Federated Department Stores
spokesperson Carol Sanger sharply denies that J.P. Morgan Partners was in talks with the Cincinnati-based retailer to purchase Fingerhut Cos. subsidiaries Arizona Mail Order and Figi’s.
“We are not in discussions with J.P. Morgan Partners to sell them anything.” Sanger says, referring to an April 18 report in “The Daily Deal,” an online publication that tracks mergers and acquisitions. According to “The Daily Deal,” the private equity subsidiary of J.P. Morgan Chase & Co. was trying to buy apparel mailer Arizona Mail Order and food and gifts title Figi’s for $150 million-$250 million.
“The Daily Deal” also reported that on March 19, J.P. Morgan Chase met with Wayzata, MN-based Business Development Group (BDG) about partnering on the latter’s $800 million-plus proposal to acquire all of Fingerhut. BDG has been trying to secure financing since signing a nonbinding letter of intent to buy Fingerhut in February.
J.P. Morgan Partners and BDG did not return CATALOG AGE’s phone calls.