Golden Gate Capital buying stake in Express Clothing for $548M

“Limited Brands Inc. is selling a majority stake in its Express clothing chain to Golden Gate Capital as it continues to put greater emphasis on its intimate apparel and beauty products businesses. The Columbus, Ohio-based retailer has agreed to sell a 67 percent stake in the 631-store Express chain to an affiliate of San Francisco-based Golden Gate Capital, a private equity firm. The deal is expected to close by July 6. The stake will be sold for $548 million, or about $425 million after taxes, Limited Brands said. Express, which sells casual apparel for men and women, brought in $1.7 billion in sales in 2006, making up nearly 16 percent of Limited Brands’ $10.67 billion in sales.”