Apax to Buy Rue21 for $1.1B

Apax to Buy Rue21 for $1.1B

Private equity firms have been on a hot streak in retail recently, and this deal is no exception. Apax will pay about 20 times the retailer's projected earnings for the next 12 months, according to a report from Reuters. Apax already owns a 30 percent stake in Rue21 from previous investments.

The retailer plans to open its 1,000th store in 2013, and has an eventual goal of a 1,700-store portfolio.

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