Apollo Scoops Up Michaels: An Artsy-Crafty Strategy for Investors

Marc Rapport, The Motley Fool
·4-min read

Crafty buyers find Michaels Stores a great place to find bargains, but whether the company itself is one remains to be seen. The Michaels Companies (NASDAQ: MIK) is being sold to investment funds managed by affiliates of Apollo Global Management (NYSE: APO) for $22 per share "in a transaction that values Michaels at an equity value of approximately $3.3 billion (for a transaction valued at $5.0 billion)," Michaels said today in a press release. The company went public again in 2014 at $17 per share and, according to today's press release, is now "the largest specialty provider of arts, crafts, framing, floral, wall decor, and seasonal merchandise for Michaels and do-it-yourself home decorators."