Photo: Spencer Platt/Getty Images

The swirling rumors of J. Crew going private, which we reported on earlier, are indeed true.

In a press release issued today, the preppy retailer announced the sale of the company to private investors TPG Capital and Leonard Green & Partners, L.P.

In the deal, the company's star Mickey Drexler will stay on as Chairman and CEO and J. Crew shareholders will receive $43.50 per share, totaling almost $3 billion.

"I am pleased to announce this agreement as it delivers significant value to our shareholders," Drexler said in the statement. "In addition, it is a clear endorsement of J.Crew and of the hard work and commitment of each and every one of our associates. As I have always said, we are in this for the long term and we do what we do day in and day out so we can deliver the best possible products to our customers. I am excited to be partnering with TPG Capital and Leonard Green & Partners on this transaction and that our management team, including our President Jenna Lyons, will continue to work towards our future."

This will not be the first time that J. Crew, which went public in 2006, has partnered with TPG for stellar results.

In 1997, TPG bought an 88-percent stake in the company for $500 million and brought Drexler on in 2003, a move that helped turn the company into a thriving business that it is today, despite a few poor quarters of late, which is most likely propelling the deal.

"We are proud of our 13-year history with J.Crew since our investment in the company in 1997 and the success it has achieved during our partnership with Mickey," Carrie Wheeler, a partner at TPG Capital, said in the statement. "We are looking forward to working with Mickey and his exceptional team and are excited by the prospect of continuing to expand the business."

Honestly, as long as the genius that is Jenna Lyons is still intact, we are completely okay with these plans.

In related news: read about the giant bonuses bestowed on Lyons and Drexler earlier this year.