TORONTO, July 16 /CNW/ - The InterTech Group, Inc. announced today its
sale of Hudson's Bay Company (HBC), North America's oldest corporation, to
NRDC Equity Partners. The InterTech Group, a diversified conglomerate headed
by the Zucker family of Charleston, South Carolina, is one of the largest
privately held companies in the United States. In 2006, The InterTech Group,
through its affiliate, True North Retail Investments, purchased HBC, taking
the company private. NRDC is private equity firm that has been a minority
partner in HBC since 2006.
"Over the past two years, we have accomplished many of our goals, as we
set out to transform and improve this historic company," said Robert Johnston,
Executive Vice President & Chief Strategy Officer of The InterTech Group, and
CEO of HBC. "In addition to receiving an excellent return on our investment,
we are proud to say that The InterTech Group will be leaving HBC in far better
condition than we found it, through greater emphasis on customer service,
refreshed brand selection, and use of technology to streamline operations."
Anita Zucker, Chairperson and CEO of The InterTech Group, released the
"I am very pleased with the results of this transaction. Equally as
important to me, however, is the fact that I believe the team at NRDC is an
excellent fit for the company, with their strong background in retail and real
estate. We look forward to seeing the future that they, together with the
terrific employees of HBC, will create."
"The InterTech Group now turns to other global opportunities to continue
to build and strengthen our portfolio of companies."
For further information:
For further information: Robert Johnston, Executive Vice President &
Chief Strategy Officer, The InterTech Group, Inc., (843) 744-5174,