Ownership profile
Who owns Michaels?
Michaels, the arts-and-crafts retail chain, is wholly owned by private equity firm Apollo Global Management, which took the company private in April 2021 in a transaction valued at approximately $5 billion — it is no longer publicly traded.
Ownership profile
Michaels
The Michaels Companies, Inc. (operating subsidiary: Michaels Stores, Inc.)
Evidence (9)
On April 15, 2021, Apollo announced successful completion of the tender offer; as a result of the tender offer and the merger, Michaels became a privately-held, indirect wholly-owned subsidiary of the Apollo Funds, and Michaels' common stock ceased trading on the Nasdaq Stock Market.
https://ir.apollo.com/news-events/press-releases/detail/102/apollo-announces-completion-of-the-tender-offer-for-sharesAn SEC Form SC TO-T/A filing confirms completion of the tender offer, with approximately 85.92% of outstanding Michaels shares validly tendered, and the merger consummated under Section 251(h) of the Delaware General Corporation Law on April 15, 2021.
https://www.sec.gov/Archives/edgar/data/0001593936/000119312521117148/d141272dex99a5d.htmThe purchasing entity was Magic MergeCo, Inc., an entity controlled by the Apollo Funds, whose parent was Magic AcquireCo, Inc., both wholly owned subsidiaries of funds managed by affiliates of Apollo Global Management.
https://ir.apollo.com/news-events/press-releases/detail/106/apollo-announces-commencement-of-the-tender-offer-for-allOn March 3, 2021, The Michaels Companies and funds managed by affiliates of Apollo Global Management announced a definitive merger agreement to acquire Michaels at an equity value of approximately $3.3 billion (total transaction value of $5.0 billion) at $22.00 per share in cash, unanimously approved by the Michaels Board of Directors.
https://www.apollo.com/insights-news/pressreleases/2021/03/the-michaels-companies-enters-into-a-definitive-agreement-to-be-acquired-by-funds-managed-by-apollo-global-managementAs of 2025, Michaels is privately held by Apollo; no public shares exist, and the company reports to debt holders rather than filing public SEC quarterly reports. Apollo-managed funds hold full voting control.
https://matrixbcg.com/blogs/owners/michaelsThe Michaels Companies' history includes a 2006 leveraged buyout by Bain Capital and Blackstone for $6 billion, a 2014 IPO on NASDAQ (ticker: MIK), and then the April 2021 take-private by Apollo — Apollo is the current and sole PE owner.
https://matrixbcg.com/blogs/owners/michaelsPitchBook lists Michaels Stores as a private company with Apollo Global Management (New York) as an investor, as of its 2026 profile.
https://pitchbook.com/profiles/company/10551-25S&P Global Ratings upgraded Michaels' corporate credit rating to B- from CCC+ in April 2024, projecting stable adjusted EBITDA for fiscal 2024, reflecting continued private ownership under Apollo.
https://pestel-analysis.com/blogs/owners/michaelsThe Michaels Companies, Inc. is an American retail holding company headquartered in Irving, Texas, and was formed as a parent company of Michaels in 2014.
https://en.wikipedia.org/wiki/The_Michaels_CompaniesWhat's uncertain
- Apollo's specific fund vehicle(s) holding Michaels (e.g., fund name and vintage) could not be confirmed from public sources; only 'funds managed by affiliates of Apollo Global Management' is documented.
- No post-2021 SEC filings are available for The Michaels Companies as a public registrant since it was delisted; ongoing ownership is inferred from debt filings, press coverage, and Apollo's own communications rather than fresh public equity disclosures.
- A February 2025 CEO change (David Boone replacing Ashley Buchanan) was noted in secondary sources but could not be independently confirmed via a primary source within this investigation.
- No Apollo exit or secondary sale has been reported as of the investigation date; Apollo's ownership position appears unchanged since April 2021.