Leonard Green & Partners Pays $1.6B for Jo-Ann Stores

Private equity shop Leonard Green & Partners will pay $1.6 billion to acquire fabric retail chain Jo-Ann Stores. The deal, at $61 per share, represents a 34% premium over the company’s closing price yesterday. J.P. Morgan, Bank of America Merrill Lynch and TCW/Crescent Mezzanine will provide financing for the deal. Jo-Ann Stores sells fabrics and craft supplies in 756 stores across 48 states. Los Angeles-based Leonard Green & Partners has more than $9 billion under management.

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