Anyone who owns equity might want to sell it at any point in time for myriad reasons, regardless of what is on financial statements or “need for investment”.
That argument does not apply in the current case, though, because Joann was being publicly traded [1] when it got bought by private equity in 2011. The management of the publicly-traded company explained,
>“We are excited about the prospect of working with Leonard Green & Partners [a private-equity firm] as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores and pursue market share gains,” Darrell Webb, chairman and chief executive of Jo-Ann Stores, said in a statement [1].
lotsofpulp|1 year ago
hollerith|1 year ago
>“We are excited about the prospect of working with Leonard Green & Partners [a private-equity firm] as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores and pursue market share gains,” Darrell Webb, chairman and chief executive of Jo-Ann Stores, said in a statement [1].
[1] https://archive.nytimes.com/dealbook.nytimes.com/2010/12/23/...