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Last Updated ( Wednesday, 13 March 2013 13:55 )
DATE_FORMAT_LC2=Monday,March 11 2013 12:00:00 am EDT   
Sycamore Partners to Acquire Hot Topic for $600 Million

Industry, Calif. — Sycamore Partners will acquire Hot Topic Inc. for $14 per share in cash, or a total of approximately $600 million. The agreement, which was unanimously approved by Hot Topic's Board of Directors, represents a premium of approximately 30 percent over Hot Topic's closing stock price on March 6.

"We are pleased that this transaction will allow us to deliver positive results for our shareholders," says Lisa Harper, chief executive office and chairman of the Board for Hot Topic. "In addition, we are very excited about the future growth for the company and know that Sycamore Partners will provide great resources and expertise to us as we operate as a private company."

Guggenheim Securities is acting as Hot Topic's financial advisor, while Cooley LLP is acting as the company's legal advisor. BofA Merrill Lynch is acting as financial advisor to Sycamore Partners, and Winston & Strawn LLP and the Law Offices of Gary M. Holihan PC are acting as its legal counsel.

Hot Topic Inc. is a mall- and web-based specialty retailer that operates the Hot Topic, Torrid and Blackheart concepts. As of February 2, 2013, the company operated 618 Hot Topic stores, 190 Torrid units and 5 Blackheart locations.

New York-based Sycamore Partners is a private equity firm specializing in consumer and retail investments. The firm has more than $1 billion in capital under management.


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