Clearlake Capital Group has purchased an 89% stake in Bluefly (NASDAQ: BFLY), an online fashion retailer. Based in New York City, Bluefly sells men's and women's apparel and accessories made by designers including Michael Kors, Cole Haan, Prada, Gucci and Christian Louboutin. Clearlake purchased the outstanding shares from the company's principal shareholders, and the PE firm agreed to acquire additional shares from the company and the remaining shares through a short form merger. The company took in multiple financings from investors over the years, including a $6.5 million stock purchase by Rho Ventures, Soros Fund Management and Prentice Capital Management in 2011.
