The Firm recently represented Dollar General Corporation ("Dollar General"), a portfolio company of Kohlberg Kravis Roberts & Co., L.P., in connection with its initial public offering of common stock. Dollar General shares are now listed on the New York Stock Exchange under the ticker symbol “DG”. A total of approximately $824 million in proceeds was raised in the offering, making it the largest retail IPO in the last 15 years. Dollar General received approximately $477 million in gross proceeds from the offering and the remaining $347 million in gross proceeds were received by KKR and other investors, including funds affiliated with Goldman Sachs Capital Partners. Proceeds received by Dollar General were used to repay indebtedness incurred in July 2007 as part of the KKR acquisition transaction.
Dollar General is the largest discount retailer in the United States by number of stores, with 8,577 stores located in 35 states, offering a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health and beauty products and pet supplies, and non-consumable products such as seasonal merchandise, home décor and domestics, and apparel.
The Simpson Thacher team included Joseph Kaufman, Alex Delacruz, Kuang-Wei Chueh and Lulu Liu (Capital Markets & Securities), Marni Lerner and Brian Gingold (Mergers & Acquisitions), Nancy Mehlman, Jonathan Cantor and Rian Balfour (Tax) and Wonda Quinn and Jennifer Pepin (Executive Compensation and Employee Benefits).