Walgreen to Build DC in Connecticut
Deerfield, Ill., Walgreen Co., the nation’s largest drug store chain, plans to build a new distribution facility in Windsor, Conn., at the New England Tradeport, a 600-acre planned industrial park. Walgreens has signed a letter of intent to purchase a 130-acre site in the park. Site work on the property is expected to begin in late spring, with a planned opening in 2008. The facility’s size will be about 700,000 sq. ft., with the capability for future expansion.
Bain Capital to Acquire Burlington Coat Factory
Burlington, N.J., Burlington Coat Factory Warehouse Corp. agreed to be acquired by a private investment firm. The 367-store chain said it signed a definitive merger agreement to be acquired by affiliates of Bain Capital Partners, LLC in a $2.06 billion deal.
Under terms of the agreement, Bain Capital will acquire all of the outstanding shares of Burlington Coat Factory Warehouse Corporation for $45.50 per share in cash, for a total consideration of approximately $2.06 billion. “We are thrilled that a transaction with Bain Capital delivers significant value to our stockholders,” said Monroe Milstein, Burlington Coat Factory’s Chairman, President and CEO. “We are very proud of what the Company has accomplished over the past 30 years.”
“Burlington Coat Factory is a well-managed retail business with a strong consumer following, high-quality product offerings, and good growth prospects,” said Jordan Hitch, a managing cirector at Bain Capital. “We are delighted to have the opportunity to partner with the experienced management team to build on the company’s track record of success in merchandising and store operations and to continue to grow the store portfolio.”