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Covington Advises Special Committee of Independent Directors of Charlotte Russe on $380M Acquisition by Advent International


NEW YORK, NY, August 24, 2009 — Charlotte Russe Holding, Inc., a leading mall-based specialty retailer for young women, announced today that it has entered into a definitive agreement to be acquired and taken private by investment funds managed by Advent International Corporation. Covington & Burling LLP advised the Charlotte Russe Special Committee on the transaction.

Under the terms of the merger agreement, an affiliate of Advent will commence a tender offer to purchase for cash all of the outstanding shares of Charlotte Russe common stock, and the associated preferred stock purchase rights, for a total value of approximately $380 million.

Charlotte Russe, headquartered in San Diego, CA, is a specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties, through 501 stores in 45 states and Puerto Rico. Advent International Corporation, a leading global private equity firm with offices in 15 countries on four continents, has been investing in the retail sector for two decades, and has funded more than 25 retail businesses across a range of subsectors, including specialty retail, value retail, duty-free and food services.

The New York-based Covington corporate team was led by partners Len Chazen and Stephen Infante with associates Amanda Weiss and Michelle Garcia. Litigation partner Bob Haney also advised on the deal.

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