Tourneau to Be Sold for $300 Million

Tourneau Inc., the leading U.S. watch retailer and one of the world's largest, announced Sept. 6 that it had “a definitive agreement” to be acquired by an investor group led by Green Equity Investors IV L.P. The group, an affiliate of Leonard Green & Partners L.P., a major private equity firm in Los Angeles, includes members of the Wexler family (owners of Tourneau since 1975) and of Tourneau's senior management. The transaction is worth “in excess of $300 million,” says Tourneau, and was expected to close in October. The New York City company operates 40 stores in the United States and Caribbean under the Tourneau and Watch Gear names, plus two in China. Tourneau is forecasting net sales topping $300 million for the fiscal year ending Jan. 31, 2007. Under the agreement, Robert J. Wexler, who was Tourneau's chief executive officer, becomes chairman of the board. Howard R.
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