Perry Ellis International to Acquire Outstanding Shares

Cleary Gottlieb is representing Peter J. Solomon Company, as financial advisor to the Special Committee of the Board of Directors of Perry Ellis International, Inc. in connection with a merger pursuant to which a newly formed entity controlled by George Feldenkreis, Perry Ellis’ founder and a member of the company’s Board of Directors, will acquire all the outstanding shares of the company not already owned by the Feldenkreis family for $27.50 per share in cash.  

The transaction was announced on June 16, 2018, and is valued at approximately $437 million.

The transaction, which is expected to close in the second half of calendar year 2018, is subject to the satisfaction of customary closing conditions and approvals, including approval by Perry Ellis shareholders (including a majority of the shares owned by shareholders other than the Feldenkreis family or any officers or directors of the Company) and receipt of regulatory approvals.

The transaction will be financed through a senior secured asset-backed revolving loan facility underwritten by Wells Fargo Bank, N.A., a $282 million multi-tranche term financing facility provided by Fortress Credit Advisors LLC and equity provided by the Feldenkreis family.

Perry Ellis International, Inc. is a leading designer, distributor, and licensor of a broad line of high quality men’s and women’s apparel, accessories, and fragrances.