Ropes & Gray represented HBC in its partnership with Insight Partners to establish Saks OFF 5th as standalone digital business, valuing the company at approximately $1 billion. The deal was announced on June 21. The press release is here.
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 (San Francisco) and included 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), and mergers & acquisitions associate Michael Spera (Boston).
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