Partners has led a $200 million equity investment in Saks OFF 5TH’s ecommerce business, valuing the company at approximately $1 billion. Saks OFF 5TH’s store fleet, consisting of 105 locations across the U.S. and Canada, will be a separate entity, referred to as O5, and remain wholly owned by HBC.
Morgan Stanley & Co. LLC served as HBC’s placement agent for the transaction.
HBC, a holding company of investments and businesses at the intersection of technology, retail operations and real estate, is the majority owner of Saks and Saks OFF 5TH. Insight Partners is a leading global venture capital and private equity firm that has raised more than $30 billion in capital commitments.
The Ropes & Gray team that advised HBC was led by private equity partner Jay Freedman (Picture; San Francisco), and included mergers & acquisitions partner Matthew Jacobson (San Francisco) and IP transactions partner Edward Black (Boston), tax partner Leo Arnaboldi III (New York), debt finance counsel Milap Patel (Boston), employment, executive compensation & benefits counsel Ellen Sueda (San Francisco), private equity associates Zachary Bland and Monica McKinnon (both of New York), and mergers & acquisitions associate Michael Spera (Boston).
Involved fees earner: Leo Arnaboldi – Ropes & Gray; Edward Black – Ropes & Gray; Zachary Bland – Ropes & Gray; Jason Freedman – Ropes & Gray; Matthew Jacobson – Ropes & Gray; Monica McKinnon – Ropes & Gray; Milap Patel – Ropes & Gray; Michael Spera – Ropes & Gray; Ellen Sueda – Ropes & Gray;
Law Firms: Ropes & Gray;
Clients: Hudson’s Bay Company;