New York-based private equity firm Sycamore Partners has completed the acquisition of US fashion retailer Chico's FAS. 

The $1bn transaction was conducted at $7.60 per share in an all-cash deal.  

Based in Florida, Chico's FAS operates under three brands: Chico's, White House Black Market and Soma. 

The company operated a network of 1,256 stores in the US as of 28 October 2023. 

It also distributes clothing, shoes, accessories and underwear through 58 international franchise locations in Mexico and two domestic franchise locations in airports. 

Sycamore Partners managing director Stefan Kaluzny stated: "Completing this transaction represents the beginning of an exciting new chapter for the company's three iconic brands - Chico's, White House Black Market and Soma.  

 
"We look forward to supporting the company's more than 14,000 talented associates as they continue to deliver best-in-class product assortments to their loyal customer base and help these brands reach their fullest potential." 

The closure follows a definitive agreement between the two parties signed in September 2023.  

Chico's FAS shares have ceased trading on the New York Stock Exchange following the acquisition.  

Chico's FAS chief executive officer and president Molly Langenstein stated: "Joining the Sycamore portfolio of leading retail brands marks an important milestone for Chico's FAS and continues our journey as a customer-led, product-obsessed, digital-first and operationally excellent company.”  

Solomon Partners acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison as legal advisor for Chico's FAS during the acquisition.  

UBS Investment Bank served as financial advisor and Kirkland & Ellis as legal advisor for Sycamore Partners. 

In 2023 Sycamore Partners also negotiated a deal to purchase the assets of home goods retailer Bed Bath & Beyond.