Firms acquire J. Crew, and its CEO

J. Crew's merchandise and retail structure may be valuable to its new owners, but even more important to TPG Capital and Leonard Green & Partners is the retailer's chairman and CEO Millard Drexler, according to a report on The New York Times' Dealbook site.

Drexler backed the deal for the retail brand, and his shares are worth more than $328 million, according to the Times. He is also credited with building the Gap brand into a national retail powerhouse.