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Exclusive: Nordstrom family launches search for buyout partner - sources
June 9, 2017 / 7:10 PM / 6 months ago

Exclusive: Nordstrom family launches search for buyout partner - sources

(Reuters) - A group of Nordstrom Inc (JWN.N) family members is talking to buyout firms about raising $1 billion to $2 billion in equity to fund a potential bid to take the U.S. department store operator private, according to people familiar with the matter.

The Nordstrom store is seen at a mall in a Denver suburb May 16, 2008. The upscale department store chain Nordstrom Inc. reported earnings that topped Wall Street estimates. REUTERS/Rick Wilking

Nordstrom said on Thursday the family group, which owns 31.2 percent of the 116-year-old retailer, was studying ways to take the company private. The group is now looking for help in funding an offer that would convince the company’s other shareholders to back the deal.

The family group started talks with private equity firms this week, and is expected to spend at least a couple of weeks to select an equity partner, the sources said on Friday, without identifying which firms are in talks with Nordstrom. Once the group has secured equity financing, it will begin to make arrangements for a debt financing package, the sources added.

The sources asked not to be identified because the deliberations are confidential. Nordstrom did not immediately respond to a request for comment.

Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Bill Rigby

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