Clearlake Capital, a US-based special situations firm, has de-listed online fashion retailer Bluefly from the NASDAQ.
Founded in 1998, Bluefly is an online retailer that sells designer brands including Gucci, Prada and Chanel.
Clearlake purchased roughly 89 percent of the company's outstanding shares directly from principal shareholders for an undisclosed price. It agreed to buy more common stock from the company — equivalent to about 1 percent of outstanding shares — through a short form merger for $0.10 per share.
“Clearlake brings an outstanding team with ecommerce and financial expertise and they are dedicated to re-energising this business and brand at a pivotal time in our sector. With this transaction, Bluefly will be well-capitalised and well-positioned for growth, building on its loyal following and continued strong traffic,” Joseph Park, chief executive officer of Bluefly, said in a statement.
Clearlake was unavailable to comment at press time.
With the de-listing of Bluefly, Clearlake has secured its second investment in a week. On Wednesday, the firm revealed a $244 million carve-out an oil and gas-related rental equipment business from Archer Limited.
The firm is currently investing its Clearlake Capital Partners III, a 2011-vintage. In January the firm closed the vehicle on $785 million, above its hard-cap. The fund typically makes investments of between $50 million and $60 million — a slight increase from its $40 million average from previous funds.
PEI's forthcoming issue features an in-depth interview with Clearlake co-founder Jose Feliciano.