CCMP Capital, the stalking-horse bidder for the assets of Eddie Bauer Holdings Inc., beefed up its retail brain trust Wednesday, adding former Saks Inc. and Liz Claiborne Inc. executive Richard Zannino.
If CCMP succeeds in securing its target at the Bauer auction, scheduled to take place in Delaware today, Zannino would give it an executive with strong operating credentials. At CCMP, he’ll serve as a managing director and will work with Kevin O’Brien as co-head of the private equity firm’s consumer, retail and media investment efforts.
Zannino was chief executive officer of Dow Jones & Co. during its 2007 acquisition by News Corp. and joined as Dow Jones’ chief financial officer after seven years at Liz Claiborne. He was at the company from 1998 to 2005 and his last job was executive vice president with responsibility for areas including strategy, finance, mergers and acquisitions and technology. Beginning in 1993, Zannino spent five years at Saks Fifth Avenue, where he rose to executive vice president and cfo.
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In between his tenures at Saks and Claiborne, Zannino was cfo of General Signal, where he was involved in the sale of the company to SPX.
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At today’s auction for the Bauer assets, CCMP is expected to face intense competition from a number of firms, including Golden Gate Capital and Iconix Brand Group Inc., which is believed to be working with an unidentified strategic retail partner. CCMP entered into a stalking-horse agreement to acquire Bauer for $202 million in cash, subject to a number of adjustments, when the retailer filed for Chapter 11 bankruptcy protection on June 16.
VF Corp. and a number of liquidators have also expressed interest in Bauer. Two hedge funds that control $200 million of the retailer’s debt, Monarch Alternative Capital and Anchorage Advisors, were said to be considering a joint bid with liquidators Hilco Consumer Capital and Gordon Brothers. The debt holders were reportedly examining business model under which Bauer would exit its store base of 371 units but retain a brand presence through licensing and direct-to-consumer sales.