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The Daily Deal Sidering a Bid for Sandisk—It Lost out to Tled Investors

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The Daily Deal Sidering a Bid for Sandisk—It Lost out to Tled Investors today’s top stories from the deal MONDAY NOVEMBER 23, 2015 VOLUME 26 ISSUE 226 Bloated inventories could turn the year’s busiest shopping weeks into a nightmare for these 10 retailers By Richard Collings, Jamie Mason and Lisa Allen FULL STORY > close print back < index > cover search view 2 ThE D aily DEaL MondaY NOvEmber 23 2015 INDEX TOP STORY Exit ramp: Poseidon Containers page 19 Unusually warm fall weather, online competition and a con- sumer still strapped for disposable income could make the caPITaL caLLS busiest weeks of the year nightmarish for retailers with bloated When Parthenon Capital-backed consumer lender LoanDepot inventories, according to a research firm that has identified the pulled its initial public offering due to market conditions on Nov. 10 most likely to default page 4 12, it became the 24th PE-backed company to postpone or with- draw an IPO in 2015, the highest total in three years page 20 acTIvISm A growing number of companies are complaining that lax SEC m&a disclosure rules allow activists to conduct stealth attacks on Auction news from WorkWell Medical, BNC Bancorp, Viawest management by posing as passive investors page 9 and Cypress Energy page 21 Large-cap Target of the Week: Danaher page 10 RuLES Of ThE ROaD EU Competition Commissioner Margrethe Vestager is going Update: Fossil fastens “wearable technology” maker Misfit to after corporate tax dodgers with a vengeance, starting with itself, and Urban Outfitters reaches for pizza, as the two list Starbucks and Fiat Finance and Trade, for sweetheart arrange- members look to small deals to jump-start stalled growth ments with national tax authorities deemed to be illegal govern- page 11 ment subsidies page 22 The Watch List: A roster of companies that might soon rank SafE haRbOR among the top targets pages 12-13 The Chinese government first began encouraging the populace to drink wine made from grapes instead of rice two decades ago, ThE crosshaIRS and now the newly wealthy are buying up Bordeaux chateaus at The Deal’s weekly rankings of the top 10 most likely activist an intoxicating pace page 24 rargers pages 14-15 mOvERS & ShakERS PRIvaTE Equity Personnel changes at Sierra Ventures, Advent International, Can an investment firm that counts a scallop harvester, a Simpson Thacher, Gibson Dunn and other firms page 25 bowhunting and archery accessories provider, a maker of running performance products and a supplier of behavioral fEEDback services to children among its portfolio companies be said to Tell us what’s on your mind page 26 have a plan? Sure, if the firm’s name is Bregal Partners page 16 cOmPaNY INDEX PRIvaTE bRIEfINg page 27 E-geneology company Ancestry.com’s own history may soon need rewriting, as it has produced such a satisfactory return ThEDEaL.cOm that its parent, Permira, may find it’s about time to exit page 18 Links to current content click here close print back < index > cover search view $5.3 billion $650 million $950 million $173 Million Take-private by Perpetual Convertible Senior Secured Preferred Stock Credit Facilities Initial Public Offering Senior Unsecured Notes Financial Advisor Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Lead Arranger August 2015 August 2015 July 2015 July 2015 $341 million UNDISCLOSED $4.1 BILLION $1.1 BILLION Sale by Leveraged buyout by Senior Secured First Lien Merger with Term Loan Financing for Golden Gaming Financial Advisor Lead Left Bookrunner Financial Advisor Financial Advisor Joint bookrunner Lead Arranger July 2015 July 2015 June 2015 May 2015 $1.4 BILLION UNDISCLOSED $15.6 billion $5.1 billion Acquisition by Acquisition by Financing of acquisition Project Financing Of by consortium led by Freeport LNG’s BC Partners Three Liquefaction Trains Financial Advisor Financial Advisor Joint Bookrunner Joint Bookrunner Financial Advisor Joint Lead Arranger May 2015 May 2015 April 2015 March 2015 Advisory | Capital Markets | Principal Investing macquarie.com/whiteboard close print back < index > cover search view 4 ThE D aIlY DEal MondaY NOvember 23 2015 TOP STORY A season of excess by richard collings. jamie mason Segall knows his way around distressed Because of the cost, Nowitz explained, and lisa allen retailers, as Versa Capital’s portfolio in- retailers need to shed leases, and while The holiday shopping season for a large cludes retail banners such as Wet Seal and some landlords have been willing to adjust swath of retailers is, unsurprisingly, the Avenue, both of which it bought out of leases, it is difficult to do outside of court. “I most important time of the year