The Firm recently represented Dollar General Corporation (“Dollar General”) and its controlling shareholder Buck Holdings, L.P., an affiliate of Kohlberg Kravis Roberts & Co., L.P., in connection with a secondary offering of 28,750,000 million shares (including the full exercise of the over-allotment option) of common stock and a concurrent share repurchase by Dollar General of 4,915,637 additional shares. The secondary offering closed at a public offering price of $39.00 per share, resulting in gross proceeds to the selling shareholders (including KKR, other investors and certain members of management) of approximately $1.12 billion. In the concurrent share repurchase, Dollar General repurchased shares of common stock from Buck Holdings in a private transaction, resulting in additional gross proceeds of $185 million.
Dollar General is the largest discount retailer in the United States by number of stores, with 9,813 stores located in 38 states, offering a broad selection of merchandise, including consumables, health and beauty products, seasonal products, pet supplies, home products and apparel.
The Simpson Thacher team for the transaction included: Joe Kaufman, Marni Lerner, Brandon Mason and Matthew Farrell (Corporate); Jennie Getsin (FINRA); and Christian Miller (Tax).