Jones Lang LaSalle

Burlington Coat Factory Sold for $2.06 Billion

Burlington Coat Factory (NYSE: BCF) has agreed to be acquired by Boston-based private investment firm Bain Capital Partners for $45.50 per share in cash for all outstanding shares. The deal is valued at $2.06 billion. Burlington Coat Factory, with its chain of 367 stores, sells apparel, shoes and home furnishings.

Facing competition from discount retailers like Wal-Mart, the Burlington-based company chose to put itself up for sale last year. It hired Goldman Sachs as its financial advisor last June to explore strategic alternatives.

Burlington Coat Factory has been under the helm of CEO Monroe Milstein, 77, since he founded it in 1972. Shares of the company lost $0.36 to $44.22 in afternoon trading. - Joao-Pierre Ruth