Arcapita Inc. announced Thursday that an affiliate of Dubai-based Istithmar PJSC has signed a definitive agreement to purchase its stake in Loehmann’s Holdings Inc.
The approximately $300 million transaction is subject to undisclosed closing conditions. Arcapita acquired Loehmann’s in October 2004 for approximately $178 million. Currently, Loehmann’s operates 60 stores in metropolitan markets located in 17 states.
“Istithmar has worked alongside Arcapita and Loehmann’s, holding a Board Seat since it made a significant indirect investment in the company in early 2005,” says Sultan bin Sulayem, Executive Chairman of Istithmar. “We look forward to working closely with Loehmann’s management to continue the strong track record of growth.”