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Berkshire Partners Bidding For Carter's Excel
Berkshire Partners Bidding For Carter's Excel
Berkshire Partners Bidding For Carter's Excel
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1
Forecasted Financial Data and Ratios, adapted from case Exhibit 7a (in thousands of dollars and percent)
Source: Adapted from Malcolm P. Baker and James Quinn, "Berkshire Partners: Bidding for Carters",
HBS no. 205-058 (Boston: Harvard Business Publishing, 2005, 2008), Exhibit 7a, page 12.
Selected Data on Public Companies Comparable to Carter's (in millions of dollars except where noted)
Nike Designs, develops, and markets athletic and $41.35 19.2x 15.8x
recreational footwear and apparel and sells
a line of athletic performance equipment
Jones Apparel Designs, markets, and wholesales its own $40.90 13.7x 12.0x
branded apparel, footwear, and
acccessories; also licenses and markets
branded costume jewelry, women's
footwear, and apparel
Tommy Hilfiger Designs, sources, and markets men's and $13.65 9.0x 7.9x
women's active/sportswear and jeans,
accessories, footwear, fragrances, and
home furnishings
Liz Claiborne Designs and markets a portfolio of retail- $24.92 12.3x 10.9x
based and department store-based brands
with consumer franchises.
Source: Adapted from Malcolm Baker and James Quinn, "Berkshire Partners: Bidding for Carter's", HBS no. 205-058 (Boston: Ha
ere noted)
er's", HBS no. 205-058 (Boston: Harvard Business Press, 2005, 2008), Exhibit 8, p. 14; business descriptions adapted from Thomson ONE Banker, access
5-Year
Average
Leverage Net Income
8.4% 589.7
17.1% 327.6
18.1% 130.2
4.4% 184.6
Value of Target:
Target Name Target Business Description Acquirer Name Transaction Revenues
Too Inc Manufacturers and retails girls' clothing Financial buyers 581.1 376.9
McNaughton Manufactures and wholesales women's Jones Apparel Group 565.4 521.9
Apparel Group clothing
Donna Karan Manufactures women's and men's clothing LVMH SA 247.2 662.9
International
Happy Kids Inc Manufactures and wholesales children's HIG Capital LLC 119.6 170.1
clothing
Pretax
EBIT EBITDA Income Net Income Transaction Date