Mergers & Acquisitions

Beachwood, Ohio --DDR Corp. and an affiliate of Blackstone Real Estate Partners VII announced that a joint venture formed by the pair has closed on the acquisition of 71 shopping centers previously owned by American Realty Capital Properties for $1.93 billion.

Hicksville, N.Y. --Sleepy's announced that with the grand opening of its new location in Joliet, Ill., the privately-owned mattress retailer's store count reached a landmark 1,000 stores. "It is with great pride that we announce our thousandth-store milestone," said Sleepy's president, David Acker. "Sleepy's has been around since 1957, and we are very proud of this latest accomplishment. It won't stop here."

The Scotts Miracle-Gro Company has acquired Action Pest Control as it looks to leverage the equity of its Ortho brand and drive growth in the $7 billion pest control industry.

Fashion footwear brand Steve Madden cited a curious lack of significant fashion trends when it lowered its full year financial outlook after reporting a third quarter sales decline.

The company, which is known to be a trend-setting in the footwear world, said sales for the period ended Sept. 30 declined 0.7% to $392 million and indicated full year sales were likely to increase 1% to 2%.

New York, N.Y. -- Savills Studley, a global commercial real estate services firm specializing in tenant representation, announced the promotion of Stephen G. Berliner executive VP & branch sanager, New York Office to executive VP, New York Tri-State Region.  

Strong international growth offset a decline in domestic sales at WD-40 where the company produced its highest volume fourth quarter ever.

Total net sales for the period ended August 31, increased 4% to $97.6 million while full year sales increased 4% to $383 million. WD-40 has a strong international presence and the impact of currency exchange rates favorably impacted results. On a constant currency basis total net sales were $93.9 million for the fourth quarter and $377.7 million for the full fiscal year.

San Francisco –- Gap Inc. has approved a new $500 million share repurchase authorization for the company’s common stock, in an effort to return excess cash to shareholders. The new $500 million repurchase program for Gap’s stock follows the company’s previous $1 billion share repurchase program.   

Philadelphia -- Destination Maternity Corp. will expand into Israel through an international franchise agreement with Israeli fashion retail chain H&O Fashion Ltd. (H&O). Through this relationship, Destination Maternity will introduce its Motherhood Maternity, A Pea in the Pod, and Destination Maternity brands into Israel, with the first franchise locations expected to open in spring 2015.    

Dublin, Calif. –- Ross Stores opened 20 new Ross Dress for Less and eight new DD’s Discounts stores across 14 different states in September and October.     These new locations are part of the off-price retailer’s plans to add a total of approximately 75 Ross and 20 DD’s Discounts stores during 2014.