Nathan Brown

New York-based J. Crew Group Inc. has agreed to be acquired by TPG Capital and Leonard Green & Partners for $43.50 a share—a transaction valued at about $3 billion—giving the buyout firms the New York-based retailer’s namesake and Madewell brands, according to Bloomberg.com. TPG, a former owner of the retailer, and Leonard Green will work with Millard "Mickey" Drexler, J. Crew's CEO, according to a statement. Drexler may be looking to go private as J. Crew adapts to changing consumers’ tastes and deals with inventory that isn’t selling well, said Nathan Brown, an analyst at Waddell & Reed Financial