Clothing retailer J. Crew Group agreed Tuesday to be taken private by two private-equity firms for $43.50 a share in cash, or about $3 billion.

TPG Capital, a former owner of J. Crew, and Los Angeles-based Leonard Green & Partners plan to work with J. Crew CEO Millard Drexler, who has a more than five percent stake in the company.

“We are in this for the long term,” Drexler said in a statement Tuesday. “TPG Capital, with whom we have a long working relationship, along with Leonard Green & Partners, are both well respected private investment firms whose substantial resources and experience will enable us to invest in our future growth.”

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