Fashion Designer Tory Burch Eyes Sale of Minority Stake in Her Company (Report)
The firm has hired investment bank Barclays Capital to sell a third of the company, which could be valued at $2 billion, that is currently held by Burch's ex-husband.
NEW YORK - Fashion designer Tory Burch's company has hired investment bank Barclays Capital to explore a sale of a third of the company that is mainly owned by former husband Christopher, the New York Post reported.
The price tag sought values the fast-growing preppy clothing firm at $2 billion, it said. It added that the company has an estimated $150 million in earnings before interest, taxes, depreciation and amortization.
That would be more than twice what the company got in 2009 when it sold a minority stake to a Mexican private equity firm, according to the Post.
For the ex-husband, who has remained chairman of the company, but is expected to step down in the case of a sale of the stake, a deal could mean a windfall of $600 million-plus.
Burch declined to comment, the Post said.