April 12, 2019 / 6:26 PM / 2 months ago

MOVES-Former Goldman consumer retail head Sweeney joins Sycamore Partners

April 12 (Reuters) - Rob Sweeney, Goldman Sachs Group Inc’s former global head of consumer and retail investment banking, has agreed to join private equity firm Sycamore Partners after leaving the investment bank, Sycamore announced on Friday.

Sweeney, a 22-year veteran of Goldman Sachs, will become president of Sycamore, which was founded in 2011 by former Golden Gate Capital dealmaker Stefan Kaluzny.

Reuters first reported on Monday that Sweeney was planning to step down to join an unnamed private equity firm.

Under Sweeney’s leadership, Goldman’s consumer and retail group ranked No. 1 in several global league tables last year.

Sycamore, for its part, has made a name for itself as one of the few private equity firms still willing to make aggressive bets on the retail sector as the rest of Wall Street shuns investments in traditional brick and mortar.

Its investments include discount general merchandise retailer Dollar Express, apparel and accessories retailer Hot Topic, and regional department store operator Belk. Sycamore has approximately $10 billion in assets under management.

Sweeney advised General Mills Inc on its 2018 acquisition of Blue Buffalo, and Yum! Brands Inc on the separation of its China business. He also led the initial public offerings for Under Armour Inc, Lululemon Athletica Inc and Canada Goose Holdings. (Reporting by Harry Brumpton and Jessica DiNapoli in New York; editing by Jonathan Oatis)

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