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NRDC Equity Partners

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NRDC Equity Partners, LLC
Company typePrivate
IndustryPrivate equity
Founded2005; 19 years ago (2005)
FoundersRichard A. Baker
Robert C. Baker
William L. Mack
Lee S. Neibart
HeadquartersNew York City, New York, U.S.
Key people
Richard A. Baker (Founding Partner)
Websitenrdcequity.com
Former logo

NRDC Equity Partners (NRDC) is an American private investment firm focused on retail, real estate, and consumer branded businesses.

History

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NRDC was founded in 2005[1] by Robert C. Baker, owner of National Realty & Development Corp; and William L. Mack and Lee S. Neibart, partners of AREA Property Partners.[2]

NRDC has completed five transactions since 2005, totaling almost $5 billion in enterprise values and has invested approximately $1.5 billion of equity for its transactions. NRDC targets transactions ranging from $250 million to $5 billion of enterprise value, requiring total equity investments of $50 million to $1.5 billion.[2][3]

Portfolio

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NRDC's current portfolio consists of two of the leading companies in their sectors, Hudson's Bay Company (HBC) and Retail Opportunity Investments Corporation (ROIC).

HBC is the holding company that owns and manages over 57,000,000 square feet (5,300,000 m2) of retail properties located in Canada and the U.S. through its portfolio subsidiaries.

  • Hudson's Bay operates 90 department stores located in Canada[4]
  • Saks Fifth Avenue, technically owned by Hudson's Bay, operates 42 department stores and 65 OFF 5th outlet stores in the U.S.

NRDC formed its real estate investment trust portfolio company, ROIC, through a public equity raise of $414 million completed in October 2009. ROIC focuses on acquiring and growing high quality shopping centers. It has invested over $200 million and has completed/announced 14 transactions as of September 2010.[3]

NRDC owned Lord & Taylor from 2006 to 2019, operating 50 department stores and four outlet centers located in the U.S.[4] The sale of the chain to Le Tote Inc. was announced in August 2019.[5] Home Outfitters, another subsidiary, operated 69 kitchen, bath, and bed superstores across Canada until closing in 2019.[6]

From 2015 to 2019 NRDC owned Germany's largest department store chain, Galeria Kaufhof.[7][8][9] On April 9, 2024, it was announced that NRDC intends to once again acquire the department store chain which had become known as Galeria Karstadt Kaufhof from the insolvent Signa Holding company.[10]

References

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  1. ^ "About NRDC Equity Partners". Retrieved 2 September 2023.
  2. ^ a b "Bloomberg Businessweek company profile of NRDC Equity Partners". Archived from the original on July 30, 2013. Retrieved 2 September 2012.
  3. ^ a b http://www.nrdcequity.com Archived January 29, 2009, at the Wayback Machine
  4. ^ a b "NRDC Equity Partners announces the acquisition of Hudson's Bay Company". Archived from the original on February 1, 2013. Retrieved 2 September 2012.
  5. ^ DiNapoli, Jessica; Dowsett, Sonya (August 28, 2019). "Hudson's Bay to sell Lord + Taylor for $100 million". Reuters. Archived from the original on Sep 25, 2020.
  6. ^ Evans, Pete (Feb 21, 2019). "HBC shutting all 37 Home Outfitters stores across Canada". CBC News. Archived from the original on Oct 1, 2023.
  7. ^ "Galeria Kaufhof". HBC Heritage.
  8. ^ Hummel, Tassilo; Copley, Caroline (2018-09-11). "Hudson's Bay, Signa form European retail, real estate joint venture". Reuters.
  9. ^ Seddon Kilbinger, Sara (2019-07-03). "SIGNA takes full control of Galeria Karstadt Kaufhof from Hudson Bay Co. for $1.5bn". Refire.
  10. ^ Reul, Maarten (9 April 2024). "Galeria Karstadt Kaufhof returns to old owner". retaildetail.eu. Retrieved 9 April 2024.
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