CHESAPEAKE, Va. & NEW YORK -- Discount retailer Dollar Tree Inc. and Sycamore Partners, a private-equity firm specializing in consumer and retail investments, have announced that they have completed the transaction pursuant to which Dollar Tree divested 330 Family Dollar stores to Dollar Express LLC, a portfolio company of Sycamore Partners.
The divestiture satisfied a condition as required by the Federal Trade Commission (FTC) in connection with Dollar Tree’s recently completed acquisition of Family Dollar Stores Inc.
The stores will operate under the new Dollar Express banner.
“We are pleased to have completed this acquisition, which adds to our growing portfolio of leading retailers and consumer brands,” said Peter Morrow, a managing director at Sycamore Partners. “We look forward to operating these 330 stores as Dollar Express, a brand new, nationwide discount retailer that is well-positioned as an innovator in the market. We believe our significant experience with carve-out transactions will be beneficial in supporting the Dollar Express team to serve our loyal customers and create value.”
Dollar Tree Inc. operated 13,864 stores in 48 states and five Canadian provinces as of Aug. 1, 2015.
Sycamore Partners is a private-equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm's strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses.
Chesapeake, Va.-based Dollar Tree now operates more than 13,864 stores across 48 states and five Canadian provinces. Stores currently operate under the brands of Dollar Tree, Family Dollar, Dollar Tree Canada and Deals.
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