PITTSFIELD, Mass., (/PRNewswire) — KB Toys, the nation’s largest combined mall-based and online specialty toy retailer, said today that its management team, led by Chief Executive Officer, Michael L. Glazer, has partnered with Boston-based Bain Capital, Inc., a global private equity firm, to acquire the stock of KB Toys from Consolidated Stores Corporation.
Consolidated Stores announced its plan to divest KB Toys in June 2000 and signed a letter of intent in mid-November with Bain Capital. The approximate $300 million transaction encompasses all KB Toys divisions including KB Toys, KB Toy Works, KB Toy Outlet, KB Toy Liquidators, B Toy Express, and the online retailing operation, KBkids.com.
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Bain Capital has $12 billion of assets under management and has been an active investor in the retail and consumer goods sector since its inception in 1984. Fleet Retail Finance Inc. and Back Bay Capital, subsidiaries of FleetBoston Financial, will provide a working capital facility of $495 million to the company.
