NRDC Equity Partners

NRDC Equity Partners (NRDC) is an American private investment firm focused on retail, real estate, and consumer branded businesses.

NRDC Equity Partners, LLC

Company type	Private
Industry	Private equity
Founded	2005; 20 years ago (2005)
Founders	Richard A. Baker Robert C. Baker William L. Mack Lee S. Neibart
Headquarters	New York City, New York, U.S.
Key people	Richard A. Baker (Founding Partner)
Website	nrdcequity.com

Former logo

History

NRDC was founded in 2005^[1] by Robert C. Baker, owner of National Realty & Development Corp; and William L. Mack and Lee S. Neibart, partners of AREA Property Partners.^[2]

NRDC has completed five transactions since 2005, totaling almost $5 billion in enterprise values and has invested approximately $1.5 billion of equity for its transactions. NRDC targets transactions ranging from $250 million to $5 billion of enterprise value, requiring total equity investments of $50 million to $1.5 billion.^[2][3]

Portfolio

NRDC's current portfolio includes two of the leading companies in their sectors, Hudson's Bay Company (HBC) and Retail Opportunity Investments Corporation (ROIC).

HBC is a holding company that owns and manages over 57,000,000 square feet (5,300,000 m²) of retail properties located in Canada and the U.S. through its two main divisions:

• Hudson's Bay – operates over 80 department stores across Canada^[4]
• Saks Global – operates various department stores and outlet stores in the U.S., including:
  • Bergdorf Goodman
  • Neiman Marcus
  • Neiman Marcus Last Call
  • Saks Fifth Avenue
  • Saks Off 5th

NRDC formed its real estate investment trust portfolio company, ROIC, through a public equity raise of $414 million completed in October 2009. ROIC focuses on acquiring and growing high quality shopping centers. It has invested over $200 million and has completed/announced 14 transactions as of September 2010.^[3]

NRDC owned Lord & Taylor from 2006 to 2019, operating 50 department stores and four outlet centers located in the U.S.^[4] The sale of the chain to Le Tote Inc. was announced in August 2019.^[5] Home Outfitters, another subsidiary, operated 69 kitchen, bath, and bed superstores across Canada until closing in 2019.^[6]

From 2015 to 2019 NRDC owned Germany's largest department store chain, Galeria Kaufhof.^[7][8][9] On April 9, 2024, it was announced that NRDC intends to once again acquire the department store chain which had become known as Galeria Karstadt Kaufhof from the insolvent Signa Holding company.^[10]