Who Owns Michaels? Exploring the Craft Store’s Ownership History
Origins and Early Years
Michaels was founded in 1973 by Michael J. Dupey in Dallas, Texas. Initially a crafts and fabric store, the company quickly expanded its offerings and grew into a national chain. In the early 1990s, Michaels went public, paving the way for further growth and acquisitions.
Acquisition by Bain Capital
In 2006, private equity firm Bain Capital acquired Michaels for approximately $6 billion. Under Bain’s ownership, the company continued to expand its retail presence and launched several initiatives, including the launch of its e-commerce platform and the Michaels Rewards loyalty program.
Sale to Apollo Global Management
In 2018, Michaels was acquired by another private equity firm, Apollo Global Management, for $3.3 billion. Apollo is known for its investments in various industries, including retail, financial services, and healthcare.
Current Ownership Structure
- Apollo Global Management (majority owner)
- Bain Capital (minority investor)
- Public shareholders (through publicly traded notes)
Leadership and Management
As of 2023, Ashley Buchanan serves as the CEO of Michaels. Buchanan has a long history in the retail industry, having previously held leadership positions at companies such as Target and PetSmart. The company’s management team includes executives with experience in retail operations, merchandising, and marketing.
Conclusion
Michaels has undergone several ownership changes throughout its history, reflecting the evolving landscape of the retail industry. The company’s current ownership structure, with Apollo Global Management as the majority owner, provides the financial backing and strategic support necessary for continued growth and innovation in the craft and home décor market.
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