In late February 2006, a team of bankers from JPMorgan Chase, including Rob Holmes, the co-head of retail investment banking, held a secret meeting with management at Michaels Stores, the largest US arts-and-crafts retailer.
The encounter, “in a private room in a private club” in Dallas, was much more than an ordinary investment banking pitch. For years, Mr Holmes, who is based in Texas, had nurtured a relationship with Michaels, providing the company with all types of strategic advice.
