DSW shares rise after private equity firm takes stake
(Reuters) - DSW Inc (DSW.N) shares rose as much as 6 percent on Tuesday after private equity firm Leonard Green & Partners LP disclosed an increased stake in the footwear retailer.
Leonard Green, which specializes in retail buy-outs, including companies like the Container Store, Neiman Marcus Group Inc and Petco, revealed a 1.3 million share stake in DSW as of September 30, according to a regulatory filing.
The Los Angeles-based firm previously owned 981,196 shares in DSW before raising its stake. It was forced to disclose its new position after its request for confidential treatment expired on November 28.
Leonard Green now holds a 3 percent stake in DSW.
In May, Leonard Green closed a $6.25 billion private equity fund. It has made several acquisitions since then, including thrift store chain Savers Inc and software company CCC Information Services Inc.
Columbus, Ohio-based DSW sells designer dress, casual and athletic footwear. As of November 20, it operated 364 stores in 41 states.
Shares of DSW were up 3.6 percent at $70.24 in mid-day trade on the New York Stock Exchange.
(Reporting by Olivia Oran; Editing by Steve Orlofsky and Dan Grebler)
- Israel keeps up Gaza assault; diplomats seek ceasefire |
- With sales sputtering, Apple's iPad looks to IBM alliance
- Rebels likely downed Malaysian jet 'by mistake': U.S. officials
- Islamic State crushes and coerces on march towards Baghdad
- Five held in China food scandal probe, including head of Shanghai Husi Food