when they bankruptcy protection. Segall said every would expect to see a lot more of that activ- go into the black as a result of generating year there are bankruptcy filings after the ity in Chapter 11,” he concluded. most of their cash. holidays, as a lack of sales over time takes Instead of malls, consumers are gravitat- For the most troubled of retailers, how its toll, and yet retailers simultaneously ing to shopping centers that feature their fa- they perform during the Yuletide season are in their best cash position because they vorite discounters such as TJX Cos.’s (TJX) can even determine whether or not they can have liquidated most of their inventory and T.J. Maxx and away from the department avoid bankruptcy, and how much time they haven’t paid their vendors yet. stores such as Macy’s Inc. (M), for exam- have left to effect a turnaround. Segall is not alone in his assessment. ple, which as an anchor to traditional malls This season, apparel retailers in particu- “I think that the first half of next year will were historically a big draw. lar may find themselves under more pres- be very active, as we are seeing indications While Macy’s, Nordstrom Inc. (JWN) sure. That’s because shoppers have delayed that business is soft in the numbers that and Wal-Mart Stores Inc. (WMT) aren’t their seasonal purchases for a myriad of retailers have been reporting,” said Schaef- examples of distressed retailers, they are reasons such as unusually warm weather. fer. He said there are several stores that are emblematic of the difficult environment While retailers love to blame the weath- on the edge of filing, and if they have a bad that is going on right now, Segall explained, er for why business is soft, it is applicable Christmas, they are likely doomed. adding that there have been changes in in some markets, since it has been so warm Raoul Nowitz, managing director at technology, consumer spending habits and this fall and no one was buying, said Peter Solic Capital Advisors LLC, also believes economic insecurity. Schaeffer, a principal at GlassRatner Ad- we’ll see more retail bankruptcy filings in It’s not just that malls have fallen out of visory & Capital Group LLC. Consumers the coming months, likely after the holidays. favor, or even that more people are shop- haven’t been shopping for warm clothes this “I don’t see it slowing down at all over the ping online, but that consumers are also fall, so retailers are “stuffed with goods,” next 18 months,” he said, adding, “it’s been gravitating away from clothes to spend their he said. Fewer purchases at the start of the fairly steady, and it might hold to at least last hard-earned dollars on Apple Inc.’s (AAPL) season means that retailers sell less goods at year’s clip, potentially a bit more.” latest iPhone or on food, such as grabbing a full price and end up with excess inventory Mall-based stores continue to face the burger at the upstart chain Shake Shack that has to be heavily discounted. same challenges this year that they have Inc. (SHAK). “Retailers love when it’s cold in October. over the past few years, particularly apparel People are also spending more on their You can make money when it’s cold in Oc- banners. pets, which in recent years have taken on tober. After that you have to mark things “Mall-based retailers are absolutely af- the role of close family members, and on down,” Schaeffer said, noting that regular fected by the quality of the malls that they home improvement with the likes of Home priced items usually represent 20% of a re- are in,” Segal said. “It is almost impossible Depot Inc. (HD) reporting a same store tailer’s business. That in turn leads to lower for a retailer to overcome a dead or dying sales hike of 5.1% for the third quarter end- margins and less profits. mall and the impact this has on its own rev- ed Nov. 1. “I think its going to be a tough Christ- enue, he noted. While shoppers spend more on the above mas. Consumer sentiment toward shopping Similar to the plethora of malls, the U.S. categories, that compounds the competi- isn’t robust and the internet has a negative generally is over-retailed, with more square tiveness of areas such as apparel. effect on sales,” since you don’t get incen- footage of retail space per capita than any According to industry sources and credit tive shopping and it is a replacement for the other country. “Many modern retailers ratings agencies, a top 10 list of some of the shopping done in stores, not in addition, are struggling with very large stores, or more troubled retailers heading into Black Schaeffer explained. Online shopping also too many stores and not enough purchas- Friday this year include Gymboree Corp., reduces impulse buys, which many retailers ing taking place in those stores.
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