Baird's Investment Banking Group is pleased to announce the following transaction:

Date:
July 2021
Company:
Torrid Holdings, Inc.
Description:
Initial Public Offering
Sector(s):
Consumer
Baird served as a bookrunner on this offering
$266.000 Million

Torrid Holdings, Inc. (“Torrid” or the “Company”) (NYSE: CURV), a portfolio company of Sycamore Partners Management, L.P. (“Sycamore”), recently completed an initial public offering of 12,650,000 common shares at a price of $21.00 per share. The offering generated gross proceeds of $265.65 million, inclusive of the underwriters exercised option to purchase up to 1,650,000 common shares. The Company will not receive any of the net proceeds from this offering and all proceeds will go to the selling shareholders.

Torrid is the largest direct-to-consumer brand of women’s plus-size apparel and intimates in North America by net sales. The Company served 3.2 million active customers and generated net sales of $974 million in 2020. Torrid’s proprietary product offering delivers a superior fit for the curvy woman that makes her love the way she looks and feels. Torrid offers its customer high quality products across a broad assortment that includes tops, denim, dresses, intimates, activewear, footwear and accessories. The Company believes its customer values the appeal and versatility of its curated product assortment that helps her look good for any occasion, including weekend, casual, work and dressy, all at accessible price points. Torrid specifically designs for stylish plus-size women and is maniacally focused on fit because fit is the highest priority for them, according to a consumer study commissioned by the Company. Torrid is headquartered in City of Industry, California.

Sycamore is a private equity firm specializing in retail, distribution, and consumer investments. Sycamore has approximately $10.0 billion in aggregate committed capital. Sycamore’s strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. Sycamore is headquartered in New York, New York.

For additional information about this transaction, please contact:

Chris Sciortino +1-312-609-4923
Sandy Walter +1-414-298-5118
Maria Watts +1-312-609-4743
Ryan Engelhardt +1-414-298-2637
Robert Foster +44-20-7667-8309