Tory Burch Reopens Stake Sale Process

Once a limited process, the stake sale of apparel maker Tory Burch has been opened to a wider pool of private equity bidders, peHUB has learned. The company’s namesake, Tory Burch, and her ex-husband and business partner, Christopher Burch, had hired Goldman Sachs to shop the business, but disagreements over fees led the duo to move forward with Lehman Brothers as its sell-side adviser. (Goldman was connected to Christopher Burch; Lehman’s connections were with Tory Burch.) Women’s Wear Daily reported in July that bidding for the 30% stake had been narrowed to Bear Stearns Merchant Banking and TSG Consumer Partners, though the sale hinged on the firms’ willingness to pay Tory Burch’s steep asking price.

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