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Date	Status	Stake Acquired	Deal Price	Deal Type	Currency Used
November 2004	Completed	100%	$400,000,000	Acquisition	Assumed Liabilities, Cash

Target	Buyer
Barneys New York New York, New York, United States Industries: Children's Apparel, Men's Apparel, Women's Apparel, Children's Apparel Retail, Footwear Retail, Men's Apparel Retail, Specialty Apparel Stores, Women's Apparel Retail, Other Apparel Stores, Department Stores, Other Jewelry Retail, Beauty Products & Fragrance Retail	Jones Apparel Group Stake Acquired: 100 %

Deal Amount
Deal Price	$400,000,000
Enterprise Value (EV)	$400,000,000

Financials for Target: Barneys New York		Transaction Multiples		Transaction Multiples w/ Max. Contingency
Total Assets	N/A	EV / A		EV / A
Stockholder's Equity	N/A	EV / SE		EV / SE
Revenues 2004	$409,477,000	EV / R	1x	EV / R
Net Income (Loss)	N/A	EV / E		EV / E
Cash Flow	N/A	EV / CF		EV / CF
EBITDA	N/A	EV / EBITDA		EV / EBITDA
Operating Income (Loss) 2004	$34,489,000	EV / OI	11.6x	EV / OI

Deal Notes

In November 2004, Barneys New York was acquired by Jones Apparel Group Inc., a Bristol-based designer and marketer of mid-priced clothing and shoes for $400 million in cash and assumed debt. The transaction included cash consideration of $19.00 per share to Barneys stockholders totaling $294.3 million (which includes shares outstanding, employee stock options, preferred stock and warrants). In addition, Jones repurchased all of Barneys' outstanding Senior Secured Notes due 2008, with a face value of $106.0 million, through a tender offer executed by Barneys. In December that same year, the Pressman family sold its 1.5% stake to the Jones Apparel Group.

Contingency Payments
Has Contingency Payment?	No
Termination Fees
Has Termination Fee?	No

Business Description for Target: Barneys New York

Barneys New York is a privately-held retail chain of luxury department stores based in New York City. Founded by Barney Pressman in 1923, Barneys New York has evolved as one of the leading department stores chain selling its own private label merchandise along with other key designer brands including Giorgio Armani, Fendi, Manolo Blahnik, Marc Jacobs, Prada, Jil Sander, Diane von Furstenberg, and Dries van Noten.

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Jones Apparel Group Acquires Barneys New York

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Jones Apparel Group Acquires Barneys New York

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