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Blackstone Group LP and Bain Capital are taking Michaels Stores Inc. public, eight long years after buying the U.S. art-supplies retailer for $6-billion (U.S.).
Blackstone Group LP and Bain Capital are taking Michaels Stores Inc. public, eight long years after buying the U.S. art-supplies retailer for $6-billion (U.S.).
(Thinkstock)

BREAKINGVIEWS

Blackstone, Bain crafts a crisis keepsake with Michaels Stores’ IPO

Blackstone Group LP and Bain Capital have crafted something of a crisis keepsake. The private equity firms are taking Michaels Stores Inc. public, eight long years after buying the U.S. art-supplies retailer for $6-billion (U.S.). Although everything did not go as the owners originally designed, they managed to piece together cost cuts, growth, debt and a dividend for their extended investment project.